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Ord 194 Amend Section 6.3 Subd. and PlattingORDINANCE.NO. 194 AN ORDINANCE AMENDING ORDINANCE NO. 301 The City Council of the City of Mendota Heights, Minnesota, ordains as follows: SECTION 1. Ordinance No. 301 entitled "An Ordinance Establishing Regulations for the Subdivision and Platting of Land Within the City of Mendota Heights, Defining Certain Terms Used Therein; Providing for the Preparation of Plats; Providing for The Installation of Streets and Other Improvements; Providing for the Dedication of Certain Lana for Parks and Playgrounds; Establishing Procedures for Approval and the Recording of Plats; Providing Penalties for Violation of this Ordinance; and Repealing ordinances or Parts of Ordinances Inconsistent Herewith" is hereby amended in the following respects: A. Paragraph 6.3 of Section 6 is hereby amended in its entirety so that as amended said Paragraph 6.3 of said Ordinance No. 301 shall read as follows: 6.3 Upon petition by the developer, the Council may approve a delay in the actual dedication of the cash required in lieu of land until such time as development occurs on the property being platted provided that a proper legal agreement is executed guaranteeing such dedication. Delayed dedication payment shall include annual interest accrued on the unpaid balance at an interest rate to be established from time to time by Resolution of the City Council. SECTION 2. This Ordinance shall be in full force and effect from and after its publication according to law. Enacted and ordained into an ordinance this 3rd day of November, 1981. CITY OF MENDOTA HEIGHTS By &OxAa, x0_CZVZ5_d Robert G. Lockwood Mayor ATTEST: Ttathleen M. Swanson City Clerk