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

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assessment for the City Phase I Roadway Improvements and the City Phase I Utility Improvements against the Secondary Developer and the Property. Further, the City is precluded from levying additional or supplemental assessments against the Secondary Developer and the Property pursuant to Section 7.6 of the Master Development Agreement. In the event that the costs of the City Phase I Roadway Improvements and the City Phase I Utility Improvements are greater than anticipated, the Master Developer shall be responsible for all additional costs for the City Phase I Roadway Improvements and City_ Phase I Utility Improvements allocated to the Property in accordance with the Master Development Agreement. The City reserves the right to levy an assessment against the Master Developer for these additional costs and shall solely look to the Master Developer for payment. In the event that the costs of the City Phase I Roadway Improvements and the City Phase I Utility Improvements are less than anticipated, the City and Secondary Developer agree to release the escrowed funds for the City Phase I Roadway Improvements and the City Phase I Utility Improvements to Master Developer in accordance with the Escrow Agreement. 6. Completion of City Phase II Improvements. All conditions precedent to the City being obligated to issue bonds and commence construction of the City Phase II Roadway Improvements set forth in Section 7.8 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 II Roadway Improvements and City Phase II Utility Improvements have not been commenced but are anticipated to be commenced on or before and anticipated to be substantially completed on or before , with the final lift of the City Phase II Roadway Improvements being installed within six months after this date. Substantially completed means that the City Phase II 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 property adjacent to such roadways in sufficent quantities for the development approved by the City. 7. Allocation of Assessments for City Phase II Improvements. Section 7.12 and Section 8.7 of the Master Development Agreement provide for the assessment of a portion of the costs of the City Phase II Roadway Improvements and the City Phase II 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 II Roadway Improvements and the City Phase II Utility Improvements against the Property. Secondary Developer hereby consents to an assessment by the City in an amount equal to.$13,426.00 against the Property for the City Phase 11 Roadway Improvements and the City Phase Il Utility Improvements. The amount of the assessment is calculated by multiplying 4.0% times $335,660.00 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 $13,426.00, 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 II Roadway Improvements and the City Phase II 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 4