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<br />City of Arden Hills <br /> <br />e <br /> <br />Prior to any action on the part of the City to determine the feasibility of providing <br />public improvements, the developer shall deposit such amount as determined by the <br />City Administrator to adequately reimburse the City for all engineering, legal and <br />planning, and other consultant fees for work performed in regard to such <br />improvements. <br /> <br />In addition, the developer shall be required prior the City ordering the installation of <br />any City financed improvements, to enter into a Development Contract insuring <br />compliance with the policies set out herein and all subdivision requirements of the <br />City. The developer shall also be required to post all cash deposits, and/or letters of <br />credit prior to such action by the City Council. In all projects that the City constructs <br />and fmances, the following security provisions shall apply. <br /> <br />A. For single family, two family or townhouse residential developments, the <br />developer shall deposit with the City a cash escrow or an irrevocable letter of <br />credit of not less than one hundred twenty-five percent (125%) ofthe estimated <br />project cost as determined by the City Engineer. If the estimated project cost, as <br />determined after receipt of bids for construction, exceeds the Engineer's <br />estimate by ten percent (10%) or more, the deposit shall be increased <br />proportionately. The total proj ect costs shall be assessed in equal annual <br />installments according to the assessment period. <br /> <br />e <br /> <br />C. In the case where the improvements benefit not only the property being <br />developed, but other areas within the City, the developer shall provide to the <br />City a security deposit in accordance with paragraphs described above for the <br />portion of the estimated project costs that represent the benefit to the proposed <br />development. Such portion shall be assessed against the properties benefited. <br /> <br />1. For all other types of development, the developer shall deposit with the <br />City a cash escrow or irrevocable letter of credit of not less than one <br />hundred twenty-five percent (125%) of the estimated project cost as <br />determined by the City Engineer. If the estimated project cost as <br />determined after receipt of bids for construction exceeds the Engineer's <br />estimate by ten percent (10%) or more, the deposit shall be increased <br />proportionately. The total project costs shall be assessed in equal annual <br />installments according to the assessment period. <br /> <br />2. The security deposit shall be irrevocable for the full term of any <br />assessments for which given. The agreement shall be so conditioned as to <br />guarantee payment of the assessments as due or to pay for the cost of all <br />improvements that the developer agreed to install. <br /> <br />. <br /> <br />3. The required security deposit may consist of a cash escrow deposit or <br />irrevocable letter of credit, in form acceptable to the City Attorney, and <br />with firms authorized to do business in the State of Minnesota. <br /> <br />2003 Assessment Policy Manual- Page 6 <br />