Agenda - Council Work Session - 06/15/2004

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heating requirements, claims that the Subject Property, or any part thereof, does not receive a benefit fi-om 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 any lot or outlot pursuant tO Exhibit F exceeds the benefit to such lot or outlot or portion of the Subject Property. The Developer 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's construction of the Phase I Parking Ramp, and until that time, the assessment described in this Section 9.6 constitutes a pending special assessment. Once the City levies the speciaI assessment, and subject to Section 9.7 below, the Developer must pay the installments of the special assessment certified for payment with annual real estate taxes when and as they become due. Upon the recording of the Master Final Plat, the pending special assessment described in this Section 9.6 is allocated among the lots and outlots the Master Final Plat creates in the manner set forth on the attached Exhibit F. If a subsequent Final Plat for a Phase subdivides one or more of the lots or outlots referenced on Exhibit F, the City must allocate the special assessment pending or levied against that lot or outlot among the lots or outlots created by such Final Plat. The Developer or a Secondary Developer must prepare and submit to the City, for its review, a proposed allocation of the pending or levied special assessment among the lot or outlots created by such Final Plat. The City must adopt the Developer's or, if applicable, a Secondary Developer's proposed allocation if the Developer's or, if applicable, a Secondary Developer's proposed allocation is done on a per square foot basis. The City may accept or reject other proposed allocations in its sole and absolute discretion. If the cost of the Phase I Parking Ramp is ~eater than anticipated, the City reserves the riz-22t to levy an assessment in a ~eater amount or levy supplemental assessments pursuant to Minnesota Statutes, Section 49_9.071, but the Developer has not, in any way, consented or ageed to an assessment in an amount ~eater than $6,000,000 or to supplemental assessments or waived any appeal fights with respect to an assessment in an amount ~eater than $6,000,000 or to supplemental assessments. 9.7 PKEPAYMENT OF SPECLa_L ASSESSMENTS FOR PI-La_SE I PUBLIC PARKJ~G RAY~ O?ON SALE OR TRANSFER. Under Minnesota Statutes, Chapter 429, the City may cause the amounts assessed against the Subject Property for the Phase I Public Parking Ramp to be payable in a single installment or in equal annual installments extending over a period not to exceed 30 years. The City will make the special assessment described in Section 9.6 payable in mmual installments extending over 20 years in consideration for the Developer's a~eement, subject to Section 16.6, to pay the entire, uncertified balance of the special assessment levied pursuant to Section 9.6 against any lot or outlc~t (whether such lot or outlot is created in the Master Final Plat or is created as a result of a subsequent subdivision of all or a portion of a lot or outlot created in the Master Final Plat or a Final Plat fo~':'a Phase) upon the sale or transfer (including, but not limited to, the conveyance of equitable ownership pursuant to a contract fbr deed) of that lot or outlot. If the Developer conveys or otherwise transfers ownership of a lot or outlot subject to the special assessment described in Section 9.6 before the City levies the special assessment, the Developer must, subject to Section 16.6, .escrow the portion of the pending special assessment attributable to that lot or outlot with the City or with a title insurance company reasonably acceptable to the City to provide f°r the payment of the special assessment atifibutable to that lot or outiot when the City levies the special assessment, and the purchaser must, in the escrow a~eement, acknowledge and a~ee that it is subject to and bo~xnd by the consents and waivers described in Section 9.6 above. If the Developer elects to 155~7~0v13