05/24/2004 Council Packet - Laserfiche WebLink

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Development Contract Hailey Manor 5 -24 -2004 b) Reduction of Escrow Guarantee. (1) The Developer may request reduction of the Letter of Credit, or cash deposit based on prepayment or the value of the completed improvements at the time of the requested reduction. Prior to the final acceptance of the Developer's Improvements the City shall require a Performance Bond or Cash Escrow to cover the warranty provisions of the agreement. The amount shall be determined by the City Engineer. All related special assessments levied hereto shall be payable to the City Clerk in semi -annual installments over fifteen (15) years commencing on April 15 of the year after the year of the levy of such assessment and on each September 15 and April 15 thereafter until the entire balance plus accrued interest is paid in full unless paid earlier. In the alternative, the City, at its option, may certify the entire assessment roll to the Anoka County Auditor for collection with the Real Estate Taxes. In the event any payment is not made on the dates set out herein, the City may exercise its rights granted hereunder for such default. The Developer waives any and all procedural and substantive 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. d). Required Payment of Special Assessments by Developer. 1. Developer, its heirs, successors or assigns hereby agrees that at the closing upon the first sale to a homeowner 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. 2. 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 page 7