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[DRAFT] <br /> <br />Property, for the constrnction of the Ramp referenced in the Developer's <br />Formal Notice. , <br /> <br />T.he Developer must deliver to the Cit3' a letter of credit in an amount equal <br /> <br />to one-half ofthe estimated cost of the construction of the Ramp, as set forth <br /> <br />in Section 9.2 above, subject to a reduction of that amount as follows: If the <br />Developer has already deposited with the City the letter of credit described in <br />Section 9.5, the Developer may, upon the delivery to the City of the Letter of <br />Credit described in this Section 9.3, reduce the amount of the Letter of <br /> <br />Credit provided pursuant to Section 9.5 by 25% of the estimated cost of the <br />Ramp or Ramps that is or are the subject of the Developer's Formal Notice. <br /> <br />CONSTRUCTION OF STRUCTURED PARKING - CITY INITIATIVE. <br /> <br />At any time on or after ,200 ~ the CiD' may in its sole and absolute <br />discretion proceed with the construction of one or more of the Ramps .as a public <br />im_m~provement pro.[_ect pursuant to Minnesota Statutes Chapter 429 and Minnesota Statutes <br />Ch_aj~ter 459.14, Snbd. 7 and lexw special assessments to finance the construction of the <br />Ramp or Ramps. <br /> <br /> 9.5 FINANCING OF PUBLIC PARKING 1L4MPS. The City will issue General <br />Obli._o, ation Improvement Bonds pursuant to the statutory anthoritq, set forth in Minnesota <br /> <br />Statutes Section 459.14 to finance the cost of constructing the Ramps. The Cit~, will levv <br />s__pecial assessments against the TC-1, TC-2 and TC-3 Assessment Parcels for 50% of the <br /> <br />cost of constructing the Parkin.,2 Ramps. The special assessments wilI be p_ayable over a <br />term of no/less than 20 years at an interest rate pavable on the Citx Bonds~ used to finance <br />the construction of the Ramp or Ramps [plus basis points?.l~. <br /> <br /> 9.6 ASSESSMENT AGREEMENT FOR PUBLIC PARKING ]La~MPS. <br />Minnesota Statutes Chapter 429. Minnesota Statutes Section 459.t4. the Cit~,"s Charter and <br /> <br />the City's Ordinances authorize the City to assess the cost of the Ramps aKainst the TC4~ <br /> <br />TC-2 and TC-3 Assessment Parcels. The Developer agrees that the fair share of the cost o~f <br />the Public Parking Ramps attributable ~o the TC-1, TC-2 and TC-3 Assessment Parcels. <br />will be at least $11,000,000 and that the TC-1, TC-2 and TC-3 Assessment Parcels will <br /> <br />benefit the TC-1, TC-2 and TC-3 Assessment Parcels and 'at least the amount of <br />$~11,000,000. The Developer hereb_y cons__ents to the CitY's assessment of $11,000,000 <br /> <br />_a~oainst the TC-1. TC-2 and TC-3 Assessment Parcels (allocated among t_hose parcels <br /> <br />pursuant to the percenta~oes set forth on Exhibit ) pursuant to Minnesota Statutes <br />Chapter 429, Minnesota Statutes Section 459.t 4. the Cit~,'.s Charter and the Citvt$ <br /> <br />Ordinances and waives any and all procedural and substantive objections to a special <br /> <br />assessment in that amount, including, but not limited to. notice and hearing req_u.irements <br />and a claim that the amount of the special assessments exceeds the benefit to the TC-1. TC- <br />2. and TC-3 Assessment Parcels. The Developer acknowledo~es that the Ramps may be <br />constructed at separate times and that the Cit~? may lexn, one or more special assessments <br /> <br />_a~,oainst the TC-1. TC-2 and TC-3 Assessment Parcels. The Developer is consenting and <br />waivino~o~s ri.,ohts with respect to assessments in a total amount of $11,000,000 whether or <br />not those assessments are levied at one time or se_paratel.E in connection with the <br />construction of each Ramp. The Developer also waives an), appeal rights otherwise <br /> <br />1555730.red <br />V8 tp V6; <br />s .,: 9/0 _~ 30 <br /> <br /> <br />