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land would not accept the assessment increases. A second draft was then written that took out <br />tim ueed for cash from the escrow. After that was completed the developer stepped forward and <br />said they needed that cash to disburse funds currently being held in escrow. The third draft is the <br />hybrid between draft one and two. This draft excludes D.R. Herren and the Pact Charter School <br />from thc assessments, and the money would come from the balance of the properties. Therefore, <br />D.R. Herren and Pact Charter School would not have any negative financial impact. He <br />explained D.R. Herren and Pact Charter School are a party to the Master Development <br />Agreement and any amendments to the agreement. The developer received a draft of this <br />amendment at 3:30 this afternoon. A special Council meeting will be scheduled for Tuesday <br />next week to address this issue. A meeting will be scheduled on Monday prior to this with all <br />parties. Tom Bray has suggested the Council review this draft and share any concerns this week. <br />However, the Council should not publicly comment until the City has received comments from <br />RTC. <br /> <br />Counci hncmber Kurak asked how this draft addresses the benchmarks. <br /> <br />City Administrator Norman replied the benchmarks would be released after the assessment <br />hearings. The land does not transfer to the City until the end of the assessment period. The <br />timing on this will likely be around Christmas time. <br /> <br />Council member Zimmerman asked if there are any residential outlots in the core. <br /> <br />City Administrator Norman responded in the affirmative and reviewed the residential areas. <br /> <br />Case #4: RTC Park Agreement Amendment <br /> <br />City Administrator Norman reported the City Attorney has a new draft for parks that will be <br />distributed this evening. Staff received a red line version last week from Mark Hamel, the <br />attorney representing the developer and has accepted most of the changes. <br /> <br />Assistant Public Works Director Olson advised there are three basic changes to the park <br />agreement. At the time the Master Development Agreement was signed they did not know <br />whether the outlot next to the charter school would be park dedicated. It was placed in an outlot <br />and there will be an assessment due on that to handle Phase 1 and Phase 2, and parking ramp <br />assessments. The developer has asked this to be changed so the City pays that upon receiving the <br />land. Staff does not agree with that. The second change they requested concerned the acreage, <br />and they wanted the value at three million dollars. Staff does not disagree with that. This will <br />primarily be used for the developer to establish the value of the credit they can have to reduce the <br />letter ol'~ credit they will need to put up. The last change they had was the City had said that upon <br />acceptance of the signage of this agreement they will convey all of the parkland to the City <br />immediately. They suggested they can do it no later than the time specified in the Master <br />Development Agreement, which is December 31, 2005. The reason they want to do that is <br />because they want to construct the improvements on the property they own so they do not have to <br />ask for waivers, and when it is completed they will turn it over to the City. He does not have a <br />problem with this. <br /> <br />Finance Committee/September 28, 2004 <br /> Page 6 of 7 <br /> <br /> <br />