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9.5o.s0 <br /> <br />improvements have been made and all expenses therefore have been paid <br />shall be returned to the subdivider. <br /> <br />f. <br /> <br />Final Escrow Requirements For Stage I Improvements. The minimum <br />escrow requirements described above are subject to increase based on. the <br />developer's financial status in relation to the project size. That is, the <br />escrow requirements may vary with each developer depending on his credit <br />worthiness. The final escrow amount, above the minimums described <br />above, shall be determined by the Council Each developer 'shall may be <br />required to sUbmit with his development application current audited <br />financial statements. The City Will then review and analyze the financial <br />statements and then issue its opinion as to the financial strength of the. <br />developer in relation to. the proposed project. The report will then be the <br />basis for the City to determine what, if any, additional escrow over and <br />above the minimum described in paragraph c. above will be necessary <br />before the project proceeds. The City may require access to the developer's <br />records in order to test the accuracy of the developer's audited financial <br />statements. <br /> <br />Assessment. ]n ttie event the Developer opts for the City to construct-the <br />Staee I improvements and Ct_~pon completion of the City ordered Stage I <br />improvements, the City shall cause to be speciallY assessed in the manner <br />provided by Minnesota Statutes Chapter 429, 100% of the cost of said <br />improvements. The assessments shall be levied against the benefitted lots in <br />the Subdivision requiring payment in full over a period of five years,, or as <br />determined by the City Council. together with interest. At the time of the <br />application for a certificate of occupancy for any structures built on a lot <br />which benefit by the improvements, the owner of the lot shall pay to the <br />City Finance Department the principal balanCe of such assessment <br />remaining unpaid, together with accrued interest thereon. The escrow <br />required in Paragraphs c. and d. above shall not be released even though the <br />original subdivider or owner may have conveyed the subject property. The <br />escrow amount may be reduced on a quarterly basis to an amount equal to <br />the then outstanding balance of special assessments. <br /> <br /> ......................... act ~cqu .... by <n <n <br /> <br />ho <br /> <br />Stage II Improvements Escrow. A cash desposit esc:'ow or <br />equal to 125% of the City Engineer's estimated cost of the Stage II <br />improvements shall be deposited with the City Finance Department. This <br /> <br />9-58 <br /> <br />March 2003 Draft <br /> <br /> 9.50 Subdivision Regulations <br />98 <br /> <br /> <br />