Agenda - Council Work Session - 06/15/2004

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Phase I Parking Ramp to encourage both non-residential and residential development of the Subject Property. The City acknowledges that residential Development Mil occur more quickly than non-residential Development. To provide the City with a mechanism to ensure that the Developer diligeflt!y pursues both residential and non-residential Development, the City reserves the right, exercisable in the City's sole and absolute discretion, to refuse to approve (i) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $241 ,$15,000.00 until the Developer and Seconda~' Developers have commenced the construction of non-residential Development that has a cumulative, taxable market value of' $19,2'71,537.00 or more; (ii) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $290,178,000.00 until the Developer and Secondary. Developers have comxnenced the construction of non-residential Development .that has a cmnulafive, taxable market value of $25,695,382.00 or more; (iii) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $338,541,000.00 until the Developer and Secondary, Developers have commenced the construction of non-residential Development that has a cumulative, taxable market value of $38,54.3,073.00 or more; and (iv) Final Plans that may result in residential Development having a cumulative, taxable market value in excess of $386,904,000.00 until the Developer and Secondary Developers have commenced the construct/on of non-residential Development that has a cumulative, taxable market value of $51,380,764.00 or more. The taxable market value of tax exempt prope~'xy wilt not be included in calculating the taxable market value of non- residential Developmem. To the extent the application of this Section 4.16 requires the determination of taxable market value for residential Development or non-residential Development for which the Amoka County Assessor has not determined the market value for real estate tax purposes, the City shall determine the taxable marker value based on the calculation of market value made by the City's building official at the rime a building permit was issued for the Development. 4.17 AU~&R RO:~LDWAY EvLPROVEMENTS ,a3',I-D COL~TTY ROADWAY h-'vPROVE~fENTS. The City and the Developer acknowledge the importance of upending the regional roadways with the AU~a2R. Roadway Improvements. The City and the Developer have met on several occasions with officials oflVinDOT and the County to discuss the necessity of the AUA.R Roadway Lmprovements and possible riming and ~nding alternatives with respect thereto. The City and the Developer will diligently and in good faith pursue entering a~eements with MiqDOT and. the County for the financing and construction of the AUAR Roadway Improvements by MnDOT and the County, respectively. The Developer acknowledges that the AU.aP,. requires mitigation of potential impacts that may result from the full build out of the RTC Project. The Developer will continue to work with the City, to pursue alternative strategies, including, for example, a traffic demand manageme{it' plan, to mitigate any such impacts, so that the RTC Project complies with the requirements of the AU'AX. To ensure compliance with the AUz~r[, the City rese~es the right to refuse to ~ant approval for Final Plans for subsequent Phases if the City detenrnines that the AUAX Roadway Improvements necessary to serve the Phase have not been constructel. 4.18 SPECIAL SERVICE DISTRiCT - PARK ~viPROVEMENTS. The City may, in the future, adopt an ordinance ordering a special service district pursuant to Minnesota Statutes Chapter 428A to provide an enhanced level of park improvements within the Subject Property. If the City establishes a special se,wice district or special service districts that include all or a