Agenda - Council Work Session - 06/15/2004

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ARTICLE 9 P A_KK]~ G STRUCTURES 9.1 states: PARKSNG STRUCTU/LES. Section 9.20.3 I, Subd. 2(a) of the RTC Ordinance To maximize the use of land and prevent proliferation of surface parking within this District, parking structures will be utilized to accommodate the majority of the District's parking needs. The Developer acknowledges and agrees that the City may refuse to approve Final Plans for Development of all or any portion of the Subject Property located within the TC-1 Mixed Use Core Sub-District unless .sufficient structured parking already exists to satisfy the parking requirements for the improvements that may be constructed pursuant to the Final Plans for that Phase or the Final Plans for that Phase provide for the construction of structured parking which ~s acceptable to the City, or the City has commenced construction of the Phase l Parking Ramp pursuant to Section 9.4 and, upon completion thereof, sufficient structured parking will exist to satisfy the parking requirements for the improvements that may be constructed pursuant to the Final Plans for that Phase. 9.2 PHAShNG OF STRUCTURED PARKING. 'The Master Development Plan contemplates the construction of three parking ramps within the TC-1 Mixed Use Core Sub- District. The City and the Developer have agreed upon a mechanism for £mancing the City's construction of the approximately 1,150 stall parking ramp described in the Master Development Plans (the "Phase I Parking Ramp") as set forth in this Article 9. The City agrees that unless and until the City initiates construction of the Phase i' Parking Ramp pursuant to Section 9.4, the City will consider proposals fi.om the Developer or Secondary Developers for alternative methods of providing for the financing and construction of the Phase I Parking Ramp. At this time, the City and the Developer have been unable to agree on a method to provide for the financing and construction of the other two parking ramps described in the Master Development Plan. The portion of the Master Development Plan that depicts the size. and location of the Phase I Parking Ramp and the other bvo parking rantps will control the location and desig-n of the Phase I Parking Ramp and the other bvo parking ramps unless the Developer and the City, in the amendment to this Master Agreement, or the City and a Secondary Developer, in a Secondary Development A~eement, a~ee to modify the designs or locations set forth in the Master Development Plans. Notwithstanding the foregoing, the City may unilaterally alter the size and design of the Phase I Parking Ramp to the extent necessary to allow the City to construct the Phase [ Parking Ramp for an amount not to exceed $12,000,000. rt. 9.3 CONSTRUCTION OF PEa, SE I P)d~KI-NG RA~¥P- DEVELOPER INITIATIVE. The Developer may, by Formal Notice to the City, obligate the City to commence design and construction o£ the Phase ~ Parldng Ramp upon the Developer's satisfaction of the following conditions precedent: The Developer's submission to the City and the City's approval, .for purposes of this Section 9.3 only, of preliminary Final Plans for the Development of one or more Phases within the TC-1 Mixed Use Core Sub-District which will rely on the