Laserfiche WebLink
Parkview Addition DRAFT C O P Y <br /> Development Agreement June 5, 1998 <br /> credit in an amount equal to the estimated cost for preparation of plans and <br /> specifications, as established by the City Engineer. Said cash escrow, including <br /> accrued interest thereon, or letter of credit, may be used by the City upon default by <br /> Developer in the payment of special assessments pursuant hereto, whether <br /> accelerated or otherwise. <br /> Said cash escrow or letter of credit shall remain in full force and effect until the City <br /> Improvements contract has been let and the Contractor for the project has furnished <br /> the City of Centerville with a performance bond that would be executed upon award <br /> of the contract. At the request of the developer, and at the City's option, the cash <br /> escrow or letter of credit shall then be reduced or returned in full to the developer. <br /> The entire cost of the installation of such improvements, including any reasonable <br /> engineering, legal and administrative costs incurred by the City, shall be assessed <br /> against the benefited properties within the Subdivision in ten (10) equal installments <br /> with interest on the unpaid installments at a rate not to exceed the maximum allowed <br /> by law. <br /> Payment of the interest accrued on the special assessments levied shall be payable <br /> to the City Clerk on 1998. The balance of principal and interest of the <br /> special assessments levied hereto shall be payable to the City Clerk in semi - annual <br /> installments commencing on 1998 and on and <br /> hereafter until the entire balance plus accrued interest is paid in <br /> full unless paid earlier pursuant to Paragraph C herein. In the event any payment is <br /> not make on the dates set out herein, the City may exercise its rights pursuant to <br /> Paragraph D hereof. <br /> The Developer waives any and all procedural and substantive objections to the <br /> installation of the public improvements and the special assessments, including but <br /> not limited to hearing requirements and any claim that the assessments exceed the <br /> benefit to the property. Developer waives any appeal rights otherwise available <br /> pursuant to M.S.A. 429.081. The City, at its option, may elect to certify the entire <br /> assessment roll to Anoka County for collection with the real estate taxes. <br /> 4. Required Payments of Special Assessments by Developer. <br /> Developer, its heirs, successors, or assigns hereby agree that prior to or on issuance <br /> of certificate or occupancy, to pay the entire unpaid improvement costs assess or to <br /> be assessed under this agreement against such property. <br /> If a certificate of occupancy is issued before the special assessments have been <br /> levied, the Developer, its heirs, successors or assigns shall pay the City the sum of <br /> cash equal to the Engineer's estimate of the special assessments for such <br /> improvements that would be levied against the property. Upon such payment, the <br /> City shall issue a certificate showing the assessments are paid in full. <br /> Notwithstanding the issuance of said certificate, the Developer shall be liable to the <br /> City for any deficiency and the City shall pay the Developer any surplus arising from <br /> the payment based upon such estimate. <br /> 5. Acceleration Upon Default. <br /> In the event the Developer violates any of the covenants, conditions or agreements <br /> herein contained to be performed by the Developer, violates any ordinance, rule or <br /> \ \SPNWFS \VOLT\ DATA \PROI\260089m \089.1405. may.DevAgree.doc Page 6 <br />