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2013-058 Council Resolution
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2013-058 Council Resolution
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Last modified
10/2/2014 3:48:58 PM
Creation date
10/2/2014 11:14:03 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
05/28/2013
Council Meeting Type
Regular
Resolution #
13-058
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• <br />Preserve at Lino Lakes <br />Development Contract <br />May, 2013 <br />III. CITY IMPROVEMENTS <br />A. The City shall install the following described improvements to serve the <br />Subdivision on the terms and conditions herein set forth: <br />1. Storm sewer trunks. <br />2. Sanitary sewer trunks. <br />3. Water trunks. <br />B. Construction Procedures <br />1. All City improvements above shall be instituted, constructed and financed as <br />follows: The City shall commence proceedings pursuant to Minnesota <br />Statute 429 and City Charter providing that such improvements be made and <br />assessed against the benefited properties. After preparation of preliminary <br />Developer Plans and estimates by the City Engineer, an improvement <br />hearing, if required by law, will be called by the City Council for the <br />purpose of ordering such City Improvements. After preparation of the final <br />Developer Plans and specifications by the City Engineer, bids will be taken <br />by the City and contract awarded for the installation of City Improvements <br />under the City's complete supervision. <br />C. Security, Levy of Special Assessments and Required Payment Therefore. <br />1. Prior to the preparation of final Developer Plans and specifications for the <br />construction of said City Improvements, the Developer shall provide to the <br />City a cash escrow or letter of credit in an amount equal to thirty -five (35 %) <br />percent of the total estimated assessments as established by the City <br />Engineer. (See Attachment B) <br />2. Said letter of credit or cash escrow including accrued interest thereon, may <br />be used by the City upon default by Developer in the payment of special <br />assessments pursuant hereto, whether accelerated or otherwise. That such <br />cash escrow or letter of credit shall remain in full force and effect throughout <br />the term of the special assessments, except, the amount of such escrow or <br />letter of credit may be reduced, upon the request of the Developer, at the <br />City's option, but in no event shall be less than 35% of the outstanding <br />special assessments against all properties within the Subdivision. The entire <br />cost of the installation of such City Improvements, including any reasonable <br />engineering, legal and administrative costs incurred by the City, shall be <br />assessed against the benefited properties within the Subdivision in <br />accordance with City policy existing the date of this agreement, in equal <br />annual principal installments plus interest on the unpaid installments at a <br />rate not to exceed the maximum allowed by law. <br />page 9 <br />
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