5.4. SR 09-13-1993 - Laserfiche WebLink

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e e e Mr . James Nord August 13, 1993 Page Two 4. These two deferrals referred to above would end at the sale of each individual piece of property or the filing of a fmal plat by the current owner of the property. The two deferrals are independent of each other and one could end with the sale of either the property north of the Meadowvale Elementary School or west of it, while the other remained in effect if that property were not sold. 5. If you so desire, we will stake the easements and allow you to harvest the wood from the trees which need to be removed up to the time that a contract is awarded and construction begun on these improvements. 6. We anticipate that the City Council will authorize advertisement for bids on these improvements at their August 16th, 1993, Council meeting. This would provide for a September 8th bid opening. By that time, we would anticipate a legal document being prepared and reviewed by you relative to these deferrals, such that the actual agreement and the bids on this project could be presented to the Council at an appropriate meeting in September. 7. As laid out in the feasibility study dated April 1993, for these improvements, the property which you own west of County Road 1 will be assessed for trunk: sanitary sewer and water improvements at a rate estimated to be $3,745 per acre based on a total acreage of 54 acres. Again, as spelled out in the feasibility study, this assessment would be deferred until such time that the water system is capable of serving this entire piece of property. As you know, this would require the construction of an elevated water tower somewhere in this northwestern part of the City. This deferral, again, would be interest-free. Once the assessments were collectible, they would be at the same interest rate as the other assessments, estimated at 71A % interest. 8. It is understood that by agreeing to the abOve described assessment deferrals in exchange for the land acquisition, you are agreeing to execute the appropriate legal oocunu;nts to transfer these easements to the City once they are prepared by the City Attorney. Should the timing of the documents not coincide with the beginning of construction, it is assumed that you will allow access to the property to begin construction work. ',If these terms and conditions are acceptable to you and accurately reflect our discussions on Thursday afternoon, please indicate so by signing the bottom of the page and returning a copy to me. .