Agenda - Council - 09/13/2004 - Laserfiche WebLink

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10, i1. 12. the City's Zoning Ordinance. The Developer or a Secondary Developer mnst pay the park and trail fees due in connection with the Development of the Charter School before or at the time the City issues the building permit for footings described in Section 4.4(0 above or issues a building permit to a Secondary Developer. The Developer is entitled to any credit against the park and trail fees due and payable'as provided in the Parkland and Trail Plan. In addition to any other park and trail fees the Developer is obligated to pay to the City under the terms of the RTC Controls, the Developer will, on or before October 1, 2005, Pay to-the City, via certified funds or certified or wire transferred funds, the sum of $250,000 for deposit in the general fund of the City and designated to fund costs associated with the maintenance of park improvements located within the Subject Property, including, but not limited, to personnel and capital equipment costs'? [Has RTC paid the $250,000 to the City?] Sections 4.16, 4.17 and 4.19 of the Master Development Agreement are'hereby deleted in their entirety and amended to read as follows: 4. l 6 iNTENTIONALLY OMITTED. 4.17 iNTENTIONALLY OMITTED. 4.19 INTENTIONALLY OMITTED. Section 4.20 is hereby added to the Master Development Agreement to read as follows: 4.20 TOWN CENTER DISTRICT COVENANTS. Contemporaneously with the execution of this First Amendment, the City, the Developer and any other Interested Parties with any right, title or interest in the property described on Exhibit N are executing a Declaration of. Restrictions, Covenants and Easements which obligates and authorizes the City to operate and maintain the Town Center District and to assess the lots therein for such costs. Section 5.4 is hereby added to the Master Development Agreement to read as follows: 5.4 CITY TOWN CENTER DISTRICT PROPERTY. Contemporaneously with the execution of this First Amendment and as partial consideration for the City's execution of this First Amendment, the Developer is conveying the City Town Center District Property to the City and entering into an option to purchase (the "Option") which would allow the Developer to repurchase parcel "M" for $2,200,000 plus any levied or pending assessments, for a period not to exceed one year. The escrow provisions of Sections'7.2(c), 7.8(d), 10.1(a) and 12.4 do not' apply to the conveyance of the City Town Center District Property. The City agrees to talce title to the City Town Center District Property subject to levied and pending special assessments. 1684445v2 -323-