Agenda - Economic Development Authority - 12/01/2003

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32.TICLE 9 P.kR_KING STRUCTURES 9.1 Stal;es~ Pg_P~K_!WG ~TRUCTr~qhES. Section 9 °0 :~, Subd. 2(a) of the RTC Ordinance To ma:~.'dmize the use of land and prevent proliferation of surface parking w/thin this Disrr/ct, parking structures will be utilized to accommodate the majority of the Disn-ict's parking needs. The Developer acl~mowledges and a~ees th'at the City may refuse to approve Final Plans for Development of all or any portion of the Subject Property located within the TC-1 Mixed Use Core Sub-District urfless .sufficient s~m.~cnn'ed parking already exists to satis~ the parldng requirements for the improvements that may be constructed pursuant to the Final Plans for that Phase or the Final Plans for that Phase provide 'for the construction of structured parking which is acceptable to the Ci~, or the City has commenced construction of the Phase I Parking Ramp pursuant to Section 9.4 and, upon completion thereof, sufficient structured parking will exist to satisfy the parking requirements for the improvements that may be constructed pursuant to the Final Plans for that Phase. , 9.2 PF~,kSING OF STRUCTUR. ED PARK~G. The Master Development Plan contemplates the construct/on of three parking ramps within the TC-1 MLxed Use Core Sub- Dish-/ct. The City,. and the Developer have a~eed upon a mechamsm for financing the City's construction of the approximately i, 150 stall parking ramp descr/bed in the Master Development Plans (the "Phase i Par}dug Ramp") as set forth in this .Article 9. The City ag-tees that unless and until the City i:r,Jtiates consn'uction of the Phase I Parking Ramp pursuant to Section 9.4,' the City will consider proposals 5'om the Developer or Secondary Developers for alternative methods of providing for the inancing and construction of the Phase I Parldng Ramp. Ar this time, the City and the Developer have been unable to a~ee on a method to provide for tlne financing and construction of the other two park.lng ramps deschbed in the Master Development Plan. The portion of the Master Development Plan that depicts the .size and location of the Phase I Parking Ramp and the other ~wvo parking ramps wiI1 control the location and design of the Phase I Parking Ramp and the other two parking ramps unless the Developer and the City, in the amendment to this Master Ageement, or the Civ and a Secondary Developer, in a Secondary Development A~'eement, a~ee to modify the designs or locations set forth in the Master Development Plans. Notwithstanding the foregoing, the City may unilaterally alter the size and design of the Phase i Parking Ramp to the extent necessary to allow the CiV to construct the Phase I Parking Ramp for an amount not to exceed $12,000,000. .9.3 CONSTRUCTION OF PI~iASE I P.~,PJCt_~,!G R_A_kfP- DE¥~LOPER INITL{T~n/E. 'l'"ne Developer may, by Formal Notice to the City, obligate the CiTy, to commence design and construction of the Phase I Parking Ramp upon the Developer's satisfaction of the following conditions precedent: (a) The Developer's submission to the City and the City's approval, for pu~oses of this Section 9.2 only, of prelimina,p' Final Plans for the Development of one or more Phases wit~hfln the TC-I Mixed Use Core Sub-Dismct wh/ch will rely on the