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

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(a) if the property sold or otherwise conveyed is zoned for residential use, an amount equal to $750.00 times the number of "residential units", as defined in this Section 15, that the City's Zoning Code would allow to be constructed on the property sold or otherwise conveyed; and (b) if the property sold or otherwise conveyed is zoned for any non-residential use, $5,000.00 for each acre of property sold or otherwise conveyed. For purposes of this Section 4.12, a "residential unit" is any residential rental unit, residential unit in a common interest community or detached single family dwelling. The City will calculate the payment due based on the number of acres sold multiplied by the allowable housing densities within the property under the City's Zoning Ordinance. With respect to commercial property, the $5,000.00 per acre payment shall be pro rated to account for any partial acres sold. Notwithstanding anything else in this Section 4.12, the Developer must pay to the City, on the date that is five (5) years from the date of this First Amendment, the entire outstanding principal balance of the $2,000,000.00. No such payments are due as a result of Developer's sale of any portion of the Unsold Subject Property prior to the date of this First Amendment. 16. Subject to the condition precedent and the condition subsequent described below, Sections 4.17, 4.18 and 4.19 of the Master Agreement are deleted and the text of each Section is replaced with the following: "INTENTIONALLY OMITTED". The provisions of this Section 16 are not effective until the City has levied the special assessments described in Sections 7.6, 7.12, 7.16 and 9.2 of the Master Agreement, as amended by this First Amendment, and the period during which any party is entitled to object to or appeal any one or more of those assessments pursuant to Minnesota Statutes, Section 429.081 has expired. Once all applicable appeal periods under Minnesota Statutes, Section 429.081 have expired, the City and the Developer must execute a written instrument confirming the expiration of those appeal periods. If prior to the expiration of the appeal periods established by Minnesota Statutes, Section 429.081, Developer or any other party with any right, title or interest in or to the Unsold Subject Property files a notice of objection to the special assessment pursuant to Minnesota Statutes, Section 429.061, Subd. 2, or commences an action to appeal the special assessment pursuant to Minnesota Statutes, Section 429.081 or otherwise, this Section 16 shall, at the option of the City, terminate and be of no further force and effect. 17. Section 5.1 of the Master Agreement is hereby deleted in entirety, and a new Section 5.1, is hereby added to the Master Agreement to read as follows: 5.1 CITY HALL AND CITY PARKING RAMP SITES. Contemporaneously with the execution of this First Amendment, City must convey the City's Ninety Foot Tract to the Developer subject to all covenants, conditions, restrictions and easements that were of record as of September 16, 2003, if any, and the pending special assessments described in Section 7.6, 7.12, 7.16 and 9.2 of the Master Agreement, as amended, 5