Agenda - Council Work Session - 09/21/2004

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18. Property to the City and entering into an option to purchase (the "Option") which would allow the Developer to repurchase the parcel to be platted as Outlot O, Ramsey %'own Center 5~t~ A. ddition for $2,200,000 plus any levied or pending assessments, for a period not to exceed one year. The escrow provisions of Sections 7.2(c), 7.$(d), 10. l(a) and 12.4 do not apply to the conveyance of the City Town Center District Property. The City agrees to take title to the City Town Center District Property subject to levied and pending special assessments. (b) Contemporaneously with the execution of this Agreement, the City will convey to the Dek,,eloper the City's Ninety Foot Tract. At such time as the City has completed the process required under its Charter and is authorized to convey- the City's Ninety Foot Tract to the Developer, the City must convey the City's Ninety Foot Tract to the Developer subject to all covenants, conditions, restrictions and easements of record, if any, as of Septernber 16, 2003 and the pending special assessments described in [Sections 7.6, 7.12 and 9.6]. Section 7.2(c) of the Master Development Agreement is hereby amended to read as follows: 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 Ro adw ay 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 Agreernent is hereby amended to read as follows: ...~ COMMENCEMENT ANT) 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 m Section 4.2 and 7.2 or May 31, 2004. Subject to Force Majeure, the City must substantially complete construction of the City Phase I Roadxvay Improvements within 12 months of the date the City is obligated to commence the City Phase I Roadway Improvements purs. uant to the preceding sentence (the "City Phase I Roadway Improvements Substantial Completion Date"), and must install the final lift of the City Phase I Roadway knprovements within 6 months following the City Phase I Roadway hr~proven'~ents 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 Roadway Improvements until June first of the following calen'dar year. Upon !65~45x, 3 5