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

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20. 21. 22. 7.16 COMMENCEMENT AND COMPLETION OF THE AUAR ROADWAY IMPROVEMENTS. [How do we define the timing of the City's obligation?] Section 7.17 is hereby added to the Master Development Agreement to read as folloxvs: 7.17 STREET SIGNS AND GROUNDCOVER ESTABLISHMENT. The City's obligation to construct the AUAR Roadway Improvements includes the obligation to install all street identification signs and traffic control signs and signals required under the terms of the RTC Controls or required by any Other Regulatory Agency to serve the AUAR Roadway Improvements. The City must also, as a part of the cost of construction the Roadway Improvements, seed or sod the boulevards adjacent to the AUAR Roadxvay hnprovements pursuant to the requirements set fbrth in the Master Development Plan. Other than seeding or sodding the boulevards pursuant to the preceding sentence, the City is not responsible for any landscaping associated with the AUAR Roadway Improvements. Section 7.18 is hereby added to the Master Development Agreement to read as follows: 7.18 AUAR ROADWAY IxMPROVEMENTS FINANCING. The City will issue one or more general obligation improvement bonds pursuant to Minnesota Statutes, Chapter 429 to finance the AUAR Roadway Improvements. The City ~vill assess the Subject Properties $3,000,000 for the AUAR Roadway Improvements. The levied special assessments will be payable in installments over a term of 15 years with interest at a rate equal to the rate the City is obligated to pay the general obligation improvement bonds referenced in this Section 7.18 plus 5 basis points. Section 7.19 is hereby added to the Master Development Agreement to read as follows: 7.19 ASSESSMENT , AGREEMENT FOR AUAR ROADWAY IMPROVEMENTS. Mim~esota Statutes Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the cost of the AUAR Roadway Improvements against the Subject Property. The City currently estimates that. the AUAR Roadxvay Improvements will cost $ The Developer hereby consents to an assessment by the City in an amount equal to $3,000,000 against the Subject Property (to be allocated among lots and outlots in the Master Final Plat creates pursuant to the percentages set J:brth on Exhibit F), pursuant to Minnesota Statutes, Chapter 429, the City Charter and the City Ordinances and waives any and all procedural and .substantive objections to a special assessment in that amount, including, but not limited to, notice and hearing requirements, claims that the Subject Property, or any part thereof, does' not receive a benefit from the AUAR Roadway Improvements, claims that the assessment is not uniform upon the same classes of property and claims that the amount of the special assessment allocated to 684445v2 -328-