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Clearwater Meadows Development Agreement <br /> A. Street Construction The Base Course shall be completed before September 1, <br /> 1996. The Wear Course shall be completed before September 1, 1997, or when <br /> the City deems appropriate according to the progress of work on the individual <br /> lots. The developer shall be liable for any increase in cost for construction of the <br /> wear course due to delays in construction on the individual lots. <br /> B. Construction Procedures All such improvements set out in Ordinance 98, <br /> Section 38.01 and as additionally specified herein shall be instituted, constructed, <br /> and financed as follows: The City shall commence proceedings pursuant to <br /> Minnesota Statute 429 providing that such improvements be made and assessed <br /> against the benefited properties. After preparation of preliminary plans and <br /> estimates by the City Engineer, an improvement hearing, if required by law, will be <br /> called by the City Council for the purpose of ordering such improvements. After <br /> preparation of preliminary plans and estimates by the City Engineer, an <br /> improvement hearing, if required by law, will be called by the City Council for the <br /> purpose of ordering such improvements. After preparation of the final plans and <br /> specifications by the City Engineer, the installation of improvements shall take <br /> place under the City's complete supervision. <br /> C. Secur4, Un of Special Assessments and Required Payment Therefor. Prior <br /> to the preparation of final plans and specifications for the construction of said <br /> improvements, the Developer shall provide to the City a cash escrow or letter of <br /> credit in an amount equal to thirty-two (32 %) percent of the total estimated cost of <br /> said improvements as established by the City Engineer. Said cash escrow, <br /> including accrued interest thereon, or letter of credit, may be used by the City upon <br /> default by Developer in the payment of special assessments pursuant hereto, <br /> whether accelerated or otherwise. That such cash escrow or letter of credit shall <br /> remain in full force and effect throughout the term of the special assessments, <br /> except, the amount of the request of the Developer, at the City's option, but in no <br /> event shall be less than the total of the outstanding special assessments against all <br /> properties within the Subdivision. The entire cost of the installation of such <br /> improvements, including any reasonable engineering, legal, and administrative <br /> costs incurred by the City, shall be assessed against the benefited properties within <br /> the Subdivision in ten (10) equal annual installments with interest on the unpaid <br /> installments at a rate not to exceed the maximum allowed by law. <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 /> D. )Required Payments of Special Assessments by Developer Developer, its heirs, <br /> successors or assigns hereby agree that prior to or on issuance of certificate of <br /> K- GDEV.WPS Page 6 <br />