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Motion by Ccmncilmember Strommen, seconded by Councilmember Kurak, to adopt Ordinance <br />#03-48 to rezone the proposed plat of Basalt Office Addition from E-1 Employment to PUD, <br />Planned Unit Development. <br /> <br />A roll call vot4~ was performed by the Recording Secretary: <br /> <br />Counmtmemb~r Z~mmerman aye <br />Councilmemb~er Kurak aye <br />Councilmemb~r Pearson aye <br />Councilmember Elvig aye <br />Councilmemb~r Strommen aye <br />Councilmemb~r Cook aye <br />Mayor Gamec; aye <br /> <br />Motion carried. <br /> <br />Mayor Gamecirecessed the regular City Council meeting at 8:42 p.m. <br /> <br />Mayor Gamecicalled the regular City Council meeting back to order 8:52 p.m. <br /> <br />Case #7: .iConsider Allocation Agreement between RTC, LLC, D.R. Horton, Inc. - <br /> iMinnesota and the City <br /> <br />City AttomeYlGoodrich reviewed that on September 17, 2003, the City entered into a Master <br />Development :iAgreement with Ram.sey Town Center, LLC ("RTC"). The Development <br />Agreement requires the Developer to obtain City approval prior to transferring title to any land <br />within the RT~ Plat to secondary developers. The form of this City approval is what is known as <br />an Allocation ~greement. RTC is negotiating an option to sell approximately- 65 acres of the <br />RTC Plat to 'D~ R. Horton. D.R. Horton proposes to build 900 residential units on said 65 acres. <br />The 65 ac~,e~, comprises approximately two thirds of the land available for residential <br />development i~ the RTC Plat. Various issues regarding the proposed Allocation Agreement are <br />being negotiat,~d with RTC and D.R. Horton. Certain terms in the Allocation Agreement amend <br />the Development Agreement as to the 65 acres and, therefore, it is a significant document. ~ <br /> <br />City Administrator Norman explained that there are two different setS of benchmarks in the <br />Ramsey Towr/Center dev~elopment agreement: One dealing with letter of credit and second <br />dealing with the amount of commercial and residential development that can occur, tn the <br />agreement be[~veen Ramsey Town Center, LLC and D.R. Horton it was requested that the <br />building phase~ be waived, but the City did not grant the request. <br /> <br />City Attorney Goodrich explained that D.R. Horton was entering into an option agreement with <br />Ramsey Towni Center, LLC, not a purchase agreement. DR Horton is interested in there being a <br />clear separation between the master developer and residential developer. Much of the language' <br />in the Allocati~)n Agreement is dealing with that. D.R. Horton wants to make certain that the <br />City will not t4ake building permits away in the event there is default by the master developer. <br />The City has COncluded that that is acceptable because they will have letters of credit in place to <br />address those ijssues. Besides the Allocation agreement, if DR Horton moves forward, there will <br /> <br />City Council/November 25, 2003 <br /> Page 15 of 28 <br /> <br />P35 <br /> <br /> <br />