Agenda - Economic Development Authority - 12/01/2003

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portion of the Subject Property to finance the City's construction and maintenance of an enhanced level of park improvements within the Subject Property, the Developer for itself and its successors and assi~mas, hereby waives the ~ht to object to the establishment of the special service district ptirsuant to Mirmesota Statutes, Section 428A.02 Sub& 4(1), Subd. 4(2) and Sub& 4(3); waives its r/ght to appeal the establishment oft. he special service district pursuant to Minnesota Statutes, Section 428A.02, Subd. 5 and waives its ~gj2t to file an objection to the ordinance pursuant to M/rm. Stat. Section 428A.09, Sub& 2 or any successor statute. -.. 4.19 SPECIAL SERVICE DIST!KICT - AUAR ROADWAY EM[PROVEMENTS. The RTC Ordinance allows the Developer to deyelop the Subject Property to density levels not generally permitted elsewhere in the City. As indicated in the AUAR, development pursuant to the Master Development Plan may result in traffic impacts that require mitigation, and if other financing sources are not available, the City may etect to participate in the construction of AUAR Roadway Improvements at a level not provided throug_&out the City to the same degree. The City may, in the future, adopt an ordinance ordering a special service distr'/ct pursuant to Minnesota Statutes, 428A to. finance its i.nvolvement in the AUAR Roadway Improvements. If the City establishes a spec/si service distr/ct or special service districts that include all or a portion of the Subject Prope~Wy to finance the City's participation in the construction of AUAR Roadway Lmprovements, the Developer, for itself and its successors and assi~mas, hereby waives the rig&t to object to the establishment of the special service distr'/Ct pursuant to Minnesota Statutes, Section 428A. 02, Subd, 4(1), Sub& 4(2) and Subd. 4(3); waives its right to appeal the establishment of the special service district pursuant to Minnesota Statutes, Section 428A.02, Subd. 5 and waives its right to file an objection to the ordinance or ordinances pursuant to Minnesota Statute, Section 428A. 09, Sub& 2 or any successor statute. ARTICLE 5 CONVEYANCES 5.1 CITY I-LiLL SITE. Promptly upon the Developer's execution and recording of this Master Agreement, the City will commence the Process required under its charter to authorize the City to convey the City's Ninety Foot Tract to the Developer in exchange for the City Hall Site. At such time as the City has completed the process required under its Charter and is authorized to convey the City's Ninety Foot Tract to the Developer, the City must convey the City's Ninety Foot Tract to the Developer subject to all covenants, conditions, restrictions and easements of record, if any, as of September 16, 2003 and the pending special assessments described in Sections 7.6, 7.12 and 9.6 and the Developer must convey marketable title to the City Hall Site to the City subject only to (a) the pending special assessments described in Sections 7.6, 7.12 and 9.6; (b) easements existing as of the date of this Master Ageement or established in the Master Final Plat, wiT/ch do not adversely affect the City's intended use of the City Hall Site and do not impose any financial obligations on the owner of the City Hall Site; and (c) the resrnction described below. The Developer shall convey the City Hall Site tothe City subject to the restriction that for a period of 30 years following the date of the conveyance the City may only use the City Hall Site for purposes of a City Hall, a performing arts center, a mu/ti-modal transit station, a public parking facility or a combination of the above uses. The restriction will run in favor of the owners of the balance of Outlot O as depicted on the Preliminary Plat and the behests of the restidction are an appm-tenance to those parcels. The restriction must provide that in the event of a breach of the restr/ction the benefited party's sole