Agenda - Council - 07/12/2005 - Laserfiche WebLink

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inspection services. The amount of the deposit shall be equal to five percent (5%) of the estimated cost of the Required Improvements, which equates to Dollars and no cents ($ ) (5% x $ ). Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in the City's escrow account shall be refunded to the DEVELOPERS: 15. Payment of Sewer and Water Trunk Charges. There is a sewer and water trunk fee of Five Hundred Sixty Two Thousand Seven Hundred Eighty Dollars and no cents ($562,780.00) (190 units x $2,962/unit) due on the Plat. 16. Ramsey Town Center Phase I Roadway Improvements, Phase II Roadway Improvements, AUAR Roadway Improvements, Parking Facility ImproCqements: In accordance with City of Ramsey Resolutions 05-02-065, 05-02-066, 05~02-067 and 05-02-068, assessments for Ramsey Town Center Phase I Roadway Improvements, Phase It Roadway Improvements, AUAR Roadway Improvements, and parking facility improvements shall be payable to the CITY in a single installment prior to the release of the final plat mylars for recording. a. As a part of the terms of the June 15, 2005'closing of the sale of part of Outlot B, Ramsey Town Center 2ad Addition, from D.R. H0rton to K. Hovanian T&C Homes at Minnesota, LLC, a total payment in the amount of One Hundred Seventy Four Thousand Seven Hundred Ninety Two Dollars and ninety-six cents ($174,792.96) (principal of $171,449.00 + $3,343.96 interest at a rate of 6.3% per annum from February 22, 2005 until June 15, 2005). was received by the CITY as satisfaction of the assessments due on that portion of the Plat lying on Outlot B, east of Rhinestone Street N.W. b. The remainder of assessments due to the CITY for that part of the Plat lying on Outlot U are equal to 8.19% of the overall assessments due on Ramsey Town Center, or Eight Hundred Fifty One Thousand and Ten Dollars and no cents ($851,010.00), plus interest at a rate of 6.3% per annum commencing Februrary 22, 2005 to the actual date of payoff. The assessments on Outlot U are itemized follows: 1) Phase I Roadway Improvements 2) Phase II Roadway Improvements 3) AUAR Roadway Improvements 4) Municipal Parking Improvements $71,747 $42,163 $245,700 $491,400 Total $851,010 + interest 17. Stormwater Management Fee. The current Stormwater Management Fee is $384.00 per unit. Stormwater management fee obligations for the development are Seventy Two Thousand Nine Hundred Sixty Dollars and no cents ($72,960.00) (190 x $384.00). 18. Hard Surfaced Driveways. Hard surfaced drivew, ays (bituminous or concrete) are a requirement for each lot in the Plat. Driveways shall be installed by the building permit applicant or the homeowner at the time the Certificate of Occupancy is issued or as soon Ramsey Town Center 7th Addition Development Contract Page 7 of 16 Pages -199-