Agenda - Council Work Session - 06/15/2004

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Phase I Parking Ramp for parking. In reviewing and approving or disapproving the Developer's preliminary Final Plans, the City may consider whether the Final Plans are likely to receive final approval from the City and whether or not the Development the Final Plans contemplate is sufficiently si:mnificant to justify the construction of the Phase f Parking Ramp; (b) The Developer's conveyance to the City of marketable fee title to the portion of the Subject Property upon which the Phase I Parking Ramp is to be constructed. The Developer must convey the required proper~y to the City via Warranty Deed. Before conveying the property to the City, the Developer must pay all state deed tax due on the conveyance of the property to the City and must pay or provide for the payment of all real estate taxes and special assessments levied or pending against the property (including special assessments pending against the property pursuant to the terms of this Master Agreement) as of the date of closing whether or not such taxes or assessments are currently due and payable. Title to the Property must be marketable, subject to only public utility easements which will not interfere with the development of the Property for the construction of the Phase I Parking Ramp. 9.4 CONSTRUCTION OF PHASE I PARKh-NG 1L%MP. At any time on or after January I, 2006, if the Developer has not caused the City to-commence desig-n and construction of the Phase I Parking Ramp pursuant to Section 9.3 and the City and the Developer have not a~eed on an alternative mechanism for financing and constructing the Phase I Parking Ramp, the City may in irs sole and absolute discretion proceed with the construction of the Phase I Parking Ramp as a public improvement project pursuant to Minnesota Statutes Chapter 429 and Minnesota Statutes Chapter 459.14, Subd. 7 and levy special assessments to finance the construction of the Phase I Parking Ramp as provided in Section 9.5 below. 9.5 FENANCING OF THE PFL&SE I P 'ARK]2',IG tLauMP. The CiV may issue General Obligation Improvement Bonds pursuant to the stamtor/authority set forth in Minnesota Statutes Section 459.14 re finance the cost of constructing the Phase I Parking Ramp pursuant to Section 9.3 or Section 9.4 and may levy special assessments against the Subject Property for 50% of the cost of constructing the Phase I Parking Ramp. The special assessment will be payable over a term of not less than 20 years at an interest rate payable on.the bonds the City issues to finance the construction of the Phase I Parkdng Rmnp plus 5 basis points. 9.6 ASSESSMENT AGREEMENT FOR PHASE I P,,KRKiNG RAMPS. Minnesota Statutes Chapter 429, Minnesota Statutes Section 459. i4, the City's Cha~r and the City's Ordinances authorize the City to assess the cost o£the Phase I Parking Ramp against the Subject Property. The Developer agrees that the fair share of the cost of the Phase I Parking Ramp attributable to the Subject Property is at least $6,000,000 and that the Phase I Parking Ramp will benefit the Subject Property in at least the amount of $6,000,000. The Developer hereby consents to the City's assessment of 36,000,000 against the Subject Property (to be allocated among the lots and outiots the Master Final Plat creates pursuant to the perc,~ntages set forth on Exhibit F), pursuant to Minnesota Statutes Chapter 429, Minnesota Statutes Section 459.14, the City's Charter and the City's Ordinances and w-aives any and all procedural zmd substantive objections to a spdcial assessment in that amount, including, but not limited to, notice and