Notwithstanding any provisions to the contrary herein contained the City Council, upon recommendation from the Planning Commission, may issue municipal improvement condos to pay the cost of required streets, sewer, water, and storm sewer improvements subject to the following:
(A) The proposed subdivision must be abutting upon a presently platted and substantially developed residential neighborhood.
(B) Before proceeding to issue improvement bonds, the Planning Commission and the City Council must make a finding based on current real estate activity in and around the city that lots within the proposed subdivision will be readily marketable.
(C) Issuance of improvement bonds to construct required improvements shall be upon petition and in accordance with M.S. Chapter 429 as amended and the total cost of such improvements shall be assessed against the benefitted property.
(Ord. 274, passed 4-15-1997)