Agenda - Council Work Session - 02/15/2005

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percentages set for.th on Exhibit F-1. The special assessment wilt be payable in a siugle installment, but the City will defer the obligation to pay the special assessment [Jim, please eoufirm whether we agreed that tile deferment would be with or without interest during the deferral period]liT IS ,IOHN FEGES' [JNDERSTANDING THAT THE DEFERMEN_T IS WITHOUT INTER. EST.1 until the earlier of the date tl'u:ee years after the date the City levies the special assessment or the date the City approves a final plat replatting all or a portion of the Unsold Subject Property. Notwithstanding the foregoing, the special assessments due and payable with respect to Outlot I, [is this the correct legal description of the Ra-mdance Parcel? YES]; RAJViSEY TOWN CENTER ADDITION, Ad~oka County, Mi~mesota will be payable in a single installment upon the later of the date thirty (30) days after the City levies the special assessment or March 1, 2005. If the Developer replats a portion of the Unsold Subject Property, the special assessment will be due only with respect to the tax parcel or parcels that include all or a portion of the Unsold Subject Property that is being replatted and the special assessment will remain deferred for the balance of the Unsold' Subject PrbPerty. The Developer and the Interested Parties hereby consent to the City's levying of a special assessment against the Unsold Subject Property for the City Phase I Roadway Improvements in an amount equal to $876,035.00 pursuant to Mim~esota Statutes, Chapter 429,' the City Charter and the City Ordinances, and hereby waive any and all procedural and substantive objections to a special assessment in that amount, including, but not limited to, notice and hearing requirements, claims that the Unsold Subject Property, or any part thereof, does not receive a benefit from the City Phase I Roadway hnprovements, claims that property other than the Unsold Subject Property receives a benefit from the City Phase I Roadway' ~hnprovements, claims that the assessment is not uniforrn~upon the same classes of property and claims that the amount of the special assessment allocated to any lot or outlot pursuant to Exhibit F-1 exceeds the benefit to such lot or outlot. The Developer and the Interested Parties also waive any appeal rights otherwise available pursuant to Mim~esota Statutes, Section 429,081 and any rights available under .the City Charter or the City Ordinances. The consents and waivers set fortlx in this Section 7.6 mn with title to the Unsold Subject Property and are binding on the Developer and its successors and assigns. Until the City levies the special assessment, the special assessment constitutes a pending special assessment. If a subsequent final plat for a Phase'subdivides one or more of the lots or outlots referenced on Exhibi.t F:I., the City must allocate the special assessment pending or levied against that lot or outlot among the lots o1' outlots created by such final plat. The Developer or a Secondary Developer, if applicable, must prepare and submit to the City, for its review, a proposed allocation of the pending or levied special assessments among the lots or outlots created by such final plat. The City must adopt the Developer's or, .if applicable, a Secondary Developer's proposed 1710652v2 8