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

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commence construction of the Zeolite Improvements upon the issuance of a building permit to the Secondary Developer for the Property .and shall thereafter be able to complete the Zeolite Improvements without additional requirements of the City. The Secondary Developer shall enter into a construction contract with Shingobee Builders, Inc. for the construction of the Zeolite Improvements, which contractor the City hereby approves. . Although the City is obligated to construct the Zeolite Improvements under the Master Development Agreement as a part of the City Phase II Roadway Improvements and City Phase II Utility Improvements, the Secondary Developer is performing such obligation in order to ensure timely completion of the Zeolite Improvements. In order for the Property to open for business for retail purposes, the Zeolite Improvements must be completed concurrently with the improvements within the Property. Realizing that the Secondary Developer is assuming responsibility for certain City obligations and that the Master Developer is paying for these City obligations, the City shall negotiate in good faith with the Master Developer for an equitable credit against future assessments by the City. for City Phase II Roadway Improvements and the City Phase II Utility Improvements costs. The credit shall be based on the reasonable costs incurred to construct the Zeolite Improvements. As security to ensure the completion of the Zeolite 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 $280,500.00. 16. City Administrative Costs. The City shall collect all costs incurred in connection with the development of the Property that relate to the Master Development Agreement from the Master Developer, including but not limited to, all costs to: (a) negotiate, administer and enforce this Allocation Agreement; (b) negotiate, administer and enforce the Escrow Agreement; (c) review the plans for the Streetscape. Construction, inspect the improvements constructed and all other costs otherwise related to the Streetscape Construction; (d) review the plans for Zeolite, inspect the improvements constructed and all other costs otherwise related to construction of Zeolite. The Secondary Developer shall not be responsible to reimburse any costs or make any deposits under Section 12.3 of the Master Development Agreement. Secondary Developer shall have no liability to deposit the $250,000 obligation set forth in this section and the City shall solely look to Master Developer for satisfaction of this obligation. The City shall not assess the Secondary Developer or the Property for any amount of these costs. The Secondary Developer's reimbursement to the City for cost incurred shall be limited to fees and charges the City incurs and pays to third parties that specifically and exclusively are incurred in connection with the development of the Property in accordance with the Development Contract for Ramsey Town Center P Addition. 10