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

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(c) Phase I Parking Ramp. Minnesota Statutes Chapter 429, Minnesota Statutes Section 459.14, the City's Charter and the City's Ordinances authorize the City to assess the cost of the Phase I Parking Ramp against the Property. DRH agrees that the fair share of the cost of the Phase I Parking Ramp attributable to the Property is at least $564,000.00 and that the Phase 1 Parking Ramp will benefit the Property in at least the amount of $564,000.00. DRH hereby consents to the City's assessment of $564,000.00 against the Property, pursuant to Minnesota 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 hearing requirements, claims that the Property, or any part thereof, does not receive a benefit from the Phase I Parking Ramp, claims that the [assessment is not uniform upon the same classes of property and claims that the amount of the special assessment allocated to the Property exceeds the benefit to Property. DRH also waives any appeal rights otherwise available pursuant to Minnesota Statutes, Section 429.081. The City does not intend to levy the special assessment until immediately prior to or after the City'siconstruction of the Phase I Parking Ramp, and until that time, the assessment described in this Section 4(c) constitutes a pending special assessment. If the cost of the Phase I Parking Ramp is greater than anticipated, the City reserves the right to levy an assessment in a greater amount or levy supplemental assessments pursuant to Minnesota Statutes, Section 429.071, but DRH has not, in any way, consented or agreed to an assessment in an amount greater than $564,000.00 or to supplemental assessments or waived any appeal rights with respect to an assessment in an amount greater than $564,000.00 or to supplemental assessments. RTC acknowledges that, as between DRH and RTC and pursuant to the Option Contract, all such special assessments are the sole responsibility of RTC. Notwithstanding the preceding sentence, the City is not precluded from levying additional or supplemental assessments against the Property pursuant to Section 9.6 of the Master Development Agreement. 5. Escrow Agent's Responsibilities For Loss. In no event shall Escrow Agent be responsible for any loss resulting from the investment of the Deposit, provided that Escrow Agent shall have invested the Deposit as provided herein. 6. Books and Records. Escrow Agent shall keep and maintain, at all times, full, true and accurate books and records to reflect the investment and disbursements of the Deposit made under this Agreement. The City, RTC and DRH shall have access to these records during normal business hours. A copy of the books and records shall be provided to RTC and DR1-I upon final disbursement of the Deposit. 7. Escrow Agent's Fee. Escrow Agent agrees to perform its duties hereunder for a fee equal to $250.00 paid by RTC at closing. Escrow Agent's responsibilities hereunder shall terminate without further act of any of the parties hereto and Escrow Agent shall be discharged from its obligations hereunder upon the disbursement, pursuant to this Agreement, of the entire remaining balance of the Deposit. 8. Escrow Agent's Liability. RTC and DRH acknowledge that, with respect to this Escrow Agreement and the Deposit, Escrow Agent is acting solely as an escrowee at their request and for their convenience, that Escrow Agent as such escrowee shall not be deemed to be the agent of either RTC or DRH, and that Escrow Agent shall not be liable to either RTC or DRI1 for any act or omission on its part with respect to the Deposit, if any, unless taken or 2435260v2 121086848%1 820716