HomeMy WebLinkAbout6.j. Approval of Subdivision Agreement for Biscayne Pointe Addition , City Project #285 _ __ . ._ _ ,_ _. ._
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, CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: November 18, 1997
AGENDA ITEM: Approval of Subdivision Agreement, AGENDA SECTION:
Biscayne Pointe Addition, City Project #285 Consent
PREPARED BY: Bud Osmundson AGENDA ��� � ;�w,�
City Engineer/Public Works Director 6
ATTACHMENTS: Subdivision Agreement APPROVED BY:
Attached is the Subdivision Agreement for the Biscayne Pointe Addition. The Developer,
Heritage Development, Inc. has signed and agreed to the conditions of this Agreement.
The City Attorney has reviewed and approved this Agreement. Staff is requesting
Council to make a motion approving the Subdivision Agreement and authorizing
necessary signatures.
RECOMMENDED ACTION: MOTION TO APPROVE THE SUBDIVISION AGREEMENT FOR THE
BISCAYNE POINTE ADDITION AND AUTHORIZE THE NECESSARY SIGNATURES.
COUNCIL ACTION:
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SUBDIVISION AGREEMENT
Biscayne Pointe Addition
,
AGReennENT dated 18th day of November, 1997, by and between the CiTY oF
ROSEMOUNT, a Minnesota municipal corporation, �"City"), and Heritage Development of
MN, Inc. a Minnesota Corporation, (the "Developer"►.
1. $g.�uest for Plat Ap r�oval. The Developer has asked the City to approve the
subdivision of land and a plat of land to be known as Biscayne Pointe Addition,
which land is legally described on Attachment One, attached hereto and hereby
made a part hereof (hereinafter referred to as the "subject property").
2. Gonditions uf Plat AQ rp ova1. The City has approved the subdivision and the plat on ,
the following conditions: '
1. Conformance with the applicable specified conditions of Resolution 1997-52;
2. Adjustments of lot lines as needed to eliminate a lot depth variance for Lot 24,
Block 1 and lot width variance for Lot 10, Block 2.
3. Payment of Park Dedication in the amount of $30,600.
4. Incorporation of recommendations relative to drainage, easements, fees,
grading, rights-of-way, streets and uti(ities by the Public Warks Department,
including the following:
a. Preliminary payment for future improvements to Biscayne Avenue,
including street and trail, estimated at this time in the amount of
S 17,723;
b. Preliminary payment for trunk watermain improvements on Biscayne
Avenue estimated at this time in the amount of S 1,530;
c. 1997 Storm Sewer Trunk Area Charges at 52,000 per acre which is
estimated at this tirne in the amount of $28,000 (based on an estimated
14 acres); and
d. 1997 Geographic Information System (GIS) fees at S50 per lot/unit,
estimated at this time in the amount of S 1,700 (based on 34 units).
3. Phased Develonment. The City may refuse to approve final plats of subsequent
additions of the plat if the Developer has breached this Contract and the breach has
not been remedied. Development of subsequent phases may not proceed until
Subdivision Agreements for such phases are approved by the City.
4. Effect of Subdivision A� roval. For two (2) years from the date of this Agreement,
no amendments to the City's Comprehensive Plan, except an amendment placing
the plat in the current urban service area, or official controls shall apply to or affect
the use, development density, lot size, lot layout or dedications of the approved plat
unless required by state or federal law or agreed to in writing by the City and the
Developer. Thereafter, notwithstanding anything in this Agreement to the contrary,
to the full extent permitted by state law the City may require compliance with any
11/14197
amendments to the City's Comprehensive Guide Plan, official controls, platting or
dedication requirements enacted after the date of this Agreement.
5. Develo�ment Plans. The subject property shall be developed in accordance with
the following plans, original copies of which are on file with the City Public Works
Director. With the exception of Plan A, the plans may be prepared, subject to City
approval, after entering this Agreement, but before commencement of any work on
the subject property. If the plans vary from the written terms of this Agreement,
the written terms shall controL The plans are:
Plan A -- Plat
Plan B -- Soil Erosion Control Plan and Schedule
Plan C -- Drainage and Storm Water Runoff Plan
Plan D -- Plans and Specifications for Public Improvements
Plan F -- Street Lights
6. Installation by DeveloRr. The Developer shaN install or cause to be installed and
pay for the following:
A. Street Lights
B. Setting of Lot and Block Monuments
C. Surveying and Staking of work required to be performed by the Developer.
D. Gas, Electric, Telephone, and Cable Lines
E. Landscaping
7. �ime of Performance. The Developer shall install all required improvements
enumerated in Paragraph 6 which will serve the subject property by October 30
1998. The Developer may, however, request an extension of time from the City. If
an extension is granted, it shall be conditioned upon updating the security posted
by the Developer to reflect cost increases and the extended completion date. '
8. Public Im�rovements. The following improvements, known as City Project #285, �!,
shall be designed and installed in the subject property by the City: ''
A. Site Grading
B. Sanitary Sewer
C. Water
D. Storm Sewer
E. Streets
F. Sidewalks
Developer hereby petitions the City for the construction of such public
improvements pursuant to and in accordance with the terms of the Petition and
Waiver Agreement, attached hereto as Exhibit Two, and hereby made a part hereof.
2 11l14/97
9. Assessment of Costs. The City shali assess the cost of the public improvements
referred to in Paragraph 8 together with administrative, planning, engineering,
capitalized interest, tegal and bonding costs against the subject property. By
executing this Agreement, the Developer agrees to pay the assessments and other
costs specified in this paragraph. The Developer shall take such action as is
necessary to remove any of the subject property from "green acres" status or any
other status which would prevent or delay the collection of special assessments
levied against the subject property for the public improvements prior to the
construction of public improvements.
10. Securitv. To guarantee compliance with the terms of this Agreement, payment of
the costs of all public improvements and construction of all pubtic improvements,
the Developer shall furnish the City with a cash escrow or irrevocable letter �f
credit from a bank ("security") for $25,300, which is 110% of the estimated cost
of the developer installed improvements. The amount of the security was
calculated as follows
� COST � 110%
Gradin NA -0-
Survey Monuments 57,000 7,700
Landscapin $9,500 10,450
Street Li hts 56,500 7,150
TOTAL 25,300
The bank and form of the letter of credit or other security shall be subject to the
approval of the City Administrator. The letter of credit shall be for a term ending
September 1, 2000. In the alternative, the letter of credit may be for a one (1) year
term provided it is automatically renewable for successive one year periods from the
present or any future expiration dates with a final expiration date of September 1,
2000, unless sixty (60) days prior to an expiration date the bank notifies the City
that it elects not to renew for an additional period. The letter of credit shall secure
compliance with the terms of this Agreement and all obligations of the Developer
under it. The City may draw down on the letter of credit without notice upon
receiving notice that the letter of credit will be allowed to lapse before September 1,
2000 or if the obligations of the Developer have not been completed as required by
this Agreement. In the event of a default under this Subdivision Agreement by the
Developer, the City shall furnish the Developer with written notice by certified mail
of Developers default(s) under the terms of this Subdivision Agreement. If the ,
Developer does not remove said defaultts) within two (2) weeks of receiving notice, '
the City may draw on the letter of credit. With City approval the letter of credit
may be reduced from time to time as financial obligations are paid and developer
installed improvements completed to the City's requirements.
11. �rading Plan/Site Grading. The Developer shall submit to the City a site grading
and drainage plan for the subject property acceptable to the City showing the
grades and drainage for each lot prior to installation of the improvements. Site
grading shall be completed by the Developer at its cost and approved by the City
3 11/14/9'7
Public Works Director prior to the awarding of the contract by the City for
installation of utilities. Developer shall furnish the City Public Works Director
satisfactory proof of payment for the site grading work and shall submit a certificate
of survey of the development to the City after site grading, with street and lot
grades, prior to the awarding of the contract of instal(ation of utilities. All
improvements to the lots and the final grading shall comply with the grading plan as
submitted and shall be the responsibility of the Developer.
12. License. The Developer hereby grants the City, its agents, employees, officers and
contractors a license to enter the subject property to perform all work and
inspections deemed appropriate by the City during the installation of public
improvements by the City.
13. �rosion Control. Prior to site grading, and before any utility construction is
commenced or building permits are issued, the erosion control plan, Plan B, shall be
implemented, inspected and approved by the City. All areas disturbed by the
excavation and backfilling operations shall be reseeded within 72 hours after the
completion of the work in that area. Except as otherwise provided in the erosion
control plan, seed shall be rye grass or other fast-growing seed suitable to the
existing soil to provide a temporary ground cover as rapidly as possible. All seeded
areas shall be mulched and disc anchored as necessary for seed retention.
All basement and/or foundation excavation spoil piles shall be kept completely off
City right-of-way and shall be completely surrounded with an approved erosion ',
control silt fence. Approved erosion control fencing shall be installed around the I
perimeter of each lot or at City approved locations at the time of building permit ��,
issuance and remain in place until the lot is seeded or sodded. A 20 foot opening
will be allowed on each lot for construction deliveries.
The parties recognize that time is of the essence in controlling erosion. If
development does not comply with the erosion control plan and schedule or
supplementary instructions received from the City, the City may take such action as
it deems appropriate to control erosion. This right also applies to the required
erosion control for basement and/or foundation excavation spoil piles. The City will
endeavor to notify the Developer in advance of any proposed action, but failure of
the City to do so will not affect the Developer's or City's rights or obligations
hereunder. If the Developer does not reimburse the City for any cost the City
incurred for such work within thirty (30) days, the City may draw down the letter of
credit to pay any costs. No development will be allowed and no building permits
will be issued unless the subject property is in full compliance with the erosion
control requirements.
14. Planting and Seeding. Prior to the City allowing occupancy, the Developer shall
plant one (1) two-inch caliper deciduous tree on each street frontage of each lot
and the Developer shall also sod the boulevards, all at its own cost.
15. Clean u�. The Developer shall clean streets of dirt and debris that has resulted from
construction work by the Developer, its agents or assigns. The City will inspect the
site on a weekly basis and determine whether it is necessary to take additional
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measures to clean dirt and debris from the streets. After 24 hours verbal notice to
the Developer, the City will complete or contract to complete the clean-up at the
Developer's expense in accordance with the procedures specified in Paragraph 13.
16. 9wnershi op f Im�rovements. Upon completion and City acceptance of the work
and construction required by this Agreement, the public improvements lying within
public rights-of-way and easements shall become City property without further
notice or action.
17. Warran�. The Developer warrants all work required to be performed by it against
poor material and faulty workmanship for a period of two t2) years after its
completion and acceptance by the City. All trees, grass and sod shall be warranted
to be alive, of good quality and disease free for twelve (12) months after planting.
18. Resaonsibititv for Costs.
A. Except as otherwise specified herein, the Developer shall pay all costs incurred
by it or the City in conjunction with the development of the subject property
including, but not limited to, Soil and Water Conservation District charges,
legal, planning, engineering and inspection expenses incurred in connection
with approval and acceptance of the subdivision and the plat, the preparation
of this Agreement, and all costs and expenses incurred by the City in
monitoring and inspecting development of the subject property.
B. The Developer shall hold the City and its officers and emptoyees harmless from
claims made by itself and third parties for damages sustained or costs incurred
resulting from plat or subdivision approval and development of the subject
property. The Developer shall indemnify the City and its officers and
employees for all costs, damages or expenses which the City may pay or incur
in consequence of such claims, including attorney's fees.
C. The Developer shall reimburse the City for costs incurred in the enforcement of
this Agreement, including engineering and attorney's fees.
D. The Developer shall pay, or cause to be paid when due, and in any event
before any penalty is attached, all special assessments referred to in this
Agreement. This is a personal obligation of the Developer, and shall continue
in full force and effect even if the Developer sells one or more lots, the entire
subject property, or any part of it.
E. The Developer shalt pay in full all bills submitted to it by the City for
obligations incurred under this Agreement within thirty (30) days after receipt.
If the bills are not paid on time, the City may halt development work and ,
eonstruction including, but not limited to, the issuance of building permits for j
lots which the Developer may or may not have sold, until the bills are paid in '
full. Bills not paid within thirty (30) days shall accrue interest at the rate of
nine percent (9%) per year.
5 11114/g'1
F. The Developer shaii pay all energy costs for street lights installed within the
subject property until seventy-five percent 175%) of the lots are occupied.
After that, the City will assume the energy costs.
19. Developer agrees to pay fees, charges and assessments set forth in this Section
prior to, or at the time of, execution of the plat by the City:
A. Park dedication fees in the amount of Thirty Thousand Six Hundred Dollars '
(530,600). ',
B. Geographic Information System (GIS) fees in the amaunt of Seventeen I
Hundred Dollars ($1,700).
C. Storm Sewer Trunk Area Charges as a prepayment of all Storm Sewer Trunk
Assessments for improvements, either constructed or to be constructed, for
trunk sewer serving the subject property, in the amount of Twenty-Eight
Thousand Dollars (528,000).
D. The amount of Seventeen Thousand Seven Hundred Twenty-Three Dollars
(517,723) as prepayment of all special assessments applicable to the subject
property in the following projects: Biscayne Avenue northerly extension
adjacent to Biscayne Pointe Addition.
20. Developer agrees to pay at the time of issuance of buiiding permits for the subject
property the fees, charges and assessments in effect at the time of issuance. The
fees, charges, and assessments in effect as of this agreement are::
A. Metropolitan Council Environmental Services Availability Charges in the
amount of Nine Hundred Fifty Dollars (5950) per SAC unit.
B. Storm Sewer Connection Charges in the amount of Six Hundred Eighty-Five
Dollars ($685) per unit.
C. Sanitary Sewer Availability Charges in the amount of Twelve Hundred Forty-
Five Dollars (51,245) per SAC unit.
D. Water Availability Charges in the amount of Twelve Hundred Forty-Fiv� Dollars
(S 1,245)per SAC unit.
21. Building Permits. No building permits shall be issued until:
A. The site grading is completed and approved by the City.
B. All public utilities are tested, approved by the City Engineer, and in service.
C, All curbing is installed and backfilled.
D. The first lift of bituminous is in place and approved by the City.
6 11/14/97
E. The City Public Works Director has certified that the timetable for construction
of public improvements is compatible with private home construction and
occupancy.
The Developer, in executing this Agreement, assumes all liability and costs for damage or
delays, incurred by the City, in the construction of public improvements, caused by the
Developer, its employees, contractors, subcontractors, materialmen or agents. No
occupancy permits shall be issued until the public streets and utilities referred to in
paragraph 6 and 8 are in and approved by the City, unless otherwise authorized in
writing by the City Public Works Director.
22. Developer's Default. In the event of default by the Developer as to any of the work
to be performed by it hereunder, the City may, at its option, perform the work and
the Developer shall promptly reimburse the City for any expense incurred by the
City, provided the Developer is first given notice of the work in default, not less
than 48 hours in advance. This Agreement is a license for the City to act, and it
shall not be necessary for the City to seek a court order for permission to enter the
land. When the City does any such work, the City may, in addition to its other
remedies, levy the cost in whole or in part as a special assessment against the
subject property.
23. Miscellaneous.
A. The Developer represents to the City that the development of the subject
property, the subdivision and the plat comply with all city, county,
metropolitan, state and federal laws and regulations including, but not limited
to: subdivision ordinances, zoning ordinances and environmental regulations.
If the City determines that the subdivision or the plat or the development of
the subject property do not comply, the City may, at its option, refuse to allow
construction or development work on the subject property until the Developer
does comply. Upon the City's demand, the Developer shall cease work until
there is compliance.
B. Third parties shal! have no recourse against the City under this Agreement.
C. Breach of the terms of this Agreement by the Developer shall be grounds for
denial of building permits, including lots sold to third parties.
D. If any portion, section, subsection, sentence, clause, paragraph or phrase of
this Agreement is for any reason held invalid, such decision shall not affect tfie
validity of the remaining portion of this Agreement.
E. If building permits are issued prior to the completion and acceptance of public I''
improvements, the Developer assumes all liability and costs resulting in delays '
in completion of public improvements and damage to public improvements '
caused by the City, Developer, its contractors, subcontractors, materialmen,
employees, agents or third parties.
7 11/14/97
F. The action or inaction of the City shall not constitute a waiver or amendment
to the provisions of this Agreement. To be binding, amendments or waivers
shall be in writing, signed by the parties and approved by written resolution of
the City Council. The City's failure to promptly take legal action to enforce
this Agreement shall not be a waiver or release.
G. The Developer represents ta the City to the best of its knowledge that the
subdivision, the plat and the development of the subject property are not of
"metropolitan significance" and that an environmental impact statement is not
required. If the City or another governmental agency determines that such a
review is needed, however, the Developer shall prepare it in compliance with
legal requirements so issued from the agency. The Developer shall reimburse
the City for all expenses, including staff time and attorney's fees, that the City
incurs in assisting in the preparation of the review.
J H. This Agreement shall run with the land and may be recorded against the title ',
to the property. The Developer shall take such steps, including execution of �,
amendments to this Agreement, as are necessary to effect the recording '�
hereof. After the Developer has completed the work required of it under this
Contract, at the Developer's request, the City wili execute and deliver to the
Developer a release.
I. Each right, power or remedy herein conferred upon the City is curnulative and
in addition to every other right, power or remedy, express or implied, now or
hereafter arising, available to the City, at law or in equity, or under any other
agreement, and each and every right, power and remedy herein set forth or
otherwise so existing may be exercised from time to time as often and in such
order as may be deemed expedient by the City and shall not be a waiver of the
right to exercise at any time thereafter any other right, power or remedy.
J. The Developer may not assign this Agreement without the written permission
of the City CounciL
24. V�ices. Required notices to the Developer shall be in writing, and shall be either
hand delivered to the Developer, its employees or agents, or mailed to the
Developer by registered mail at the following address: Heritage Development of
MN, Inc., 450 East County Road D, St. Paul, MN 55117. Notices to the City shall
be in writing and shall be either hand delivered to the City Administrator, or mailed
to the City by registered mail in care of the City Administrator at the following
address. City Administrator, Rosemount City Hall, 2875 145th Street West,
Rosemount, MN 55068.
g 11/14/97
IN WITNESS WHEREOF, the parties have hereunto set their hands the day and
year first above written.
CITY OF ROSEMOUNT
BY:
� , Mayor
BY: ,
, City Clerk �,
BY: '
Its
BY:
Its
STATE OF MINNESOTA )
) SS
COUNTY OF DAKOTA )
The foregoing instrument was acknowledged before me this day
of , 1�_, by , Mayor, and
, City Clerk. of the City of Rosemount, a Minnesota municipal corporation, on behalf of
the corporation and pursuant to the authority granted by its City CounciL
Notary Public
STATE OF MINNESOTA )
) SS
COUNTY OF DAKOTA )
The foregoing instrument was acknowledged before me this day
�f , �, bY ,
, and , ,
, a , on behalf of the said
Notary Public
Drafted By:
City of Rosemount
2875 �45th Street West
Rosemount, MN 55068
9 11/14I97
ATTACHMENT TWO
Petition and Waiver Agreement
This Agreement made this 18th day of November, 1997 by and between the
City of Rosemount, a Minnesota municipal corporation ("City"1, and Heritage
Development of MN, Inc., a Municipal Corporation ("Owner").
WITNESSETH:
WHEREAS, the Owner is the fee owner of certain real property(the "Subject
Property") located in the City the legal description of which is set forth on Attachment
One, attached hereto and hereby made a part hereof; and
WHEREAS, the Owner desires to have certain public improvements constructed
to serve the Subject Property as described in Exhibit B, The Feasibility Report entitled
Biscayne Pointe Street and Utility Construction and appurtenant work, City Project No.
285, attached hereto and hereby made a part hereof (hereinafter referred to as the ,
"improvement Project"); and III
WHEREAS, the Owner wishes the City to construct the Improvement Project '
without notice of hearing or hearing on the Improvement Project, and without notice of '
hearing or hearing on the special assessments levied to finance the Improvement Project,
and to levy 100 percent of the cost as described in Exhibit B of the fmprovement Project
against the Subject Property; and
WHEREAS, the City is willing to construct the Improvement Project in
accordance with the request of the Owner and with out such notices or hearings,
provided the assurances and covenants hereinafter stated are made by the Owner to
ensure that the City will have valid and collectable special assessments as they relate to
the Subject Property to finance all of the costs of the Improvement Project; and
11 11/14l97
WHEREAS, were it not for the assurances and covenants hereinafter provided,
the City would not construct the Improvement Project without such notices and hearings
and is doing so solely at the behest, and for the benefit of, the Owner.
NOW, THEREFORE, ON THE BASIS OF THE MUTUAL COVENANTS AND
AGREEMENT HEREINAFTER PROVIDED, IT IS HEREBY AGREED BY AND BETWEEN THE
PARTIES HERETO AS FOLLOWS: '
1. The Owner hereby petitions the City for construction of the Improvement I,
Project. '
i
2. The Owner represents and warrants that it is the owner of 100 percent
of the Subject Property, that it has full legal power and authority to encumber the
Subject Property as herein provided, and that as of the date hereof, it has fee simple
absolute title in the Subject Property, which is not subject to any liens, interests or
encumbrances, except as listed on the attached Exhibit C.
3. The Owner requests 100 percent of the cosf of the Improvement Project
be assessed against the Subject Property. The Owner understands and agrees that the
current estimated cost of the Improvement Project is 5505�400, but that the cost of the
improvement Project will be determined in accordance with Minn. ;�t., Chapter 429 and
standard city practices and that such cost may be as much as 5505,400. The Owner
further understands and agrees that the City does not waive any rights to levy special
assessments against the Subject Property in an amount in excess of 5505,400 in the
event actual project costs which may lawfully be assessed pursuant to inn. �#�#.,
Chapter 429, exceed said amount.
4. The Owner waives notice of hearing and hearing pursuant to Minn. Stat.
Section 429.031, on the Improvemen# Project and notice of hearing and hearing on the
special assessments levied to finance the Improvement Project Pursuant to in . �#.
Section 429.061, and specifically requests that the Improvement Project be constructed
and special assessments levied against the Subject Property therefor without hearings.
5. The Owner waives the right to appeal the levy of the special
assessments in accordance with this Agreement pursuant to Minn. Stat. Section
429.081 or reapportionment thereof upon land division pursuant to Minn. Stat. Section
429.071, Subd. 3, or otherwise, and further specifically agrees with respect tot such
special assessments against the Subject Property or reapportionment that:
a. Any requirements of Minn. Stat., Chapter 429 with which the City does
not comply are hereby waived by the Owner;
b. The increase in fair market value of the Subject Property resulting from
construction of the Irnprovement Project will be at least equal to
$505,400, and that such increase in fair market value is a special benefit
to the Subject Property;
12 11/14/97
c. Assessment if 100 percent of the cost of the improvement Project
against the Subject Property is reasonable, fair and equitable and there
are no other properties against which such cost should be assessed; and
d. The Owner further specifically waives notice and right to appeal
reapportionment of such special assessments upon fand division pursuant
to Minn. Stat., Section 429.071, Subd. 3.
6. The Owner understands and agrees that the City may provide for the
payment of such special assessments in installments bearing such interest as may be
determined by the city council. However, the decision regarding the period of time over
which the special assessments may be paid and the interest rate to be applied is in the
absolute and sole discretion of the city council, subject only to limitations imposed by
law.
7. Owner represents and warrants that the Subject Property is not so
classified for tax purposes as to result in deferraf of the obligation to pay special
assessments; and Owner agrees that it will take no action to secure such tax status for
the Subject Property during the term of this Agreement.
8. The covenants, waivers and agreements contained in this Agreement
shall bind the successors and assigns of the Owner and shall run with the Subject
Property and bind all successors in interest thereof. It is the intent of the parties hereto
that this Agreement which may be necessary to effect the recording and filing of this
Agreement against the title of Subject Property.
9. This Agreement shall terminate upon the final payment of all special
assessments levied against the Subject Property regarding the Improvement Project, and
the City shall thereupon execute and deliver such documents, in recordable form, as are
necessary to extinguish its rights hereunder.
IN WITNESS WHEREOF, the partiss have set their hands the day and year first
written above.
CITY OF ROSEMOUNT
By
By its
Its
By
Bv its
Its
13 11/14/97
STATE OF MINNESOTA )
) ss.
COUNTY OFDAKOTA )
The foregoing instrument was acknowledged before me this day of
, 199_, by and , the Mayor and
City Clerk, respectively, of the City of Rosemount, Minnesota, a municipal corporation
under the laws of the State of Minnesota, on behalf of the City.
Notary Public
STATE OF MINNESOTA )
) ss.
COUNTY OFDAKOTA )
The foregoing instrument was acknowledged before me this day of
, 199_, by and , the
and , respectively, of , a
, on behalf of the
Notary Public '�,
14 11/14/97
85 E.SEVENTH PLACE,SUlTE 100
SAINT PAUL,MN SS101-2887
612-223-3000 FAX:612-223-3002
��
SPRINGSTED
Public Finance Advisors
,
$1,595,000
CITY OF ROSEMOUNT, MINNESOTA
GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1997B
(BOOK ENTRY ONLY)
AWARD: FBS INVESTMENT SERVICES, INC.,
AN OPERATING DIVISION OF U.S.BANCORP INVESTMENTS
SALE: November 18, 1997 Moody's Rating: A2
Bidder Rates Price Cost Rate _
FBS INVESTMENT SERVICES, INC., ' 4.00% 2000 $1,584,632.50 $472,223.33 4.5930%
an operating division of U.S.Bancorp Investments 4.��% 2�0�
4.20% 2002
4.30% 2003
4.40% 2004
4.50% 2005
4.55% 2006
4.60% 2007
4.65% 2008
4J0% 2009
SMtTH BARNEY INC. 4.00% 2000 $1,583,011.40 $471,919.02 4.5936%
CRONIN &COMPANY, INCORPORATED 4.10% 2001
4.20% 2002
4.30% 2003
4.40% 2004
4.45% 2005
4.50% 2006
4.60% 2007-2008
4.70% 2009
SAINT PAUL,MN • MINNEAPOLIS,MN � BROOKFIELD,WI - OVERLAND PARK,KS • WASHINGTON,DC • IOWA CITY,IA
interest Netlnterest True Interest
Bidder Rates Price Cost Rate
JOHN G. KINNARD&COMPANY 4.00% 2000 $1,583,755.25 $476,236.83 4.6328%0
INCORPORATED 4.15% 2001
MILLER, JOHNSON & KUEHN, INC. 4.20% 2002
4.30% 2003
4.40%0 2004
4.50% 2005
4.60% 2006
4.65% 2007
4.70% 2008
4.75%0 2009
DOUGHERTY SUMMIT SECURITIES LLC 4.10%0 2000 $1,582,319.75 $477,573.17 4.6488%
4.15% 2001
4.20% 2002
4.30% 2003
4.40% 2004
4.50% 2005
4.55% 2006
4.60% 2007
4.70% 2008
4.80% 2009
PIPER JAFFRAY INC. 4.10% 2000 $1,580,753.63 $477,124.29 4.6507%
4.20% 2001
4.30% 2002
4.40% 2003
4.45% 2004
4.50%0 2005-2007
4.6Q% 2008
4.75% 2009
PAINEWEBBER INCORPORATED 4.15%0 2000 $1,579,050.00 $486,165.42' 4_7413%
MORGAN STANLEY DEAN WITTER 4.25% 2001
DEAN WITTER REYNOLDS INC. 4.35%0 2002
OPPENHEIMER&CO., INC. 4.45% 2003
4.50% 2004-2005
4.60% 2006
4. ° 7
65/0 200
4.70% 2008
4.80% 2009
0
o '
DAIN BOSWORTH INCORPORATED 4.5010 2000-2004 $1,579,95$.15 $491,110.18 4.7924/0 ,
4.60% 2005 I
, 4.65% 2006
4.70% 2007-2008
4.75% 2009
These Bonds are being reoffered at par.
BBI: 5.34%0
Average Maturity: 6.46Years