Minutes - Council - 09/16/2003 - Special

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Councilmember Zimmerman inquired as to how they came up with the cost estimates. City Attorney Goodrich noted that the estimates included in the document were fairly high to assure that the City was covering its costs. Councihnember Cook stated that he did not think it would be a big issue since the Phase I improvements will start relatively soon after the development agreement is signed. Assistant Public Works Director Olson replied that the Phase I improvements will begin within the next four to six months. Counci lmember Elvig stated that in most of the sections there is language included pertaining to the assessment that the developer waives their right to appeal and inquired if that was included in this section as well. City Attorney Goodrich replied yes. Councilmember Elvig stated that one of the features pertaining to the assessments that he had been encouraged by is that the assessment will take precedent in front of the bank if the developer were to default. City Attorney Goodrich replied that that was correct. Couucihnember Elvig noted that the debt service would be about $2.5 million for the Phase I roadway improvements and he was comfortable that there would be enough development within the site to cover those cots. City Administrator Norman noted that in Section 7.9 Commencement and Completion of the City Phase II Roadway Improvements, there had been a minor issue where the developer was requesting that the language pertaining to the City commencing construction of City Phase II Roadway improvements within 180 days after the Developer's satisfaction on the contingencies described in Section 7.9 be reduced to 90 days. After discussing the issue no change was made. Assistant Director of Public Works Olson explained that it would take a minimum of 120 days if everything went perfectly and the State did not have a substantial amount of comments on what was being proposed City Administrator Norman noted that in Section 9.7 Prepayment of Special Assessments for Phase I Public Parking Ramp upon Sale or Transfer, the language only focuses on one ramp, not the three ramps previously discussed. In addition, there had been some discussion in regards to the nulnber of years the escrow will be held, but it was left at 12 years. City Attorney Goodrich noted that in Section 9.6 Assessment Agreement for Phase I Parking Ramps, language was added removing claims the developer may have in regards to the City Council Special Meeting/September 16, 2003 Page 3 of 11