Laserfiche WebLink
38. <br /> <br />39. <br /> <br />(a) The City and Developer agree that the City may assess the Developer [and <br />any Interested Parties] for up to $6,000,000 of the cost of the Phase I Parking <br />Ramp and of the Phase II Parking Ramp. However, except as provided in Section <br />9.9(c) below, the City may not assess the Developer and the Interested Parties <br />more than $6,000,000 for all costs associated with the construction of the Phase I <br />Parl~ing Ramp and the Phase II Parking Ramp. <br /> <br />(b) The Developer acknowledges that-the City may construct additional <br />parking ramps (in addition to the Phase I Parking Ramp and the Phase II Parking <br />Ramp) and can assess the costs of such construction as provided under Mim~esota <br />Statutes, Chapter 429. The Developer and the City aclcnowledge that the City <br />may assess for these costs, but that the Developer has not agreed to these further <br />assessments and has not waived any right to object to such assessments. <br /> <br />(c) City A~,reement Retarding Grant Funds. [To be discussed] <br /> <br />Sectioln_ 9.5 of the Master Development Agreement is hereby amended to read as follows: <br /> <br />9.5 FINANCING OF THE PHASE I PARKING RAMP AND PHASE <br /> <br />[I PARKING RAMP. The City may issue General Obligation <br />Improvement Bonds pursuant to the statutory authority set forth in <br />Minnesota Statutes Section 459.14 to finance the cost of constructing the <br />Phase I Parking Ramp .and the Phase II Parking Ramp pursuant to Section <br />9.2 and may levy special assessments against the Subject Property for <br />$6,000,000 of the cost of constructing the Phase I Parking Ramp and the <br />Phase II 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 terna of not less than 5 years at an interest rate payable on the bonds <br />the City issues to finance the construction of the Phase I Parking Ramp <br />plus 5 basis points. <br /> <br />Section 10.1(a) of the Master Development A~eement is hereby amended to read as <br />follows: <br /> <br />10.1 DEVELOPER PUBLIC IMPROVEMENTS - MASS GRADING ' <br /> <br />AND STORIVi WATER MANAGEMENT. The Developer must mass <br />grade the Subject Property and construct a storm water n~anagement <br />system to serve the Subject Propet-ty in accordance with the Master <br />Grading Plan and the Storm Sewer Phasing Plan Exhibit. h~ any event th~ <br />Developer must commence the mass grading and construction of- a <br />stormwater management.system by May 1, 2005 and complete such work <br />by Noven~ber 30, 2006. Subject to Force Majeure, the Developer must <br />commence and complete each phase of the mass grading and each phase <br />of the construction of the .stom~ water management system on or before <br />the commencement and completion dates established for such work in the <br /> <br />].4 <br /> <br /> <br />