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

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24. 25. 26. 27. 28. 29. the City levies the 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 for the payment of the special assessment attributable to that lot or outlot when the City levies the special assessment, and the purchaser must, in the escrow a~'eement, acknowledge and agree that it is subject to and bound by the consents and waivers described in Section 7.19. If the Developer elects to escrow the funds with a title insurance company, the City must be a party to the escrow agreement. Section 9.2 of the Master Development A~eement is hereby amen~ted to read as follows' 9.2 PHASING OF STRUCTURED PARKING. [I need to better understand the Phasing Schedule.] Section 9.3 of the Master Development A~eement is hereby amended to read as follows: 9.3 CONSTRUCTION OF PHASE I PARI(ING RAMP DEVELOPER INITIATIVE. [What will trigger City's obligation to construct the Phase I Parking Ramp or is City able to construct it and when it desires?] Section 9.4 of the Master Development Agreement is hereby amended to read as follows: 9.4 CONSTRUCTION OF PHASE I PARKING RAMP. [When will construction com~nenee or agreeing to any date?] Section 9.6 of the Master Development Agreement is hereby amended to read as follows: 9.6 CONSTRUCTION OF PHASE II PARKING RAMP - DEVELOPER INITIATIVE. [Does the Developer still have the right to construct the Phase II ramp?] [What will trigger City's obligation to construct the Phase II Parking Ramp or is the City able to construct it and when desire?] Section 9.7 of the Master Development A~'eement is hereby amended to read as follows: 9.7 CONSTRUCTION OF PHASE II PARKING RAMP. Section 9.8 of Master Development A~'eement is hereby added to read as follows: 9.8 FINANCING OF THE PHASE I PARKING RAMP AND THE PHASE II PARIGNG RAMP. The .City may issue General Obligation Improvement Bonds pursuant to the statutory aut'hority set forth in Minnesota Statutes, Section 459.14 to finance the cost of construction the Phase I Parking Ramp and Phase II Parking Ramp pursuant to Sections 9.3 'or 9.4 for the Phase I Parking Ramp and Sections 9.6 or 9.7 for the Phase 1684445v2 -330- 10