04/08/2002 Council Packet - Laserfiche WebLink

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of Credit, or cash deposit based on prepayment or the value of the completed improvements at the time of the requested reduction. The amount of reduction will be determined by the City Engineer. CITY'S IMPROVEMENTS In accordance with the policies and ordinances of the City, the following described improvements (hereinafter collectively called the "Improvements "), as referenced in the plans and specifications adopted by the City Council shall be constructed and installed by the City to serve the Property on the terms and conditions herein set forth: A. The construction of City Improvements generally including reconstruction of Lake Drive, construction of Apollo Drive, construction of Marketplace Drive, storm sewer, sanitary sewer and water main within Apollo Drive, and sidewalks. B. Construction Procedures 1. All City Improvements above shall be instituted, constructed and fmanced pursuant to Minnesota Statute §429 and City Charter providing that such Improvements be made and assessed against the benefited properties. C. Levy of Special Assessments and Required Payment Therefore.. 1. The entire cost of the installation of such Improvements, including any reasonable engineering, legal and administrative costs incurred. by the City, shall be assessed against the benefited properties, which include the development "Property" (Lot 1 and Outlot A, respectively), in accordance with City policy existing the date of this Agreement, payable over a term of 10 years in equal semi - annual installments of principal and interest at a rate of 7% per annum. The pro rata share of such assessment for the "Property" (Lot 1, Block 1, and Outlot A, Lino Lakes Commercial Development) shall not exceed $139,406. All special assessments levied hereto shall be payable in semi -annual installments over ten (10) years and shall be certified to the Anoka County Auditor for collection with the Real Estate Taxes. 2. The Developer waives any and all procedural and substantive objections to the installation of the public 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 Installed Improvements is less than originally estimated by the City 04/05/02 4 McDonalds Agreement