1998-05-27 Packet - Laserfiche WebLink

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Parkview Addition DRAFT C O P Y Development Agreement May 22, 1998 amount of the request of the Developer, at the City's option, but in no event shall be less than the total of the outstanding special assessments against all properties within the Subdivision. The entire cost of the installation of such improvements, including any reasonable engineering, legal and administrative costs incurred by the City, shall be assessed against the benefited properties within the Subdivision in ten (10) equal installments with interest on the unpaid installments at a rate not to exceed the maximum allowed by law. Payment of the interest accrued on the special assessments levied shall be payable to the City Clerk on 1998. The balance of principal and interest of the special assessments levied hereto shall be payable to the City Clerk in semi - annual installments commencing on 1998 and on and hereafter until the entire balance plus accrued interest is paid in full unless paid earlier pursuant to Paragraph C herein. In the event any payment is not make on the dates set out herein, the City may exercise its rights pursuant to Paragraph D hereof. The Developer waives any and all procedural and substantive objections to the installation of the public improvements and the special assessments, including but not limited to hearing requirements and any claim that the assessments exceed the benefit to the property. Developer waives any appeal rights otherwise available pursuant to M.S.A. 429.081. The City, at its option, may elect to certify the entire assessment roll to Anoka County for collection with the real estate taxes. 4. Required Payments of Special Assessments by Developer. Developer, its heirs, successors, or assigns hereby agree that prior to or on issuance of certificate or occupancy, to pay the entire unpaid improvement costs assess or to be assessed under this agreement against such property. If a certificate of occupancy is issued before the special assessments have been levied, the Developer, its heirs, successors or assigns shall pay the City the sum of cash equal to the Engineer's estimate of the special assessments for such improvements that would be levied against the property. Upon such payment, the City shall issue a certificate showing the assessments are paid in full. Notwithstanding the issuance of said certificate, the Developer shall be liable to the City for any deficiency and the City shall pay the Developer any surplus arising from the payment based upon such estimate. 5. Acceleration Upon Default. In the event the Developer violates any of the covenants, conditions or agreements herein contained to be performed by the Developer, 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 any installment of any special assessment levied pursuant hereto, or any interest thereon, when the same is to be paid pursuant hereto, the City, at its option, in addition to its rights and remedies hereunder, after ten (10) days' written notice to the Developer, may declare all of the unpaid special assessments which are then estimated or levied pursuant to this agreement due and payable in full, with interest. The City may seek recovery of such special assessments due and payable from the security provided in Paragraph B hereof. In the event that such security is insufficient to pay the outstanding amount of such special assessments plus accrued interest, the City may certify such % \SPNWFS%VOLPDATA\PROA260089m \089- I405. may. DevAgree.doc Page 6