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

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5:26.2 572--TIMING OF PARKLAND CREDIT TO DEVELOPER. The Developer shall not be entitled to any Applicable Parkland Credit for a Parkland Phase until the Developer has completed the improvements for that Parkland Phase, as defined in the Parkland and Trail Plan, in accordance with the Parkland and Trail Plan and the City has approved and accepted the improvements. As soon as the Developer has completed the improvements for a Parkland Phase and the City has approved and accepted the improvements._ the Developer shall be entitled to the Applicable Parkland Credit for the Parkland Phase in question per the schedule set forth on Exhibit C,.which amount shall be added to the then existing balance of the Initial Credit. 5-3-56.23 APPLICATION OF PARKLAND CREDIT IN CONNECTION WITH FINAL PLAT APPROVAL. If the Developer does not have a sufficient credit balance pursuant to Section 5.1 to offset all of the park and trail fees due and payable pursuant to the RTC Controls with respect to a Phase at the time those fees are due under the terms of Master Agreement but the Developer and the City believe Developer will have a sufficient credit balance upon the Developer's completion of one or more subsequent Parkland Phases, the City will apply the remaining credit balance available under Section 5.1 toward the payment of the park and trial fees due in connection with such Phase and will accept a letter of credit from the Developer in an amount equal to 100% of the balance of the park and trail fees due and payable under the terms of the RTC Controls with respect to that Phase. The letter of credit must authorize the City to draw on the letter of credit if the City certifies to the letter of credit issuer that the Developer has not completed one or more Parkland Phases identified in the letter of credit on or before a date mutually agreed upon by the City and the Developer and stated in the letter of credit. Any letter of credit the Developer provides to the City pursuant to the terms of this Agreement is deemed a "Letter of Credit" for purposes of the Master Agreement and is subject to all of the provisions of the Master Agreement relating to Letters of Credit including, but not limited to, Section 12.4:12.4. 5:465.:24 OTHER LETTERS OF CREDIT. Except as provided in Section 5.3 above, the City will not require the Developer to provide the City with letters of credit to secure the Developer's completion of the improvements the Developer is obligated to construct pursuant to Section 4.1 of this Agreement. ARTICLE 6ARTICLE 67 DEFAULTS 6 7.1 The provisions of Article 15 of the Master Agreement apply, in all respects, to this Agreement and for purposes of said Article 15, the parties' obligations under this Agreement shall be deemed obligations under the Master Agreement. The provisions of Section 15.1 relating to Letters of Credit shall apply to any letter of credit the Developer provides to the City pursuant to the terms of this Agreement. The Master Agreement is modified by adding a new Section 15.3(e) which shall read as follows: Failure by the Developer to perform the Developer's obligations under the Parkland Trail Plan Agreement for Ramsey Town Center effective as of the day of , 2004. 1639311v1 4