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

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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 Phase I Parking Ramp. 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 Phase I Parking Ramp, 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 $240,000.00. Payment of the special assessment shall be disbursed in accordance with the Escrow Agreement as contemplated by Section 9.7 of the Master Development Agreement. The City shall not assess the Secondary Developer or the Property any additional amounts for the Phase I Parking Ramp and any other parking ramps referenced in the Master Development Agreement. The City waives any right to levy an additional assessment for the Phase I Parking Ramp and any other parking ramps referenced in the Master Development Agreement 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 9.6 of the Master Development Agreement. In the event that the costs of the Phase I Parking Ramp and any other parking ramps referenced in the Master Development Agreement are greater than anticipated, the Master Developer shall be responsible for all additional costs for the Phase I Parking Ramp and any other parking ramps referenced in the Master Development Agreement 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 Phase I Parking Ramps and any other parking ramps referenced in the Master Development Agreement are less than anticipated, the City and Secondary Developer agree to release the escrowed funds for the Phase I Parking Ramp and any other parking ramps referenced in the Master Development Agreement to Master Developer in accordance with the Escrow Agreement. 9. Park and Trail Fees. The Property is located in the Greenland Hills District. The City and Master Developer have negotiated a Parkland and Trail Plan Agreement in accordance with the Master Development Agreement. However, the Parkland and Trail Plan Agreement has not yet been executed by the parties. No park dedication or trail development fees are owed in connection with the development of the Property under the Parkland and Trail Plan Agreement. In the event that the Parkland and Trail Plan Agreement is not executed, the park dedication and trail development fees owed for the development of the Property shall total: (a) Forty -One Thousand Three Hundred Eighty -Two and no/100 Dollars ($41,382.00), which amount is calculated by multiplying 9.5 acres times $4,356.00 per acre, for the park dedication fees; and (b) Ten Thousand Three Hundred Fifty -Five and no/100 Dollars ($10,355.00), which amount is calculated by multiplying 9.5 acres times $1,090.00 per acre, for the trail development fees. The City shall not release the mylars of Ramsey Town Center 3`d Addition for recording until either the Parkland and Trail Plan Agreement is executed or an escrow is established under the Escrow Agreement in the amount set forth above. Upon execution of the Parkland and Trail Plan 0