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completed within 5 business days of the vacation of the roadway, subject to the time required by <br />City Charter 12.6. All costs related to the vacation of 147th Circle and recording of the deed <br />shall be borne by Developer. <br />(iii) Subject to contingencies found in paragraph #3 above, the City <br />will, upon the request of Developer, take all necessary procedural action to vacate the public <br />easement over 147th Circle N.W. in accord with the terms of this Agreement. <br />4. Contribution of Outlot C. (put under 31 <br />a. The City will contribute Outlot C, Town Center Gardens Third Addition, to <br />Developer as a local contribution to the Project. Outlot C will be contributed by <br />limited warranty deed, subject only to easements and restrictions of record. <br />Said conveyance will occur contemporaneously with the conveyance of vacated <br />147th Circle N.W., and Developer shall pay all costs of recording the transfer. <br />5. Local Contribution. (put under 3) <br />a. The City agrees to facilitate and support the Project by providing a credit in <br />permit fees or other regulatory cost avoidance measures in a value equal to <br />$ . The City agrees to address these through grant funded <br />sources. <br />6. Miscellaneous. <br />a. The City and Developer agree that this Agreement is contingent upon the <br />approval of Developer's tax credit application for the Project by the Minnesota <br />Housing Finance Agency and Developer's successful acquisition of the <br />Development Property and financing for the Project and successful application <br />and approval of necessary subdivision and zoning applications as required by City <br />Code. <br />b. The City and Developer acknowledge that it is Developer's intent to assign its <br />rights to purchase the Development Property and its rights and responsibilities <br />under this Agreement to a limited partnership or a limited liability company that <br />will be created to own the Project long term. <br />c. The City and Developer agree to work in good faith to pursue the approvals and <br />actions required to fulfill this Agreement and to construct the Project as <br />presented to the City Council. <br />d. Subject to the contingencies found in paragraph 3 above, the Developer agrees, <br />and upon preliminary review, the City agrees that the Project complies with the <br />City's land use goals for the Development Property, and Developer. <br />F:ADATA\11620\001\PDC Ramsey Agreement.doc 3 <br />3/28/2012 <br />