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Phase I Parking Ramp to encourage both non-residential and residential development of the
<br /> Subject Property. 2"ne City acknowledges that residential Development will occur more quickly
<br /> than. non-residential Development. To provide the City with a mechanism to ensure that the
<br /> Developer diligeflt!y pursues both residential and non-residential Deveiopment, the City reserves
<br /> the ri~t, exercisable in the City's sole and absolute discretion, to refuse to approve (i) Final
<br /> Plans that may result in residentiad Development having a cumulative, taxable market value in
<br /> excess of 524'1,815,000.00 until the Developer and Secondary Developers have commenced, the
<br /> construction of non-residential Development that has a cmmulative, taxable market value of
<br />5 i9,27i ,537.00 or more; (ii) Final Plans that may result in residential Development having a
<br />cumulative, taxable market value in excess of 5290,178,000.00 until the Developer and
<br />Secondary, Developers have commenced the construction of non-residential Development that
<br />has a cumulative, taxable market value of $25,695,382.00 or more; (iii) Final Plans that may
<br />result in residential Development having a cumulative, taxable market value in excess of
<br />$338,541,000.00 tmtil the Developer and Secondary Developers have commenced the
<br />construction ofnon-residentiai Development that has a cumulative, taxable market value of
<br />538,543,073.00 or more; and (iv) Final Plans that may result in residential Development having a
<br />cfimuiative, taxable market value in excess of 5386,904,000.00 until the Developer and
<br />Secondary Developers have commenced the construction of non-residential Development that
<br />has a cumulative, taxable market value of $5t,380,764.00 or more.~ The taxable market value of
<br />tax exempt prope,'xy will not be included in calculating the taxable market value of non-
<br />residential Development. To the extent the application of this Section'4.16 requires the
<br />dete,unination of taxable market value for residential Development or non-residential
<br />Development for which the ,amoka County Assessor has not determined the market value for real
<br />estate tax purposes, the City shall determine the taxable market value based on the calculation of
<br />market value.made by the City's building official at the time a building permit was issued for the
<br />Development.
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<br /> 4.17 AUA~R RO.KDWAY EMPRO',;livfENTS ,,LND COU'NTY ROADWAY
<br />L-k,L'~ROVEiMENT$. The City and the Developer acknowledge the importance of up~ading the
<br />re,oriel roadways with the AUAz'.'~ Roadway Improvements. The City and the Developer have
<br />met on sever~ occasions with officials of MmDOT and the County to discuss~ the necessity of the
<br />AU.KR Roadway Improvements and possible timing and funding alternatives with respect
<br />~ereto, The City and the Developer will diligently and in good faith pursue entering into
<br />a~eements witch MnJDOT and the County for the financing and construction of the AUY&
<br />Roadway improvements by lvLruOOT and the County, respectively. The Developer
<br />acknowledges that the AU.~ requires mitigation of potential impacts that may result from the
<br />full build out of the RTC Project. The Developer will continue to work with the City to pursue
<br />aitemative sU~ate~es, including, for example, a traffic demand management plan, to mitigate any
<br />such impacts, so that the RTC Pr~ect complies with the requirements of the AUAR. To ensure
<br />compliance with the AUAP,, the City.. reserves the right to refuse to ~'ant approval for Final Plans
<br />for ~ubsequent Phases if the City determines that the AUAR Roadway Improvements necessary
<br />to se~e the Phase have not been constructed.
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<br /> 4.18 SPECIAL SERVICE DISTRICT - P?_RK h-'VflPROVEMENTS. The Cib' may, in
<br />the ~ture, adopt an ordinance ordering a special service district pursuant to Minnesota Statutes
<br />Chapter 428A to provide an enhanced level of park improvements within the Subject Property.
<br />~ the City establishes a snecial service district or special service dist~cts that include ail or a
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