Agenda - Council Work Session - 02/01/2005

Home

39. 40. 37 of this First Amendment is, at 'the option of the City, of no further force and effect and the provisions of Sections 9.1 through 9.7 of the original Master Agreement shall be reinstated in their entirety. If neither the Developer nor any Interested Party objects to or appeals the assessments described in Section 24~ Section 30, Section 35 or SectiOn 37 of this First Amendment Within the appeal periods provided under Minnesota statutes. Chapter 429, the condition subsequent described above shall be 'deemed satisfied, and the City will execute documentation consenting to: the release o~' the escrowed funds currently held pursuant to SectiOn 9.7 of 7 the Master Agreement under the terms of the Escrow Agreements among and between the City, the DeveloPer and D.R. Horton, Inc.; the City, the Developer and NAU, Inc. and fhe City, the Developer and -Amcgn HousingI Development. LLC, respectively. The City's consent to the release of the esCrowed funds shah be expressly conditioned Upon the Escrow Agent's disbursement of escrowed 'funds first to the City to reimburse the City for the amounts, if any, the Developer owes to the City under the terms of the Master Agreement, including, but not limited to amounts owed to the City pursuant to Section 12.3 of the Master Agreement, as of the date of the escrowed disbursement. Section 10.1 of the Master Agreement is hereby amended to read as follows: 10.1 DEVELOPER PUBLIC IMPROVEMENTS - MASS GRADING AND STORM WATER MANAGEMENT. SubjeCt to Force Majeure, the Developer must complete all of the mass grading of the Subject Property and must complete construction of all of the storm water management system to serve the Subject Property in accOrdance with the Master Grading Plan and the Storm Sewer Phasing Plan Exhibit on or before November 30, 2006. Section 11.1 of the Master Agreement is hereby amended to read as follows: 11,1 LANDSCAPING :.ASSOCIATED WITH CITY PHASE I ROADWAY IMPROVEMENTS. Subject to Force Majeure, the Developer must commence the installation of the landscaping described in the Phase I Landscaping Plan within sixty (60) days of the City's substantial- completion (exclusive of the final lift) of the City Phase I Roadway Improvements, and must complete the installation of the. landscaping described in the Phase I Landscaping Plan on or before the date 180 days from the City's substantial completion (exclusive of the final lift) of the City Phase I P~oadway Improvements. Notwithstanding the foregoing, if the City substantially completes the City Phase 'I Roadway Improvements between November 1 of any year and May 1 of the following year, the Developer is not obligated to commence the installation of the 'landscaping described in the Phase I Landscaping Plan tmtil the following May 1 ~ind is not obligated to comPlete the installation of the landscaping described in the Phase I Landscaping Plan until the fbilowing September 1; The Letter of Credit the Developer delivers to the 171 (1¢~52x,2 17 -23-