Agenda - Council Work Session - 09/21/2004

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20. 2]. 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 7.5 of the Master Development. Agreement is hereby amended to read as follows: 7.5 CITY PHASE I ROADWAY IMPROVEMENTS FINANCING. The City may issue general obligation improvement bonds pursuant-to Mim~esota Statutes, Chapter 429 to finance the City Phase I Roadveay Improvements. The City will assess $ of tlie costs of the City Phase I Roadway Improvements (including the cost of the street si~xs and groundcover establisl~ment described in Section 7.4) against the Subject Property in the percentages set forth on Exhibit F, The levied special assessments will be payable in installments over a term of 5 years with interest at a rate equal to the rate the City is Obligated to pay the general obligation inxprovement bonds referenced in this Section 7.5 plus 5 basis points. Section 7.6 of the Master Development Agreement is hereby amended to read as follows: 7.6 ASSESSMENT AGREEMENT FOR CITY PHASE I ROADWAY IMPROVEMENTS. Mimaesota Statutes Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the cost of the City Phase I Roadway knprovements against the Subject Property. The City cmTentty estimates that the City Phase I Roadway Improvements will cost $4,380,175.00. The Developer hereby consents to an assessment by the City in an anmunt equal to $876,035.00 against the Subiect Property (to be allocated among lots and outlots in the Master Final Plat creates pursuant to the percentages set forth on Exhibit F), pursuant to Mim~esota Statutes, Chapter 429, the City Charter mhd the City Ordinances and waives any and all procedural and substantive objections to a special assessment in that an'~ount, 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 City Phase I Roadway Improvements, claims that the assessment is not unifomx upon the same classes of property and claims that the amount of the special assessment allocated to any lot or outlot pursuant to Exhibit F exceeds the benefit to such lot or outlot. Developer also waives any appeal rights otherwise available pursuant to Mim~esota Statutes, Section 429.081 and any rights available under the City Charter or the City Ordinances. As set forth in Section 16.4, the consents and waivers set forth in this Section 7.6 run with title to the Subject Property and are binding on the Developer and its successors and assigns. Until the City levies the special assessment, the special assessment constitutes a pending special assessment. Once the City levies the special assessment and subject to Section 7.7, Developer must pay the installments of special assessment certified for payment with 16844dSv3 ~