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GENERAL BUSINESS <br />TERMS AND CONDITIONS <br />D f S 1 6 H <br />To: <br />Jim Norman, City Administrator <br />John Feges, President RTC, LLC <br />From: <br />James B. Lasher, ASLA <br />Project: <br />Ramsey Town Center <br />Subject: <br />Developers Agreement Amendment Proposal to RTC, LLC <br />Date: <br />October 13, 2004 <br />Revised: <br />October 25, 2004 <br />October 27, 2004 <br />November 4, 2004 <br />In the spirit of continued negotiations between RTC, LLC ("RTC") and the City of Ramsey (the <br />"City") and based on meetings between Jim Norman, John Feges, Bill Goodrich and Tom Bray, I <br />have prepared the following General Business Terms as a counter-offer to RTC and their <br />proposal dated October 7, 2004 (attached as Exhibit "A"). This counter -proposal is submitted to <br />RTC with the express understanding that City staff and consultants will expend no additional <br />time or effort on these negotiations unless the Community National Bank (the "Bank") is present <br />at all meetings. <br />The City, RTC and the Bank will amend the Development Agreement, effective <br />immediately, to provide for RTC's consent to and waiver of its rights to appeal a total <br />of $10,341,235 in special assessments over a 15 year term. The City will promptly <br />commence and diligently proceed with the steps necessary to allow the City to levy the <br />special assessments against the Subject Property, as defined in the Development <br />Agreement, less the approximately 13.5 acres currently owned by D.R. Horton, the <br />approximately 1.23 acres owned by NAU, Inc.; and the approximately 5.35 acres owned <br />by Charter School (the "Assessment Property"). The special assessments will be levied <br />as follows: <br />a. $6.0 million assessed against the Assessment Property for Parking Improvements; <br />b. $3.0 million assessed against the Assessment Property for AUAR Roadway <br />Improvements; and <br />c. $1,341,235 assessed against the Assessment Property for Phase I and Phase II <br />Roadway Improvements. <br />The City agrees to defer assessments according to 429.061 Subdivision 2 for the earlier <br />of three years from the date of assessment or final platting. <br />2. The City and RTC and the Bank agree that the Development Agreement amendment will <br />provide that when the assessments described in Section 1 above have been levied and <br />assessed and the period during which the owner or other interested parties may appeal the <br />assessment has expired, Section 4.19 of the Development Agreement (Special Taxing <br />Planning I Architecture I Urban.Design I Landscape.Architecture <br />LSA DESIGN, INC. 1 250 Third Ave. North, Suite 600 1 Minneapolis, MN 55401 1 612.339.8729 1 Fax: 612.339.7433 I mail@lsadesigninc.com <br />