2004-028 Council Resolution - Laserfiche WebLink

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Development Contract Miller's Crossroads — Phase I 2 -18 -2004 engineering, legal and administrative costs incurred by the City, shall be assessed against the benefited properties within the Subdivision in accordance with City policy existing the date of this agreement, in equal annual principal installments plus interest on the unpaid installments at a rate not to exceed the maximum allowed by law. 3. 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 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 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. 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 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. page 9