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35. <br /> <br />36. <br /> <br />37. <br /> <br />To maximize the use of land and prevent proliferation of surface <br />parking within tl~is District, parking structures will be utilized to <br />accommodate the majority of the District's parking needs. <br /> <br />The Developer acknowledges and agrees, that the City may refuse to <br />approve Final Plans for Development of all or any portion of the Subject <br />Property located within the TC-1 Mixed Use Core Sub-District unless <br />sufficient structured parking ah'eady exists to satisfy' the parking <br />reqmrements for the improvements that may be constructed pursuant to <br />the Final Plans for that Phase or the Final Plans for that Phase provide for <br />the construction of structured parking which is acceptable to the City, or <br />the City has commenced consm, tction of the Phase ~ Parldng Ramp <br />pursuant to Section 9.4 and, upon completion thereof, sufficient structured <br />parking will exist to saris%' the parking requirernents for the improvements <br />that may be constructed pursuant to the Final Plans for that Phase. <br /> <br />Section 9.2 of the Master Development Agreement is hereby amended to read as follows: <br /> <br />9.2 CONSTRUCTION OF PHASE I PARKENG P,~AMP AN~D PHASE <br /> <br />i[I P.,~K~G P~MP. [What will trigger City's obligation to construct <br />the Phase I Parking Ramp or is City able to construct it and when it <br />desires?] The City will construct both the Phase ~ Parking Ramp and the <br />Phase iii Parking Ramp at such time as it so determines in its sole and <br />absolute discretion. <br /> <br />Section 9.3 of Master Development A~eement is hereby added to read as follows: <br /> <br />9.3 FIN'ANCING OF THE PHASE I PAKKfNG RAMP ANiD THE <br /> <br />PHASE II PARIGNG RAMP. The City may issue General Obligation <br />Improvement Bonds pursuant to the statutory authori!y set forth in <br />Mim~esota Statutes, Section 459.14 to finance the cost of construction the <br />Phase I Parking Ramp and Phase II Parking Ramp pursuant to Section 9.2 <br />and may levy special assessments against the Subject Property for up to <br />$6,000,000 of the cost of constructing the Phase I Parking Rmnp and the <br />Phase It Parking Ramp. The City may choose to assess the Subject <br />Property for the costs of the Phase I Parking Ramp and the Phase II <br />Parking Ramp in as many separate assessments as it deems appropriate in <br />its sole and absolute discretion. The special assessment will be payable <br />over a tem~ of not less than five (5) years at an interest rate payable on the <br />bonds that the City issues to finance the constrttction of the Phase I <br />ParMng Ramp and Phase ti Parking Ramp plus five basis points. <br /> <br />Section 9.4 of the Master Development Agreement is hereby added to read as follows: <br /> <br />9.4 ASSESSMENT AGRf;EMENT FOR PHASE I AND PHASE II <br /> <br />i 05'~45v3 ! 3 <br /> <br /> <br />