01-10-2022 City Council Packet - Laserfiche WebLink

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MTO Properties Addition Development Agreement January 10, 2022 11. Ownership of Improvements. Not Applicable. 12. Recording and Release. The Developer agrees that the terms of this Development Agreement shall be a covenant on any and all property included in the Subdivision. The Developer agrees that the City shall have the right to record a copy of this Development Agreement with the Anoka County Recorder to give notice to future purchasers and owners. This shall be recorded against the Subdivision described on Page 1. 13. Escrow for City's Costs. a. The Developer agrees to establish a non -interest bearing escrow account with the City in an amount determined by the City Administrator or their designee for the payment of all costs incurred by the City related to the development of the Subdivision including, but not limited to, the following (See Exhibit B for breakdown of costs): i. Planning/ Review ii. Administration - 3% of Developer Improvement Costs iii. City Engineering and Legal iv. Street lighting installation (Not Applicable) v. Traffic signing improvements (Not Applicable) vi. Boulevard tree planting vii. Street, storm sewer and pond maintenance viii. Property Taxes. Should the recording of the Final Plat occur after July 15t, any and all property taxes on any public property dedicated as a part of this plat shall be the responsibility of the Developer. b. If the above escrow amounts are insufficient, the Developer shall make such additional deposits as required by the City. The City shall have a right to reimburse itself from the Escrow with suitable documentation supporting the charges. 14. Developer Fees. At the time of execution of this Agreement, the Developer shall pay the following fees related to the development of the Subdivision (See Exhibit B for breakdown of costs): a. Park Dedication page 6