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[DRAFT] <br /> <br />available pursuant to Minnesota Statutes Section 429.081. Subiect to Section 9.7 below, <br /> <br />until the Cit3: levies special assessments for each of the Ramps, the unassessed portion of <br />the $1 l.&0_0~0 000 of contemplated assessments shall constitute a pending special assessment. <br />Developer a_agrees that once the CiD, levies one or more special assessments pursuant to this <br />Section 9.7_, the Developer will pay the installments of special assessments certified for <br />payment with annual real estate taxes when and as they become due. If the cost of the <br /> <br />Public Parkino~_R_amps is more than $11,000,'000, the CiD' reserves the right to letoT <br />assessments pursuant to Minnesota Statutes Chapter 429 and Minnesota Statutes section <br /> <br />459.14 to finance 50% of the cost of the Public Parking Ramps, but the Developer has not <br />consented to the City's assessment of more than $11,000,000 against the TC-1, TC-2 or TC- <br />3 Assessment Parcels and has not waived any procedural or substantive objections to <br /> <br />s=pecial assessments for the Public Parking'Ramps in an amount in excess of $11,000,000. <br /> <br /> 9.~7~7 PREPAYMENT OF SPECIAL ASSESSMENTS FOR PUBLIC PARKING <br /> <br />RAMPS UPON SALE OR TIL4NSFER. Under Minnesota Statutes, Chapter 429, the CiD, <br /> <br />may cause the amounts assessed against the TC-1, TC-2 or TC-3 Assessment Parcels for <br />_the Ramp__s to be payable in a single installment or in equal annual installments extending <br />over aperiod not to exceed 30 years. The City will make the assessments described in <br /> <br />Section 9.6 payable in equal annual installments extendin~o over 20 years in consideration <br />for the Developer's agreement to pax, the entire, uneertified balance on the assessments <br />levied pursuant to Section 9.6 above against any lot or parcel which is part of the TC-1, <br />TC-2 or TC-3 Assessment Parcels and which is located in the TC-2 or TC-3 Zoning District <br /> <br />(whether such lot or parcel currentb, exists or is created as a result of a subsequent <br /> <br />subdivision of all or a portion of a Commercial Assessment Parcel) upon the sale Or other <br />transfer (including, but not limited to. conveyance of equitable ownership pursuant to a <br />contract for deed) of that lot or parcel. <br /> <br />LETTER OF CREDIT TO SECURE PAYMENT OF ASSESSMENTS. To <br /> <br />partially secure the Developer's performance of the Developer's obligations under Section <br />9. above, the Developer must deliver to the City on the earlier of .200 or <br /> <br />the date the Develope~r requests the City to proceed with the City Phase II RoadwaX <br />ImProvements, an Irrevocable Letter of Credit in an amount equal to $5.500,000. <br /> <br /> ARTICLE 10 <br />DEVELOPER PUBLIC IMPROVEMENTS <br /> <br />:DEVELOPER PUBL1C IMPROVEMENTS- MASS G~DING AND STO~WATER <br /> <br />MANAGEMENT.- The Developer must perform the mass erading and the construction of <br />the stormwater mana~,emen.t system in accordance with the Grading and Storm Water <br />Phasino, Plan the Developer pr_0v__ides to the City pursuant to Section 4.2(a) above. The <br />D_ev__e_lo_p_er~_ma~, not commence the first phase of the mass grading and stormwater <br />mana~_ement system construction until the Developer has satisfied each of the conditions <br /> <br />1555730.red <br />V8 tp V6; <br />g.,'29103 <br /> <br />31 <br /> <br /> <br />