2022 05-17 CC PACKET - Laserfiche WebLink

Home

The CITY shall use. the letter of creQ-.proceeds or -cash depositproceeds.to reimburse the CITY for its costs and to cause the. DEVELOPER IMPROVEMENTS listed on Exhibit. D5 to be constructed to the extent practicable; if the DIRECTOR OF CITY ENGINEER determines that such. DEVELOPER IMPROVEMENTS listed on Exhibit D5 have been. constructed and after retaining ten percent (10%) of the proceeds for later distribution pursuant to Section 15:2, the. remaining proceeds shall be distributed to the DEVELOPER. Witb,-CITY approval, -the irrevocable letter -of credit or cash deposit.. may be reduced pursuatit-t6 Seoti:on 15.2 from time to tune as financial obligations are paid; 15.2 SECURITY RELEASE .AND SECURITY INCREASE; DEVELOPER IMPROVEMENTS. Periodically, upon the DEVELOPER's vritten request and upon completion by .the. DEVELOPER and acceptance by* the CITY* of any specific DEVELOPER IMPROVEMENTS, ninety percent (90°/q} of that pRrtian of the irrevocable letter of credit or a cash .deposit coyering those specific completed inipmvements--only-shall be released; The final ten percent (109A) of that portion of the irrevocable le* of credit, or cash deposit, for* thae; specific completed Improvements shall.be:held until acceptance by -the CITY and:e4iration of the warranty period under Section t.19 hereof; in the alternative, 'the DEVELOPER may post a bond satisfactory to the CITY with respect to the final ten.perpeent (10°/a). If if is. determined by the CITY that the. DEVELOP 1ViLN'C PLANS were not strictly adhered-t6, or that work Wo done withoutCITY inspection, the CITY --may require, as a condition of accepfance,.tha{tkse DEVELOPER post:an irrevocable letter of credit,.or. cash deposlt.equal to 125% oftlie estirriated amount necessary to correctthe.dei iciency or to -protect against deficiencies arising thdrefroin. In the. -event that Work, which is concealed, was done without permitting CITY inspection; then the CLTY*may ; in the alternative; require the concealed condition to be exposed for inspection purposes. ARTICLE 16 YfIS CELLANEOUS 16.1 CITY' S DUMS, The tervs of this DEVELOPMENT CONTRACT.shall not be considered.a.m:afrimiativcduty-upon.the CITYto complete any DEVELOPER IMPROVEMENTS. 16.2 ADDITIONAL WROVEMENT& If the DEVELOPER requests the CITY io construct the DEVELOPER PUBLI C IMPROVEMENTS., the CITX,.at its optionr.may install and Construct the DEVELOPER PUBLIC IMPROVEMENTS."In such case; the CITY, at its option;. may specially assess the cost who ly or in part therefore under Minnesota Statutes chapter 429, -or may4raw the irrevocable letter of creditor cash deposit. If the CITY specially assesses the cast of any portion thereof, then prior to the installation thereof the OWNER .and DEVELOPER by separate document stating a specific amount shall waive any and all procedural and substantive f objections to the installation of the.improvements and the special assessments,. frtcluding, but not limited to, notice. and hearing requirements and any claim that the special aEssessrnents exceed the benefit to the CUP. The OWNER and. DEVELOPER shall similarly waive any appeal rights otherwise available pursuant to Minnesota Statutes: section 429.081. in such event, the OWNER 17