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86-035 .~ . . . RESOLUTION NO. 35-86 RESOLUTION APPROVING AN AMENDMENT TO THE DEVELOPMENT CONTRACT FOR BOULDER BRIDGE FARM, INC. WHEREAS, the City Council of the City of Shorewood, by its Resolution No. 79-80 on December 17, 1980, approved the Development Contract for Boulder Bridge Farm, Inc., and authorized the Mayor and City Clerk to execute said contract on behalf of the City; and WHEREAS, said Development Contract was duly executed by the Developer and the City on December 17, 1980; and WHEREAS, the parties now wish to amend said Development Contract to include the terms and conditions of the Amendment to Development Contract attached hereto. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shorewood as follows: 1. That the Amendment attached hereto amending the Development Contract for Boulder Bridge Farm, Inc., dated December 17, 1980, is hereby approved. 2. That the Mayor and City Clerk are hereby authorized to execute said Amendment on behalf of the City Council. 3. That this Resolution, together with the Amendment attached hereto, shall be filed and recorded within thirty (30) days of Developer's receipt of this Resolution. ADOPTED BY THE CITY COUNCIL of the City of Shorewood this 28th day of April, 1986. Robert Rascop, Mayor ATTEST: Sandra L. Kennelly, City Clerk J AMENDMENT TO DEVELOPMENT CONTRACT . BOULDER BRIDGE FARM, INC. WHEREAS, a Contract was made and entered into on the 17th day of December, 1980, by and between the City of Shorewood, a Minnesota municipal corporation (hereinafter referred to as "City"), and Boulder Bridge Farm, Inc., a Minnesota corporation (hereinafter referred to as "Developer") for the development of certain lands into single family dwelling sites as a "planned unit residential development" and such development included the construction and installation by the Developer of a water system to be called "the municipal water system"; and WHEREAS, the terms of such contract provided that the municipal water system would be owned by the City subject to certain conditions and limitations concerning the City's right to allow and permit other property owners in the City of Shorewood to hook up to said municipal City water system; and WHEREAS, paragraph 7e (ii) of said contract requires that any property owner outside the plat hooking up to the system shall pay to the City a SUlfi of $2,000.00 plus interest on said cost from the date of completion of the project at the rate of 8% per annum and thereupon the City agrees to remit said hook-up charge to the Developer so as to allow the Developer to recover a portion of his costs assessed against the plat pursuant to M.S. Ch. 429 et. seq., except that the right of the .Developer to receive said hook-up payments and the obligation of the City to remit same shall cease upon the Developer receiving the difference between the cost of the well as determined ~y the assessments and $92,000.00 (being $2,000.00 times 46, the number of lots in the plat) or upon the pass~ng of seven years .from the date of completion of the well; and WHEREAS, the parties hereto desire to modify and amend said conditions and limitations to provide for the construction and installation of a municipal watermain to connect the Boulder Bridge Farm Municipal Water System to the Shorewood Oaks Development. NOW, THEREFORE, in consideration of the mutual covenants and guarantees contained llerein, the City and the Developer agree as follows: . 1. Paragraph 7e (ii) of that certain Development Contract between the City of Shorewood ("City") and Boulder Bridge Farm, Inc., ("Developer") executed on December 17, 1980, shall be and hereby is amended to read as follows: . '(ii) The City Engineer has estimated that the entire system can reasonably serve up to 700 users. The City shall have the right to allow and permit other property owners in the City of Shorewood to hook up to said municipal water system, so long as the total number of users of the system does not exceed this figure of 700 at all times allowing for the hook up of all lots within the plat of Boulder Bridge Farm. A. Property Owners within the plat of Shorewood Oaks: It is understood and agreed by the parties that a municipal watermain shall be constructed and installed by the City connecting the Shorewood Oaks Development to the Boulder Bridge Farm municipal water system. The entire cost of constructing and installing said municipal watermain shall be assessed against the property within the plat of Shorewood Oaks, and property owners within said plat will pay no hook-up charges to the City for connection to the municipal water system. . B. All Other Property Owners: It is further agreed by the parties that an owner of property not within the plats of either Shorewood Oaks or Boulder Bridge Farm ,may hook up to the municipal water system upon payment to the City of a hook-up charge of $4,000.00. Such property owner shall receive a credit against such sum of $4,000.00 for any trunk or lateral charges which may be incurred by him or assessed against his property, except that such credit shall in no instance exceed the sum of $3,000.00. Upon collection of said sums by the City, the City shall thereupon remit said sums to the Developer so as to allow the Developer to recover a portion of his cost assessed against the plat of Boulder Bridge 'Farm. The right of the Developer to receive said remittances and the obligation of the City to remit same shall cease on the date of either of the following events, whichever first occurs: -2- . . . . , , . (1) such date as the Developer has received the principal sum of $158,000.00, together with interest thereon at the rate of 8% per annum, computed on the remaining principal balances from time to time. Remittances received from the City shall be credited first to interest and the remainder to the reduction of principal. Interest shall run from June 23, 1981; or (2) June 23, 1998. E. Interconnection with any other Municipal Water System: In the event that the Boulder Bridge Farm Municipal Water System is interconnected with any other municipal water system operated by the City of Shorewood, those property owners that hook up to the combined system after the interconnection, shall pay to the City the same hook-up charge and receive the same credits as set forth in paragraph B above. In such cases, however, only 50% of the net charge received by the City shall be remitted to the Developer. IN WITNESS WUEREOF, the parties hereto have caused these presents to be executed on the day and year first above written. BOULDER BRIDGE FARM, INC. CITY OF SHOREWOOD by: by: Its Its Mayor ATTEST: by: Its City Clerk -3- ...