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AN AMENDMENT TO CHAPTER 117 WHICH IS KNOWN AS THE ZONING AND SUBDIVISION OF LAND CHAPTER OF THE CITY CODE OF RAMSEY, MINNESOTA. AN ORDINANCE AMENDING ARTICLE III OF CHAPTER 117 OF THE CITY CODE OF RAMSEY, MINNESOTA. The City of Ramsey ordains. SECTION 1. AMENDMENT Chapter 117, Article III of Ramsey City Code shall be amended to include the following: Section 117 - 625 Council Discretion to Set Financial Guarantees. Notwithstanding anything to the contrary in Article III, Sections 117 -615 through 117 -624, the City Council may waive any subdivider or developer required financial security or length of special assessment repayment requirements described in said Article III in lieu of alternative financial security or special assessment repayment requirements that the City Council finds to be adequate to guarantee payment of any subdivider or developer obligations required in said Article III for commercial, industrial, and public /quasi - public projects. Said waiver shall only apply to City constructed private improvements assessed back to benefitted properties and private improvements. SECTION 2. SUMMARY SECTION 3. EFFECTIVE DATE ORDINANCE #11 -04 CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA The following official summary of Ordinance #11 -04 has been approved by the City Council of the City of Ramsey as clearly informing the public of the intent and effect of the Ordinance. It is the intent of this Ordinance to amend the Chapter 117, Article III of the Ramsey City Code to provide City Council discretion to set financial guarantees by adding a new section 117 -625. The effective date of this ordinance is thirty (30) days after its passage and publication, subject to City Charter Section 3.9. Adopted by the Ramsey City Council the 12 day of April, 2011. May`