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555-3RD STREET ELK RIVER, MN 55330 <br /> <br />Phone: 763-441-8591 <br /> <br />Fax: 763-441-8604 <br /> <br />DATE: <br />TO: <br /> <br />FROM: <br /> <br />February 25, 2002 <br /> <br />Honorable Mayor Klinzing <br />Elk River City Council Members <br /> <br />Cascade I Land Co. Land Company <br /> <br />"Trunk Line Extension Cost for Park Pointe' <br /> <br />CC: <br /> <br />Lori JOhnson, Pat Klaers, Terry Mauer, Michelle McPherson <br /> <br />In an effort to move forward, Cascade I is asking, the City Council to consider the following <br />language as part of the Park Pointe Developer's Agreement with the City of Elk River. We have <br />met with staff on this request prior to the council meeting in order to clarify each item. <br /> <br />Developer will pay for the sanitary sewer pipe (not trunk line water) to be installed <br />along 175t~ Ave to serve Park Pointe and nearby properties. The 'developer' has been <br />informed that the sewer line will be bid with the street and water imProvements and <br />thi.q cost will be itemized out and assessed against the developer. This assessment <br />will be paid in addition to item # 2 below and will be paid offin the same manner as <br />#2. <br /> <br />Developer agrees to pay the area wide assessment for sewer and water for the 55 <br />acres they will own and develop at the per acre rate of $6,556 for 2002. Developer <br />to pay this cost as each lot is sold per the.formula prescribed by the City of Elk River. <br /> <br />o <br /> <br />If the City is to exceed the 10 million dollar bonding limit, the developer understands <br />this will affect the interest rate &the entire bonding package and may not be feasible <br />for either party. <br /> <br /> <br />