Agenda - Council - 07/12/2016 - Laserfiche WebLink

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Phase I Parking Ramp to encourage both non-residential and residential development of the Subject Property. The City acknowledges that residential Development will occur more quickly than non-residential Development. To provide the City with a mechanism to ensure that the Developer diligently pursues both residential and non-residential Development, the City reserves the right, exercisable in the City's sole and absolute discretion, to refuse to approve (i) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $241,815,000.00 until the Developer and Secondary Developers have commenced the construction of non-residential Development that has a cumulative, taxable market value of $19,271,537.00 or more; (ii) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $290,178,000.00 until the Developer and Secondary Developers have commenced the construction of non-residential Development that has a cumulative, taxable market value of $25,695,382.00 or more; (iii) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $338,541,000.00 until the Developer and Secondary Developers have commenced the construction of non-residential Development that has a cumulative, taxable market value of $38,543,073.00 or more; and (iv) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $386,904,000.00 until the Developer and Secondary Developers have commenced the construction of non-residential Development that has a cumulative, taxable market value of $51,380,764.00 or more. The taxable market value of tax exempt property will not be included in calculating the taxable market value of non- residential Development. To the extent the application of this Section 4.16 requires the determination of taxable market value for residential Development or non-residential Development for which the Anoka County Assessor has not determined the market value for real estate tax purposes, the City shall determine the taxable market value based on the calculation of market value made by the City's building official at the time a building permit was issued for the Development. 4.17 AUAR ROADWAY IMPROVEMENTS AND COUNTY ROADWAY IMPROVEMENTS. The City and the Developer acknowledge the importance of upgrading the regional roadways with the AUAR Roadway Improvements. The City and the Developer have met on several occasions with officials of MnDOT and the County to discuss the necessity of the AUAR Roadway Improvements and possible timing and funding alternatives with respect thereto. The City and the Developer will diligently and in good faith pursue entering into agreements with MnDOT and the County for the financing and construction of the AUAR Roadway Improvements by MnDOT and the County, respectively. The Developer acknowledges that the AUAR requires mitigation of potential impacts that may result from the full build out of the RTC Project. The Developer will continue to work with the City to pursue alternative strategies, including, for example, a traffic demand management plan, to mitigate any such impacts, so that the RTC Project complies with the requirements of the AUAR. To ensure compliance with the AUAR, the City reserves the right to refuse to grant approval for Final Plans for subsequent Phases if the City determines that the AUAR Roadway Improvements necessary to serve the Phase have not been constructed. 4.18 SPECIAL SERVICE DISTRICT — PARK IMPROVEMENTS. The City may, in the future, adopt an ordinance ordering a special service district pursuant to Minnesota Statutes Chapter 428A to provide an enhanced level of park improvements within the Subject Property. If the City establishes a special service district or special service districts that include all or a 155573003 16