Agenda Packets - 2020/07/06 - Laserfiche WebLink

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C-2 628764v3MU210-262 1. The Developer represents and warrants it is the fee owner of the Property, that it has full legal power and authority to encumber the Property as herein provided, that in doing so it is not in violation of the terms or conditions of any instrument or agreement of any nature to which it is bound or which relates in any manner to the Property and that there are no other liens or encumbrances against the Property except those of record. 2. The Developer hereby petitions the City for construction of the Project. The Project shall consist generally of a northbound extension of Greenwood Drive, including a cul-de-sac, to provide access to the Property, and the extension of City water and sewer to provide the Property with said City utilities. 3. The Developer consents to the City levying a special assessment for the costs of the Project against the Property in accordance with Minn. Stat., Section 429.061. The principal amount of the special assessment shall not exceed $_____________. The estimated cost of $_____________ is based on preliminary plans for the Project, attached hereto as Exhibit B. The parties understand and agree that said plans might be modified and that the preliminary plans included on Exhibit B were created merely for the purpose of estimating the cost of construction. 4. The Developer waives notice of hearing and hearing pursuant to Minn. Stat. Section 429.031, for the Project and notice of hearing and hearing on the special assessment levied to finance the Project pursuant to Minn. Stat. Section 429.061 and specifically requests that the Project be constructed and the special assessment be levied against the Property without notice of hearing or hearing. 5. The Developer waives the right to appeal the levy of special assessment in accordance with this Agreement pursuant to Minn. Stat. Section 429.081 and further specifically agrees with respect to such special assessment against the Property that: a. All requirements of Minn. Stat., Chapter 429 and the Mounds View City Code with which the City does not comply are hereby waived by the Developer; and b. The increase in fair market value of the Property resulting from construction of the Project will be at least equal to the amount of the special assessment levied against the Property and that such increase in fair market value is a special benefit to the Property. 6. The special assessment levied against the Property shall be payable over such period as the City may determine, but not less than __ years, and shall bear interest at a rate determined by the City, but not more than 2 percent above the City’s cost of financing. The City’s cost of financing shall mean the average coupon rate if the City sells debt to finance the Project. If no debt is sold for the Project, the rate shall be set using the same formula based on special assessment bonds of Minnesota municipalities which have the same credit rating as that of the City and are issued and sold at approximately the same time as the adoption of the resolution levying the special assessment. The first installment of principal and interest