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

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13. 14. 15. Section 7.2(c) of the Master Development A~'eement is hereby amended to read as foltows: 7.2 CONDITIONS PRECEDENT TO THE CITY'S CONSTRUCTION OF THE CITY PHASE I ROADWAY IMPROVEMENTS, The City is not Obligated to issue the bonds described in Section 7.5 or commence construction of the City Phase I Roadway Improvements until: (c) the Developer has delivered a letter of credit to the City in accordance with the provisions of Section 12.4 herein. Section 7.3 of the Master Development Agreement is hereby amended to read as follows: 7.3 COMMENCEMENT AND COMPLETION 'OF THE CITY PHASE I ROADWAY IMPROVEMENTS. Subject to Force Majeure, the City must commence construction of the City Phase I Roadway Improvements upon the later of the Developer's satisfaction of each of the conditions described in Section 4.2 and 7.2 or May 31, 2004. Subject to Force Majeure, the City must substantially complete construction of the Oity Phase I Roadway Improvements within 12 months of the date the City is obligated to comlnence the City Phase I Roadway Improvements pursuant to the preceding sentence (the "City Phase I Roadway Improvements Substantial Completion Date") [Where are we in this process?], and must install the final lift of the City Phase'I Roadway Improvements within 6 months following the City' Phase I Roadway hnprovements Substantial Completion Date; provided, however, if the City Phase I Roadway Improvements Substantial Completion Date is on or after November first of any year, the City is not obligated to install the final lift on the City Phase I Road~vay Improvements until June first of the following calendar year. Upon completion of the City's Phase I Roadway hnprovements, the City Phase I Roadway Improvements will constitute public streets and will be maintained by the City as public streets. Section 7.6 or'the Master D4velopment A~eement is hereby amended to read a~ follows: 7.6 ASSESSMENT AGREEMENT FOR CITY PHASE I ROADWAY 12vlPROVEMENTS. Mim~esota Statutes Chapter 429, the City's Charter and the City's Ordinances attthorize the City to assess the cost of the City Phase I Roadway hnprovements against the Subject Property. The City currently estimates that the C(ty Phase I Roadway Improvements will cost $4,380,175.00 lis this still accurate?]. The Developer hereby consents to an assessment by the City in an amount equal to $876,035.00 lis this still accurate? What portion of the $1,341,325 is for the Phase I Roadway hnprovements?] against the Subject Property (to be allocated among lots and outlots in the Master Final Plat creates pursuant to the percentages set forth on Exhibit F), 1684445v2 -324- 4