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

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30. 31¸, II Parking Ramp and may levy special assessments against the Subject Property for fifty percent (50%) of the cost of constructing the Phase I Parking Ramp and the Phase II Parking Ramp up to a total amount of $6,000,000. The special assessment will be payable over a term of not less than twenty (20) years at an interest rate payable on the bonds that the City issues to finance the construction of the Phase I Parking Ramp and Phase II Parking Ramp plus five basis points [Tom: Should this concept be deleted?] Section 9.9 of the Master Development Agreement is hereby added to read as follows: 9.9 ASSESSMENT AGREEMENT FOR PHASE I AND PHASE II PARKING RAMPS.. (a) The City and Developer agree that the City may assess the Developer [and any Interested Parties] for up to fifty percent (50%) of the cost of the Phase I Parking Ramp and of the Phase II Parldng Ramp. However, except as provided in Section 9.9(b) below, the City may not assess the Development and the Interested Parties more than $6,000,000 for ail costs associated with the construction of the Phase I Parking Ramp and the Phase II Parking Ramp. (b) Notwithstanding the provisions of Section 9.9(a), if the City receives outside funds to help finance the Phase I Parking Ramp and/or the Phase II Parking Ramp, such funds will be credited as follows: (i) If the funds are received before the assessments are levied, such funds will be netted off the total cost of either the Phase I Parldng Ramp or the Phase II Parking Ramp, whichever applicable, and then the Developer [and Interested Parties] will be assessed fifty percent (50%) of such adjusted cost up to a total of $6,000,000. (ii) If the funds are received after the assessments for either parking ramp have been levied then either (a) the City will follow the process in (i) above and then reassess the Developer [and the Interested Parties] if the assessments have not yet been paid, or (b) if the assessments have already been paid, the City will subtract the outside funds received from the total cost of the Phase I Parking Ramp or the Phase II Parldng Ramp and recalculate the fifty percent (50%) figure and refund any excess amounts back to those who have paid such assessments. Notwithstanding anything in this Section 9.9 to the contrary~ the receipt of such outside funds will reduce the Developer's [and Interested Parties'] assessments for the Phase I Parking Rmnp and the Phase II Parking Ramp below $6,000,000 unless the total actual cost of constructing the Phase I Parking Ramp and the Phase II Parkil~g Ramp is less than $12,000,000. Section 10. l(a) of the Master Development Agreement is hereby amended to read as t~ollows: 1684445v2 11 -331-