Agenda - Council - 11/12/2013 - Laserfiche WebLink

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Property, as fee owner, Secondary Developer must consent, in writing, to any requested change to the RTC Controls that affect that portion of the Property. b. Letter of Credit. Secondary Developer agrees to submit a letter of credit in form and substance acceptable to the City, in place of the Escrow Agreement referenced in Sections 7.7, 7.13 and 9.7 of the Master Development Agreement, with respect to Secondary Developer's acquisition of the Property. If the letter of credit is for a limited term, the Secondary Developer must provide renewals of the letter of credit until the City releases the letter of credit. The City must release the letter of credit when the assessments levied against the Property described in Section 7.7. 7.13 and 9.7 are paid in full or, if the Developer and the City execute the First Amendment, when the special assessments described in the First Amendment have been levied and the time period in which an owner of property subject to the special assessment may appeal the special assessment has expired. The City shall give Secondary Developer fifteen (15) days written notice prior to drawing on the letter of credit. Said notice shall be addressed to: Ramdance, LLC Attn. Keith McDonald 669 North Medina Street P.O. Box 8 Loretto, MN 55357 The City shall permit the Secondary Developer to pay special assessments levied against the Property prior to drawing on the letter of credit. c. Special Service District -Park Improvements. Secondary Developer acknowledges that it is subject to and bound by the terms of Section 4.18 (Special Service District Park Improvements) and waives the right to object to the establishment of the special service district, waives its right to appeal the establishment of the special service district, and waives its right to file an objection to the ordinance, pursuant to Minn. Stat. Ch, 428A as cited in Section 4.18, with respect to the Property. d. Service District-AUAR Roadway Improvement. Secondary Developer acknowledges that it is subject to and bound by the terms of Section 4.19 (Special Service District—AUAR Roadway Improvements) and waives the right to object to the establishment of the special service district, waives its right to appeal the establishment of the special service district, and waives its right to file an objection to the ordinance, pursuant to Minn. Stat. Ch. 428A as cited in Section 4.19, with respect to the Property. e. Allocation of Assessments for City Phase I Improvements. Section 7.6 of the Master Development Agreement provides for the assessment of a portion of the costs of the City Phase I Roadway Improvements against the Property. Minnesota Statutes Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the costs of the City Phase I Roadway Improvements against the Property. Secondary Developer hereby consents to an assessment by the City in an amount equal to $35,041.00 against the Property for the City Phase I Roadway Improvements. The amount of the assessment is calculated by multiplying 4.0% times $876,035.00 in accordance with the Master Development Agreement. Secondary Developer waives any 4