Agenda - Council - 07/26/1994 - Laserfiche WebLink

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into an Assessment Agreement for Lot 1, Block 1, Riverside West in the minimum amount of Six Hhndred Seventy Thousand Dollars and no cents ($670,000.00) through 2012. The Permittee and City agree to enter into a repayment agreement for site improvements wherein the City~agrees to reimburse the Perminee Nine Thousand Four Hundred Forty Seven Dollars and no cents ($9,447.00) including interest in 1995, 1996, 1997 and 1998 upon receipt of first and second half taxes in each year and certification by owner of no delinquencies in payments of any City fees, charges, taxes or assessments at time of each repayment. o 10. CONSTRUCTION OF FELDSPAR STREET N.W. The Perminee shall be responsible for constructing improvements to Feldspar Street N.W. in accordance with the Street Pltin prepared by Hakanson Anderson Associates, Inc., dated July 18, 1994. In return, th~ City agrees to transfer to the Perminee by warranty deed, all rights and title to the property depicted in Exhibit A. Prior to passage of title, the City agees to lease the use of said property to the Permittee for purposes shown on the Site Plan. Further, the City agrees tot. compensate the Permittee in the amount of Nineteen Thousand One Hundred Twenty-Eour Dollars and no cents ($19,124) upon acceptance of the roadway by the City. REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site will be issued until: 1) the perminee has signed and returned this Development Perm/t, and 2) Cash or a Letter of Credit is deposited with the City in an amount equal to 150% of the City Engineer's estimated cost of the Required Improvements. No Certificate of Occupancy for occupancy of the Structure will be issued until the Required Improvements are accepted by the City. 11. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be constructed and installed on or before November 1, 1994. 12. ESCROW, In order to insure the installation of the Required Improvements in accordanCe with City specifications and in a timely manner, the Permittee shall be required to deposit_- with the City a cash escrow or letter of credit approved by the City, in the amount of Seventy Nine Thousand Five Hundred Dollars and no cents ($79,500.00), which is 150% of the City's estimated cost of the Required Improvements. Upon completion of the construction of the Required Improvements, as certified by the City Engin~eer, the escrow shall be returned to Permittee. in the event Permittee fails to construct and install the Required Improvements as required herein, the City may complete the Required Improvements with City day labor and/or by letting contracts for said complefio,n and draw upon the escrow for payment. Permittee hereby grants permission and a license to the City andJor its contractors and assigns to enter upon the Site for the purpose or, completing the construction and installation of the Required Improvements in the event 6f Permittee's default. 13. RECOGNilTION OF LOCATION. As a continuance of the joint economic development efforts expended between the CiD' and the Permittee in conjunction with the development of this site, the Perm/tree herein agrees to recognize Ramsey as the city of location on~ all forms of advertising and business correspondence. Anoka Sports Cen~er, Inc., hereby acknowledges receipt of this permit and that they have reviewed the conditions of ttfis permit and have agreed that they will comply with the terms of this permit.