6.0. SR 04-21-1994 - Laserfiche WebLink

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FROM LRRKIN HOFFMRN DRLY LINDGREN 612-8963265 04.18.1994 15: 21 P. 3 e e . o Provides that the City will also install necessary street improvements outside of the PUD ("Off-Site Improvements"), including the extension of Freeport Avenue through the School Board property and the improvements to Highway 169, School Street and Jackson Avenue. o Requires the Developer to pay: o For all Improvements within the PUD For Off-Site Street Improvements as shown on page 8 For trunk facilities and lateral benefit at normal City rates o o o The City's costs to be repaid by the Developer will be assessed to the lots within the PUD on a square footage basis and paid back: o o Over a ten year period for the shopping center itself Over a five year period for the other lots in the PUD Assessments on the Target property will be paid upfront Requires the Developer to provide security for paYment of the City's costs as follows: o o o During the construction period Developer will post a letter of credit in the amount of $2,600,000, which is the current estimate of the amounts to be assessed to Developer. This letter of credit will be released when certificates of occupancy are issued for sot of the shopping center and Developer has provided a guarantee for paYment of the assessments. A second element of security is the guarantee to be provided by the Developer's parent company, Kraus Anderson Incorporated. This guarantee will remain in effect until all assessments are paid, but may be reduced from time to time to the amount of the then outstanding assessments. Developer is required to combine the lot which contains the pond with the lot on which its sign will be located, to ensure that the pond does not go tax forfeit. o o o Developer is required to install street lights as directed by Elk River Municipal Utilities. All other conditions of the City Council's resolution approving a Conditional Use Permit for the PUD are incorporated into the Developers Agreement. o 2.