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I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I. <br />I <br />I <br />I <br />I <br /> <br />eo <br /> <br />go <br /> <br />December 2002 Draft <br /> <br />reduction in"..the. ·'·amOunt..· ~:6f 'the'-:fi~gncial" ~arantee,-'~bUt ' onl~-¢ .:i~f -the <br />maintenance. guarantee:reqUi~-ed':hasib~en dePoSited! <br /> <br />There shall be aeceser-e~ Development aAgreement which shall provide that <br />in the event the required improvements-are not completed within the <br />s. pecified timeline one year, alt amounts' held '~de~ in' the.eac, rc, w <br /> <br />...................... j drawn upon by the Ci_ty and applied by the City to <br />the cost of completing the required improvements..If the'funds available <br />within said escrow, are not Sufficient to: complete the'required improvements;' <br />the necessary additional' cost to' the City shall be assessed a ............ <br />subdivision. Any balance remaining in-the escrow fund 9.50.50 <br />improvements have been-made .and all expenses therefore have been paid <br />shall be returned to the s er <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 wilt then review and 'analyze the financial <br />statements and then issue its opinion as to the fmanci'al 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, d~scribed' in Paragraph c. above· will be necessary <br />before the project proceedsl 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. In the event the Developer oPts ibr the City to construct the <br />Stage I improvements and Id_upon completion of the City ordered Stage l <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 /> <br />9-57 <br /> <br />103 <br /> <br /> <br />