1988-002 Council Resolution - Laserfiche WebLink

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D. Proposed financing plan of developer for land development. E. Assurance that the proposed assessments will be paid in accordance with the City of Lino Lakes Public Improvements Financing Policy. Prior to any action on the part of the City to determine the feasibility of providing public improvements, the developer shall' deposit such amount as determined by the City Clerk to adequately reimburse the City for all engineering, legal, planning' and other consultant fees for work performed in regard to such Improvements. The developer shall be required, prior to the City ordering the installation of any City- financed Improvements, to file a final plat and to enter into a Development Agreement insuring compliance with the policies set out herein and all subdivision requirements of the City. The developer shall also be required to post all cash deposits or letters of credit prior to such action by the City Council. CITY - FINANCED IMPROVEMENTS - NEW SUBDIVISIONS In all projects which the City constructs and finances, the following security provisions' shall apply. The developer shall deposit with. the City a letter of credit or cash escrow deposit of "not less than thirty -five percent (35 %)- of the estimated project cost as determined by the City Engineer.' Protect costs to include internal improvements involved with the plat only. l f, the proJect costs determined after receipt of bids for construction exceed the Engineer's 'estimate by ten percent (10 %) or more, the cash escrow deposit or ,letter of credit shal be increased proportionately. The total project cost shal 1 be assessed in equal annual installments over a period not to exceed fifteen (15) years at an interest rate of 2% over the interest rate on the protect improvement bonds. The cash escrow or letter of credit shall remain intact until the outstanding principal of assessments against the property is equal to or less than the cash escrow or letter of credit,' plus accrued interest. At such time the cash escrow or letter of credit with accrued interest deposit, shall be used to pay the balance of the principal outstanding.` Assessments on a lot shall be paid in full within sixty days after a certificate of occupancy is issued for a building on any lot whether such lot is owned by the developer, his heirs, successors or assigns. B. In the case where the improvements benefit not only the property being developed, but other areas within the City, the developer shall provide to the City a security deposit in accordance with subsection A. above for the portion of the estimated protect costs which represent the benefit to the proposed development. Such portion shall be assessed against the property as outlined in subsection A. above. 1 -11 -88 -4- 7777 -007