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

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fully insured by the Federal Deposit Insurance Corporation. Any interest or other earnings accruing on the Deposit shall be disbursed to RTC not less frequently than once per calendar year, commencing with calendar year 2005. 3. Disbursements of the Deposit. Within thirty (30) days after Escrow Agent receives notice from any of RTC, DRH or the City that special assessments have been levied against the Property pursuant to any of Sections 7.6, 7.12 or 9.6 of the Master Development Agreement or if Escrow Agent discovers that any of such special assessments have been levied against the Property, Escrow Agent shall disburse to the City the appropriate amount of the Deposit, as follows: (a) City Phase I Roadway Improvements. If the City levies the special assessment set forth in Section 7.6 of the Master Development Agreement, Escrow Agent shall disburse to the City the amount of $82,347.29. (b) City Phase II Roadway Improvements. If the City levies the special assessment set Forth in Section 7.12 of the Master Development Agreement, Escrow Agent shall disburse to the City the amount of $31,552.04. (c) Phase I Parking Ramp. If the City levies the special assessment set forth in Section 9.6 of the Master Development Agreement, Escrow Agent shall disburse to the City the amount of $564,000.00. If the City has not commenced construction of the Phase I Parking Ramp Agreement to be financed pursuant to Section 9.5 of the Master Development Agreement on or before September 17, 2015, Escrow Agent shall promptly disburse to RTC or its successors or assigns that portion of the Deposit set forth in 3 (c) above, with any accrued but unpaid interest thereon. In addition, as required by Section 9.7 of the Master Development Agreement, Escrow Agent shall promptly disburse to RTC or its successors or assigns that portion of the Deposit set forth in 3 (c) above, with any accrued but unpaid interest thereon, as directed by the City and RTC or its successors or assigns jointly, if the City and RTC or its successors or assigns agree on an alternative method for providing the financing for construction of the Phase I Parking Ramp and the City assures Escrow Agent that the special assessments set forth in Section 9.6 of the Master Development Agreement are no longer levied or pending against the Property. Except as provided otherwise in this Section 3, Escrow Agent shall not disburse the Deposit except upon the joint direction of the City, RTC or its successors or assigns, and DRH or its successors or assigns, and then only if Escrow Agent is assured by the City that the special assessments set forth in Sections 7.6, 7.12 and 9.6 of the Master Development Agreement are no longer levied or pending against the Property. 4. Waivers and Consents. (a) City Phase I Roadway Improvements. Minnesota Statutes Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the cost of the City Phase I Roadway Improvements against the Property. DRH hereby consents to an assessment by the City in an amount equal to $82,347.29 against the Property, pursuant to Minnesota Statutes Chapter 429, the City Charter and the City Ordinances and waives any and all procedural and 2435260v2 121086848v1 820716