03/14/2005 Council Packet - Laserfiche WebLink

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Development Contract Century Farm North 3rd Addition March 14, 2005 objections to the installation of the City Improvements and the special assessments, including but not limited to hearing requirements and any claim that the assessments exceed the benefit to the property. In the event the total of all City Improvements is less than originally estimated by the City Engineer in his feasibility report, Developer waives any appeal rights otherwise available pursuant to M.S.A. 429.081. E. Required Payment of Special Assessments by Developer. 1. Developer, its heirs, successors or assigns hereby agrees that within thirty (30) days after the issuance of a certificate of occupancy for a residence on a lot located within the Subdivision which is assessed for the cost of such City Improvements, the Developer, its heirs, successors or assigns, agrees, at its own cost and expense, to pay the entire unpaid Cost of City Improvements whether assessed or to be assessed under this agreement against such property. If a certificate of occupancy is issued before the special assessments have been levied, the Developer, its heirs, successors or assigns shall pay the City the sum of cash equal to one hundred twenty percent (120 %) of the Engineer's estimate of the special assessments for such City Improvements that would be levied against the property. Upon such payment the City shall issue a certificate showing the assessments are paid in full. Notwithstanding the issuance of said certificate, the Developer shall be liable to the City for any deficiency and the City shall pay the Developer any surplus arising from the payment based upon such estimate. Developer will be paid interest on all assessments paid before the levy of such assessments by the City at the bond interest rates paid by the City. F. Acceleration Upon Default. 1. In the event the Developer violates any of the covenants, conditions or agreements herein contained to be performed by the Developer, violates any ordinance, rule or regulation of the City, County of Anoka, State of Minnesota or other governmental entity having jurisdiction over the Subdivision, or fails to pay any installment of any special assessment levied pursuant hereto, or any interest thereon, when the same is to be paid pursuant hereto, the City at its option, in addition to its rights and remedies hereunder, after ten (10) days' written notice to the Developer, may declare all of the unpaid special assessments which are then estimated or levied pursuant to this agreement due and payable in full, with interest. The City may seek recovery of such special assessments due and payable from the security provided herein. In the event that such security is insufficient to pay the outstanding amount of such special assessments plus accrued interest the City may certify such outstanding special assessments in full to the County page 9 -69-