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(iii) All costs related to the vacation of 147th Circle N.W. and recording of the <br />shall be borne by Developer. <br />(iv) The City will, upon the request of Developer, take all necessary procedural <br />action to vacate the public easement over 147th Circle N.W. in accord <br />with the terms of this Agreement. <br />c. Subject to City Code and City Charter, the City will contribute Outlot C, Town <br />Center Gardens Third Addition, to Developer as a local contribution to the <br />Project. Outlot C will be contributed by limited warranty deed, subject only to <br />easements and restrictions of record. Said conveyance will occur at the time of <br />the vacation of 147th Cir N.W., and Developer shall pay all costs of recording the <br />conveyance. <br />d. 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 />$15, 000.00. <br />4. Miscellaneous. <br />a. The City and Developer agree that this Agreement and the parties' obligations <br />hereunder are contingent upon the approval of Developer's tax credit <br />application for the Project by the Minnesota Housing Finance Agency and <br />Developer's successful acquisition of the Development Property and financing <br />for the Project and successful application and approval of necessary subdivision <br />and zoning applications, as required by City Code and compliance with the City <br />Charter relating to City land sales. <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 develop and 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. <br />e. Upon preliminary review, the City finds that the Project as proposed by <br />Developer will fit with the City's plans and goals for the Development Property <br />and neighborhood, provide needed workforce housing, create needed <br />construction jobs, and is overall in the best interest of the City and its residents. <br />F:\DATA\11620\001\PDC Ramsey Agreement (REDLINED 3-2).doc 3 <br />4/19/2012 <br />