Agenda - Council Work Session - 09/21/2004

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52. 34. 7.20 PREPAYMENT OF AUAR ROADWAY 12ViPROVEMENTS SPECIAL ASSESSMENTS UPON SALE OR TR~A~NSFER. Under Mim~esota Statutes, Chapter 429, the City may cause the amounts assessed against the Subject Property to be payable in a single installment or in equal am~ual installments extending over a~period not to exceed 30 years. The City will make the special assessment described in Section 7.19 payable in annual installments extending over 5 years in consideration for tl~e Developer's agreement, subject to Section 16.6, to pay the entire, uncertified balance of the assessment levied pursuant to Section 7.17 against any lot or outlot that is part of the Residential Property (whether such lot or outlot is created in the Master Final Plat or is created as a result of a subsequent subdivision of all or a portion of a lot or outlot created in the Master Final Plat or a Final Plat for a Phase) upon the sale or other transfer (including, but not limited to, the conveyance of equitable ownership pursuant to a contract.for deed) of that lot or outlot. If the 'Developer conveys o_r pthe~wvise transfers ownership of a lot or outlot that is part of'the Residential Property subject to the assessment described in Section 7.19 before 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 outl0t with the City or with a title insurance company reasonably acceptable to the City to provide for the payment of the special assessment atttSbutable to that lot or outlot that is part of the Residential Property when the City levies the special assessment, and the purchaser must, in the escrow agreement, acknowledge and a~-ee 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 8.6 of the Master Development Agreement is hereby amended to read as follows: 8.6 COMMENCEMENT A~NrD COMPLETION OF P~4ASE CONSTRUCTION. Subject to Force Majeure, the City is obligated to commence and complete construction of the City Phase II Utility Improvements on the same dates that the City is obligated to con~mence and substantially complete construction of the City Phase II Roadway hnprovements pursuant to Sections 7:8. The City Utility Imaprovements will be public improvements, and the City will maintain the City Utility [mprovements as public improvements.. Sections 9. i t?n'ough [9.7?] of the Master Development Agreement are hereby deleted in their entirety. Section 9.1 is hereby added to the Master Development Agreenaent to read as follows: 9.1 PARKING STRUCTURES. Section 9.20.31, St~bd. 2(a) of the RTC Ordinance states: [684445v3 12