Minutes - Council - 09/16/2003 - Special

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developer, but if they remove the language pertaining to the structure parking, the City will lose their "hook". City Attorney Goodrich noted that Councilmember Strommen was concerned that the City may not be able to assess the 50 percent of the project cost if they are not able to show benefit. The Council could request that that restriction be removed from the agreement. Councilmember Strommen stated that she would feel more comfortable with that. Mayor Gamec and Councilmembers Elvig and Pearson all expressed agreement. Councilmember Zimmerman stated that he felt that the developers had the financial backing to build the parking ramps and certainly they want some good roads to come into the area. If the City is going to have to spend heavy on roads within the site, utilities and parking ramps than maybe they will not have funds to assist with the major roadways. He suggested that the City assess 100 percent of the project cost to the developer. Majority consensus was to proceed with the 50/50 cost split once the structure parking ramp at the time it is built. City Attorney Goodrich noted that Article 10 Developer Public Improvements requires a one- year warranty on all developer-installed improvements, which is required by City ordinance. City Administrator Norman explained that in Section 11.1 Landscaping Associated with City Phase I Roadway, there was the addition of the word seasonality and language was included to define seasonality by dates on the calendar. City Administrator Norman noted that no changes were made to 12.3 City Costs. Mayor Gamec inquired if the date pertaining to the $50,000 letter of credit should be tied to a certain amount of development. City Attorney Goodrich explained that the $50,000 is to pay for City administrative and consulting fees incurred by the development and was agreed to into the memorandum of understanding. It was staff's assumption that City staff would be primarily out of the development by December 31, 2007. City Administrator Norman stated that at the last work session, the Council had discussed how a letter of credit is held. That issue is addressed in 12.4 Letters of Credit and Alternative Security and the only letter of credit that will be allowed to be released in a one year period is the full site grading. Assistant Director of Public Works Olson explained that the City's regular practice is to require an automatic renewable of letter of credit that only the City can authorize release of. City Council Special Meeting/September 16, 2003 Page 5 of 11