Agenda - Economic Development Authority - 12/01/2003

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these principals '~,il1 continue to ip22uence the Development of the Subject Prope~ pursuant to this Master A~eement: (c) C;~' Goals. 2'22e activities of the City are undertaken for the purpose of providing a mixed ~e; transit-oriented and pedes~an-ff-iendly development that is sustainable, provides housing, commercial and employment opportunities for the citizens of the City, and promotes the genera! welfare of the City,. The City'will endeavor to participate in the development of appropriate facilities to benefit~ residents of the City,. Dove]crier Goals. The activities of the Developer are undertaken for the purpose of creating, within the CiU, an entirely new community of residential, commercial, civic and retail users. Financial Sourcing_. 2'"ne City and the Developer desire to encourage investments by and partnerships of interest with other governmental units and not-for-profit entities. Security. The City. and the Developer desire to pr%,ide appropriate means, security, recourse and remedies to protect the public and private investment. Proiect Control. The City and the Developer desire to provide a Master Deveioument Plan and N£aster A~eement and mechanisms to ensure confor~ty to the Master Development Plan and Master A_a'eement, to ensure the community is built with controls and standards encoura~mng sales and t!vability. Civic Lnvestment. The City and the Developer desire to individually and jointly invest in civic facilities for the general welfare and common good, includLag, but not limited to, community and government centers, parks and public ~een space, pedes~an trails, and convenient parking facilities and ~'ansit. 1.8 The Subject Property is bounded On the south by raikoad fi~ht-of-way. The Developer has made inquiries with the City regarding the current planning and zoning status of property located south of the raikoad rift-of-way, north of the right-of-way of State I--li~way i0,, west of Ramsey Boulevard and East of Armstrong Boulevard. The City has advised the Developer that the property is currently subject to an interim ordinance the City adopted pursuant to Minnesota Statutes, Section 462.3f5, Sub& 4 and that the City is currently pursuing the adoption of an official map pursuant to Minnesota Statutes, Section 462..359. If adopted, the ofzhcial map will indicate the property is necessary for future public uses. ,,LR.TICLE 2 D~ DdI ~ ION S 2.1 DEFz~"!T!ONS. ~en used in tics Master Ageement, the following terms shall have Uh~. meanings '~ ' ;. ~ '" ~ spec~;,ea in this A.~icte '~ Each denmnon or ~ronoun herein shall be deemed to re~%r to the singular, plural, masculine, z%minme or neuter as the context reauires. Words such as hereto, ne,,.ma.~,r, "hereof. .... hereto" and "hereunder," when used in reference to this