2022.01.03 CC Packet - Laserfiche WebLink

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Victor Land Holdings, LLC 2 WHEREAS, the City Council of the City has, by Resolution Number 2022-______ on January 3, 2022 approved the Site Plan and Conditional Use Permit Amendment (“The Project”) as proposed by the Developer; and, WHEREAS, the Project proposed a development of an approximately 13 acre parcel of land for an industrial campus development; and, WHEREAS, the Project includes an extension of 140th Street North and will be constructed as a public improvement project; and, WHEREAS, the City has agreed to pay half the cost of the construction of 140th Street North and assess the property for the remainder of the cost of construction; and, WHEREAS, it is the policy of the City to enter into development contracts as contemplated in Minnesota Statutes §462.358, Subd. 2(a); and, WHEREAS, the parties hereto desire to set forth their respective rights and obligations of the parties to this Agreement. NOW, THEREFORE, in consideration of the premises and of the mutual promises and conditions contained herein, it is agreed by the parties hereto as follows: A. GENERAL ENGINEERING CONDITIONS; 1. Escrow for City Costs and Fees. Developer shall, contemporaneously with the execution of this Agreement, deposit with the City an escrow as outlined in Exhibit C to cover the cost of legal fees, engineering and construction observation fees, administrative expenses, and other costs related to this development. All fees and costs incurred by the City in connection with the development shall be charged against said escrow account which shall remain in effect until the expiration of the warranty period for the development in all events said fees and costs shall be the responsibility of the Developer and shall be paid on demand. Any funds remaining in the escrow account after the completion of the warranty period shall be refunded to the Developer. In the event that the escrow account herein is depleted, Developer agrees to post additional funds to replenish the account and to cover projected City costs. Specifically, Developer agrees that the escrow account shall maintain a balance of no less than $5,000.00. Developer shall be entitled, upon request, to an itemized statement of all costs and fees charged against this escrow account.