Minutes - Council - 09/16/2003 - Special

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Finance Officer Lund noted that the letter of credit could also be reduced based on if certain portions of the development have been completed. Councilmember Cook inquired if a reduction in the amount of the letter of credit is done at the request of the developer. City Attorney Goodrich replied yes. He reviewed section 14 Successors in Title and Assignment, which explains the process if the master developer were to assign certain rights to other developers. Councihnember Elvig inquired as to what assurances the City had that the secondary or third developer are going to be in full understanding of what the documentation is. He questioned if the City would be part of those secondary agreements. City Attorney Goodrich explained that the development agreement will be recorded and encumbering every foot of the Ramsey Town Center site so that any secondary developer will have that on record and will be put on notice that it is there so they could not plea that they did not know. In addition, the City would be party to every secondary development agreement, which would be subject to the original development agreement. Councilmember Elvig inquired if the City Attorney felt strongly that they had a conduit. City Attorney Goodrich replied yes as it relates to the secondary developers. City Attorney Goodrich explained that 15.3 Master Agreement Termination Defaults reviewed what can be done if the developer defaults on the master agreement and what would be considered default. City Administrator Norman stated that one of the major discussions amongst the Council had to do with the incorporation of benchmarks. In section 4.16 it discusses the relationship between non-residential and residential development and in 7.2 there are benchmarks to trigger certain road improvements, which were two different benchmarks. City Administrator Norman stated that section 5.1 was originally called City Hall site, but that has been changed to Conveyances. The City would convey the City's 90-foot tract to the developer in exchange for the City Hall site. In addition, language was added relating to the City well site. As part of the discussions related to the conveyance of land, the developer has offered an amount of $250,000 for maintenance of park improvements located within the Town Center site, which is addressed under 4.12. Mr. Hamel noted that section 4.12 should be amended to read as follows: "Based on the Parldand and Trail Plan described in Section 4.11, the City will determine, a manner consistent with the City, whether the Developer is entitled to any credit against the park and trail fees due and payable in connection with the Development of Subject Property based on the Parkland the iDeveloper is obligated to convey to the City pursuant to Section 4.11...". City Council Special Meeting/September 16, 2003 Page 6 of 11