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<br />, . <br /> <br />~.. '. " ' <br /> <br />Clearwater Meadows Development Agreement <br /> <br />A Street Construction. The Base Course shall be completed before September. 1, <br />1996. The Wear Course shall be corilpleted before September 1, 1997, or when <br />the City deems appropriate according to the progress of work on the individual <br />lots. The 4eveloper sh811 be liable fQr any increase in cost for ~nstIUction of the <br />wear .cow:se due to delays in cotlStrl:lction on the individua1lo~s. <br /> <br />B. Construction Procedures. All such improvements set out in Ordinance #8, <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.im.piovements be matie;and,assessed <br />against tne benefited. properties.'. After preparatiOirof prefrininary' plans and . ..,;.., . <br />estimates by the City Engineer, an improyement hearing, if required by law, will be <br />called by the City Council for the purpose of ordering such improvements. After <br />preparation of preHminary plans and estimates by the City Engineer, an <br />improvement hearing, if required by law, will be called by the City Council ror the <br />purpose of ordering such improvements. After preparation of the final plans and <br />specifications by the City 'Rngjneer, the installation of improvements shall take <br />place under the City's complete supervision. <br /> <br />. ';" ........ <br />. .. " ,', .. <br /> <br />C. Security, ~ 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 insta11m.ents with interest on the unpaid <br />installments at a rate not to exceed the maximum allowed by law. <br /> <br />All special assessments levied hereto shall be payable to the Deputy Clerk in semi- <br />annual installments over ten (10) years commencing on May 15, 1997 of the year <br />after the levy of1Uch assessment and on each October 15th and May 15th <br />thereafter until the entire balance plus accrued interest is paid in full unless paid <br />earlier. In the alternative, the City, at its option, may certify the entire assessment <br />roll to the Anob County Auditor for collection with the Real Estate Taxes. In the <br />event any payment is not made on the dates set out herein, the City may exercise <br />. its rights granted, hereunder for such default. The Developer waives any and all <br />. procedural and substantive objections to the installation of the public <br /> <br />K-GDEV.WPS <br /> <br />Page 6 <br />