Agenda - Council - 11/09/2004 - Laserfiche WebLink

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4. Completion of City Phase I Improvements. All conditions precedent to the City being obligated to issue bonds and commence construction of the City Phase I Roadway Improvements set forth in Section 7.2 of the Master Development Agreement have been met to the satisfaction of the City or waived by the City. The City represents that the City Phase I Roadway Improvements and City Phase I Utility Improvements, including, but not limited to, Sunwood Drive and access to Armstrong Boulevard, shall be substantially completed on or before , with the final lift of the City Phase I Roadway Improvements being installed within six months after this date. Substantially completed means that the City Phase I Roadway Improvements shall be open to the public for pedestrian and vehicle traffic and that water, sanitary sewer and storm sewer utilities shall be available to a connection point within the Property in sufficent quantities for the development of the Property approved by the City. 5. Allocation of Assessments for City Phase I Improvements. Section 7.6 and Section 8.4 of the Master Development Agreement provide for the assessment of a portion of the costs of the City Phase I Roadway Improvements and the City Phase I Utility Improvements against the Property. Minnesota Statutes Chapter 429, the City's Charter and the City's Ordinances authorize the City to assess the costs of the City Phase I Roadway Improvements and the City Phase I Utility Improvements against the Property. Secondary Developer hereby consents to an assessment by the City in an amount equal to $35,041.00 against the Property for the City Phase I Roadway Improvements and the City Phase I Utility Improvements. The amount of the assessment is calculated by multiplying 4.0% times $876,035.00 in accordance with the Master Development Agreement. Secondary Developer waives any and all procedural and substantive objections to a special assessment in the amount of $35,041.00, including, but not limited to, notice and hearing requirements, claims that the Property, or any part thereof, does not receive a benefit from the City Phase I Roadway Improvements and the City Phase I Utility Improvements, claims that the assessment is not uniform upon the classes of property and claims that the amount of the special assessment allocated to the Property exceeds the benefit to the Property. Secondary Developer also waives any appeal rights otherwise available pursuant to Minnesota Statutes, Section 429.081 and any rights available under the City Charter or the City Ordinances. The consents.and waivers set forth in this section run with title to the Property and are binding on Secondary Developer and its successors and assigns. The City does not intend to levy this special assessment until the City completes the City Phase I Roadway Improvements. Until the City levies the special assessment, the special assessment constitutes a pending special assessment. Once the City levies the special assessment against the Property, the amount of the special assessment set forth above shall be paid in a single installment to the City. As security to ensure payment of the special assessment for the City Phase I Roadway Improvements and the City Phase I Utility Improvements, Master Developer shall provide escrow funds in accordance with the Escrow Agreement from proceeds of the sale of the Property to Secondary Developer in the amount of $35,041.00. Payment of the special assessment shall be disbursed in accordance with the Escrow Agreement as contemplated by Section 7.7 of the Master Development Agreement. The City shall not assess the Secondary Developer or the Property any additional amounts for City Phase I Roadway Improvements and City Phase I Utility Improvements, except for the City's one-time standard sanitary sewer, storm sewer and water hook-up fees and charges. The City waives any right to levy an additional 3