2014-096 Council Resolution - Laserfiche WebLink

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Talan Ridge Development Contract September, 2014 requirements, any claim that the assessments exceed the benefit to the properties, and any right to appeal. ii. Unless the Developer pays the entire balance owed for the Charges contemporaneously with the execution of the Agreement, the Developer shall provide to the City a cash escrow or irrevocable letter of credit in an amount equal to 35% of the total assessments as estimated by the City Engineer (see Attachment B). The letter of credit shall be in a form, and from a bank, as approved by the City. '1eletter of credit or cash escrow may be used by the City upon defa . `Developer in the payment of special assessments. The cash e ctro ; tter of credit shall remain in place throughout the term of 3 - e special assessments. iii. All special assessments be payable to the City Clerk in semi-annual installments over 15 yemmencing on April 15-th of the year after the levy of such assessment acid each September 15`h and April 15`h thereafter until the entire balance plus accrued interest is paid in full. In the alternative, the City may, at its option, certify the entire assessment roll to the Anoka County Auditor for collection with real estate taxes. iv. Developer, its heirs successors or assigns, agrees that within 30 days after truce of a certificate of occupancy for a residence on a lot located division that is assessed forthe cost of the Charges, the eirs, successors or assigns, agrees, at its own cost and the entire unpaid Charges assessed or to be assessed under t, such property. v. Iia certific_of occupancy is issued before the special assessments have been tied, eveloper, its heirs, successors or assigns shall pay the City therm o equal to 120% of the Engineer's estimate of the special asaessmentsor such City Improvements that would be levied against the'' roperty. Upon such payment the City shall issue a certificate owing Al assessments are paid in full. Notwithstanding the issuance of ate, the Developer shall be liable to the City for any deficiency and ; ity 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. e. Acceleration upon Default. i. In the event the Developer violates any of the covenants, conditions or agreements herein, violates any ordinance, rule or regulation of the City, County of Anoka, State of Minnesota or other governmental entity having jurisdiction over the plat, or fails to pay when due any installment of any page 8