Agenda - Council - 11/14/2017 - Laserfiche WebLink

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nght to object to the establishment ofthe special service district, waives its right to appeal the establishment of the special service district, and waives its right to file an objection to the ordinance, pursuant to Minn. Stat. Ch 428A as cited m Section 4 19, with respect to the Property e Purchaser agrees to enter into an escrow agreement, in form and substance satisfactory to Seller, Purchaser and the City, as contemplated by Sections 7.7, 7.13 and 9 7 of the Master.Development Agreement, with respect to Purchaser's acquisition of each portion of the Property, which shall include the consents and waivers by Purchaser required thereby 3 Seller's Raehts and Obligations under the Master Develoument Aereenient. Except to the extent provided otherwise in Section 2 above, Seller shall have all rights and obligations of the Developer under the Master Development Agreement with respect to the Property. Without limiting the generality of the foregoing, Seller agrees as follows with respect to the Property. a Any payments or obligations to the City arising under the Master Development Agreement or any Secondary Development Agreement relating to the Property are the sole responsibility of Seller, except to the extent Purchaser has expressly assumed such payments or other obligations in writing Without limiting the generality of the foregoing, Seller shall be responsible for the payment of all park and trail fees pursuant to Section 4,12 of the Master Development Agreement b Seller shall be responsible for complying with Section 4.14 (preparation of finial plans for grading within a phase) ofthe Master Development Agreement with respect to the Property In addition, Seller agrees to rough and final grade all of the residential lots that Purchaser elects to purchase. c Seller agrees to enter into an escrow agreement, in form and substance satisfactory to Seller, Purchaser and the City, as contemplated by Sections 7.7, 7 13 and 9.7 of the Master Development Agreement, at each closing with respect to the Property and to escrow the amounts required thereby This Section 3 is an agreement between Seller and Purchaser, and is not binding on. the City. 4, Cato Agreement. The City hereby agrees as follows a. The City, Seller and Purchaser agree that for purposes of Section 4 16 of the Master Development Agreement, the total taxable market value of the residential Development to be constructed on the Property upon complete build out is deemed to be $241,815,000 00 To ensure that Purchaser's development of the Property is not delayed due to a failure of Seller to commence construction of non-residential Development sufficient to comply with Section 4 16 of the Master Development Agreement, the City agrees not to approve anal Plans for residential Development on portions of the Subject Property other than the Property until {i) non-residential benchmarks set forth in Section 4 16 of the Master Development Agreement are achieved which permit such additional residential Development (EXAMPLE. if the $19,271,537 00 non-residential 1593168v2 3