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

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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 11 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 II Roadway Improvements and the City Phase II 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 $13,426.00. Payment of the special assessment shall be disbursed in accordance with the Escrow Agreement as contemplated by Section 7.13 of the Master Development Agreement. The City shall not assess the Secondary Developer or the Property any additional amounts for City Phase II Roadway Improvements and City Phase II 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 assessment for the City Phase II Roadway Improvements and the City Phase II 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 7.12 of the Master Development Agreement. In the event that the costs of the City Phase II Roadway Improvements and the City Phase II Utility Improvements are greater than anticipated, the Master Developer shall be responsible for all additional costs for the City Phase II Roadway Improvements and City Phase II 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 II Roadway Improvements and the City Phase II Utility Improvements are less than anticipated, the City and Secondary Developer agree to release the escrowed funds for the City Phase II Roadway Improvements and the City Phase II Utility Improvements to Master Developer in accordance with the Escrow Agreement. 8. Parking Ramps. Section 9.6 of the Master Development Agreement provides for the assessment of a portion of the costs of the Phase I Parking Ramp 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 Phase I Parking Ramp against the Property. Secondary Developer hereby consents to an assessment by the City in an amount equal to $240,000.00 against the Property for the Phase I Parking Ramp. The amount of the assessment is calculated by multiplying 4.0% times $6,000,000.00 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 $240,000.00, including, but not limited to, notice and hearing requirements, claims that the Property, or any part thereof, does not receive a benefit from the Phase I Parking Ramp, 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 5