12-10-2018 Council Meeting Packet

Home Search

{00149157 12} 20. The amount payable shall be $2,134,157.10 based on 280.15 acres of Single Family residential land at $6,865.00 per acre and 22.84 acres of multi-family residential land at $9,235.00 per acre. A credit to Developer will be allowed by the City for upsizing of storm sewer from Outlot E to Outlot K to serve other properties as reasonably determined by the City Engineer in consultation with Developer’s engineer. Developer shall pay that portion of the total Surface Water Management Fee for the overall development, as specified in the Development Agreement for the 1st Addition, at the time of final plat approval of the 1st Addition. Developer shall also pay the Surface Water Management Fee for any other additions that have received final plat approval prior to the City levying the assessment provided under this Section. As additional security for payment of the balance of the Surface Water Management Fee for the Project, the City shall, upon award of the Peltier Lake outlet contract referenced in Section 5.1 hereof, assess under Minnesota Statutes Chapter 429 the balance of the Surface Water Management Fee against the properties as to which the Surface Water Management Fee has not then been paid (Developer’s Property except the 1st Addition and the entirety of Owner’s Property, as described on Exhibit H). The assessment shall be for a 10 year term at an interest rate of 1 ½% over the City’s interest rate on the bonds funding the Peltier Lake outlet contract. The parties shall cooperate in allocation of the assessments. Developer shall also post a letter of credit for the principal balance of the above-described assessments levied against Developer’s Property. Likewise, Owner shall post a letter of credit for the principal balance of the assessments levied against Owner’s Property. The letters of credit shall remain in force until the Surface Water Management Fee is fully paid. When phases beyond the 1st Addition are final platted, the Developer shall pay all outstanding assessments on the future phase property, and the letter of credit referenced above shall be reduced accordingly. As Developer acquires portions of the Owner’s property in the future, the City agrees to accept a substitute letter of credit from the Developer, and release or reduce the letter of credit from the Owner pertinent to that property acquired by Developer. The Developer and Owner, each on their own behalf, and on behalf of future owners, hereby waive any and all procedural or substantive objections, under Chapter 429 or otherwise, to the assessments set forth in this Section, including notice and hearing requirements, and any claim that the assessments exceed the benefit to the Property. This waiver shall be effective provided the total Surface Water Management Fee does not exceed $2,134,157.10. Article XI Homeowners’ Association 11.1 Homeowners’ Association Covenants and Restrictions