Agenda - Economic Development Authority - 12/01/2003

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Phase I Parking Ramp for parking. In reviewing and approving or disapproving the Developer's preliminary.. Final Plans, the City may consider whether the Final Plans are likely to receive final approval from the City and whether or not the Development the Final Plans contemplate is suffic/ently s/gnificant to justify the construction of the Phase I Parking Ramp; (b) The Developer's conveyance to the City 9fmarketable fee title to the portion of the Subject Property upon which the Phase I Parking Ramp is to be constructed. The Developer must convey the required property to the City via Warranty Deed. Before conveying the property to the City, the Developer must pay alt state deed tax due on the conveyance o~'the property to the City, and must pay or provide for the payment o£ all real estate taxes and special assessments levied or pending against the property (including special assessments pending against the property pursuant to the terms of this Master Agreement) as of the date of closing whether or not such taxes or assessments are currently due and payable. Title to the Property must be marketable, subject to only public ufiIity easements which will not inter/ere with the development of the Property for the construction of the Phase I Parking Ramp. 9.4 ' CONSTRUCTION OF PEASE I PA3,/C[NG 1LAA,~. At any ti.me on or after January 1, 2006, if the Developer has not caused the City to commence design and construction of the Phase I Parldng Ramp pursuant to Section 9.3 and the .City and the Developer have not a~eed on an alternative mechardsm for financing and constructing the Phase I Parking Ramp, the City may in its sole and absolute discretion proceed with the construction of the Phase I Parldng Ramp as a public improvement project pursuant to Minnesota Statutes Chapter 429 and Minnesota Statutes Chapter 459.14, Sub& 7 and levy specizd assessments to finance the construction of the Phase I Parking Ramp as provided in Section 9.5 below. 9.5 FEN,ad',/CING OF THE. PF2kSE I PA1LK/NG tL~vi?. The City may issue General ObLigation Improvement Bonds pursuant to the statuto~' authority set forth ha M/rmesota Statutes Section 459.14 to finance the cost of constructing the Phase I Parking Ramp pursuant to Section 9.3 or Section 9.4 and may levy special assessments against the Subject Property for 50% of the cost of constructing the Phase I Parking Ramp. The special assessment will be payable over a ten'n of not less than 20 years at an interest rate payable on the bonds the City issues to finance the construction of the Phase I Parking Ramp plus 5 basis points. 9.6 ASSESSMENT AGREEMENT FOR PHASE I P_a.3,_kT/NG tLKMPs. Minnesota Statutes Chapter 429, Minnesota Statutes Section 459.14, the City's Charter and tile City's Ordinances authorize the City to assess the cost of the Phase I Parking Ramp against the Subject Property. The Developer ag-tees that the fair share of the cost of the Phase I Parking Ramp attributable to the Subject Property is at least $6,000,000 and that the Phase I. Parking Ramp w/l] benefit the Subject Property in at least the amount of $6,000,000. The Developer hereby consents to the City's assessment of $6,000,000 against the Subject Property (to be allocated among the lots and outlots the Master Final Plat creates pursuant to the percentages set forth on Exh/bir F), pursuant to lvfi.nnesota Statutes Chapter 429, Minnesota Statutes Section 459.14, the City's Charter and the City's Ordinances and waives any and all procedural and substantive objections to a special assessment in that amount, including, but not limited to, notice and 1555730v[3