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<br />''': <br /> <br />t GO~JG~~ <br /> <br />. <br /> <br />2. Responsibility for Improvements; Subdivision Financing Agreements. Subsequent <br />to approval of the preliminary plat and prior to approval of the final plat, the <br />person or persons who filed such plat (herein "Developer" whether one or more <br />persons) shall enter into a Developer Agreement with the City and shall cause all <br />street, water, sewer and other improvements required by the resolution granting <br />approval of the preliminary plat to be completed pursuant to the Developer <br />Agreement. <br /> <br />a. The Developer Agreement shall provide, as to improvements to be installed <br />by the Developer, that the Developer is obligated to install and complete <br />all such improvements at his own expense and under the supervision and <br />inspection of the City Engineer. <br /> <br />b. The Developer Agreement shall provide, as to improvements petitioned for <br />by the Developer to be installed by the City, that the City is obligated to <br />provide engineering services and construct such improvements, and shall <br />obligate the Developer to pay to the City the cost of such services and <br />construction through payment of special assessments. The Developer Agreement <br />shall also provide that if the Developer applies for a building permit or <br />certificate of occupancy or transfers any lot or parcel in the platted area <br />while special assessments then levied, or to be levied, for the improvements <br />made pursuant to such agreement remain unpaid, they will be paid or prepaid <br />in full to the City Clerk or the County Treasurer. <br /> <br />. <br /> <br />c. As security to the City for installation of the improvements or the payment <br />of the special assessments, the Developer shall be required to file a bond <br />with corporate surety authorized to do business in Minnesota and approved <br />by the City Council as surety thereon in at least the full amount (or such <br />other amount required by the City, in its sole discretion) of all costs or <br />assessments for making the improvements specified in the Developer Agreement <br />not paid in cash by the Developer before or at the time of entering into the <br />Develqper Agreement. <br /> <br />If the Developer does not file such bond, he may, in lieu thereof, deposit <br />in escrow, in a national or state bank having an office in the City, cash <br />in the full amount of the unpaid improvement costs or assessments, together <br />with a written agreement signed by the Developer and the bank, whereby the <br />funds in escrow will be paid to the City from time to time upon written demand <br />of the City, to the extent of any default by the Developer pursuant to the <br />Developer Agreement. <br /> <br />If the Developer does not file such bond or deposit cash, he may, in lieu <br />thereof, deliver a Letter of Credit to the City. Such Letter of Credit shall <br />be from a national or state bank approved by the City Council, shall be <br />unconditional and irrevocable, shall be for the full amount of the unpaid <br />improvement costs or assessments, and shall provide that funds will be paid <br />to the City upon written demand from time to time of the City to the extent <br />of any default by the Developer pursuant to the Developer Agreement. <br /> <br />. <br /> <br />d. The Developer Agreement shall provide, as to improvements petitioned for <br />by the Developer to be installed and assessed in accordance with the regular <br />special assessment policies of the City, for installation if ordered by the <br />City Council, and assessment in accordance with the regular special assessment <br /> <br />23. <br />