Agenda - Council Work Session - 09/21/2004

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23. 24, 25. Section 7.9 of the Master Development Agreement is hereby deleted in its entirety. Section 7.11 of the Master Development Ageement is hereby'amended to read as follows: 7.11 CITY PHASE II ROADWAY IMPROVEMENTS FINANCING. The City may issue general obligation improvement bonds pursuant to Mim~esota Statutes, Chapter 429 to finance the City Phase II Roadway Improvements. The City will assess $ of the cost of the City's Phase II Roadway Improvements (including the costs of the street signs and groundcover establisl~'nent described in Section 7.10) 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 Ci{y is obligated to pay the general obligation improvernent bonds referenced in this Section 7.11 plus 5 basis points. Section 7.12 of the Master Development A~'eement is hereby amended to read as follows: 7.12 ASSESSMENT AGREEMENT FOR CITY PHASE II ROADWAY IMPROVEMENTS. Mimmsota Statutes, Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the cost of the City Phase II Roadway Improvements against the Subject Proper-ry. The City cm-rently estimates that the City Phase N: Roadway Improvements will cost $3,021,400.00. The Developer and Interested Parties hereby consent to an assessment by the City in an amount equal to $604,280.00 against the Subject Property (to be allocated among the lots and outlots the Master Final Plat creates pursuant to the percentages set forth on Exhibit F), pursuant to Mim~esota 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 heating requirements, claims that the Subject Property, o1' any part thereof, does not receive a benefit fi'om the City Phase II Roadway laa~provements, claims that the assessment is' not uniform upon the same classes of property and claims that the amount of the special assessment allocated to any lot or parcel pursuant to Exhibit F exceeds the benefit to such lot or parcel. Developer also waives any appeal rights otherwise available pursuant to Mhmesota Statutes, Section 429.081 and any rights available under the City Charter or the City Ordinances. As set forth in Section ~6.4, the consents and waivers set forth in this Section 7.12 mn with title to the Subject Property and are binding on the Developer and its successors and assigns. Until the City lev/es the special assessment, the special assessment constitutes a pending special assessment. Once the City levies the special assessment and subject to Section 1.13 below, Developer must pay the installments of spedal ~Nsessment certified for payment with ammal real estate taxes 1684445v3 8