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

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Final Escrow Requirements, Section 9.50.50, subdivision 5 & 6 of the City Code. 5. The City, the RTC and the Bank will amend the Development Agreement, effective immediately, to re -define the City Hall Site as the property depicted on the attached Exhibit C, and the City and the Developer will immediately proceed with the exchange contemplated in Sections 5.1 and 5.2 of the Development Agreement. 6. Contemporaneously with the execution of the Development Agreement Amendment, the City and RTC will execute and record a Parking Improvement Maintenance Agreement which establishes covenants running with all of the property described on Exhibit D (the "Core Area") for the benefit of property in the Core Area then owned by the City or subsequently acquired by the City and improved as a public parking lot or ramp. The Agreement will obligate the owners of the property within the Core Area to pay the City, on an annual basis, an amount equal to the City's annual cost of maintaining and repairing any and all public parking lots or parking ramps located within the core area and available for use by owners of the buildings located in the core area or their tenants, guests and invitees. The costs shall be allocated among all of the improved parcels within the Core Area Property (other than parcels improved as public parking ramps or public parks) based on the number of parking spaces required for the improvements located on each parcel under the City's zoning code (less the number of parking spaces each parcel provides on -site). The Maintenance Agreement will acknowledge that the City may, at any time, elect to terminate the Maintenance Agreement and assess the costs of the parking lot and parking ramp against benefited parcels pursuant to Minn. Stat. Section 459.14 and Chapter 429. 7. The RTC and the Bank agree to pay the City $2.00 million to cover costs associated with the development of parks within the Core Area. This payment will be made to the City at time of sale of residential and commercial properties by RTC to Secondary Developers. This payment will be charged at the rate of $750.00 per residential unit, either ownership or rental for all units within the Project Limits. A Residential Unit is defined as any apartment unit, townhome unit, and single-family attached or detached unit. The City will calculate the payment due based on the number of acres sold multiplied by the allowable housing densities within the property. Furthermore, the RTC, LLC agrees to provide this same fee for Commercial property at the rate of $5,000 per acre of commercially zoned property. On , 20_, RTC must pay any outstanding balance of the $2.00 Million, not previously paid at the time of sale of residential or commercial property. 8. The City, RTC and the Bank will amend the Development Agreement, effective immediately, to establish a schedule or other mechanism to provide RTC and the Bank with some assurances that the City's commencement and completion of Phase II Roadway Improvements is coordinated with RTC's sale and development activities, so