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16.
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<br />17.
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<br />(a) if the property sold!or Otherwise conveyed is zoned for residential use, an
<br />amount equal to $750:00 times the number of "residential units", as defined in this
<br />Section 15, that :the City's Zoning Code would allow to be constructed on the
<br />propertY sold or otherwise COnveyed; and
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<br />(b) if the property Sold or otherwise conveyed is zoned for any non-residential
<br />use, $5,000.00 for each acrs of property sold or otherwise conveyed.
<br />
<br /> For purposes of this section 4.12,. a "residential unit,, is any reSidential rental unit,
<br /> residential unit in a~C°mm°n interest community or 'detached single family
<br /> dwelling. The C!ty Will CalCUlate the payment due based on the number of acres
<br /> sold multiplied bY the allowable housing densities within the property under the
<br /> City's Zoning Ordinance. With respect to commercial property, the $5,000.00 per
<br /> acre payment shall be ~>ro rated to account for any partial acres sold.
<br /> Notwithstanding a.nything else in this Section 4.12, the Developer must pay to the
<br /> City, on the date that is fiv~ (5) Years from the date of this First Amendment, the
<br /> entire outstanding'PrinciPali balance of the $2,000,000.00. No such payments are
<br /> due as a result ofDeVelop~'s S~le of any portion of the Unsold Subject Property
<br /> prior to the date of this First Amendment.
<br />
<br />Subject to the condition preced0nt and the condition subsequent .described below,
<br />Sections 4.17, 4.18 and .4,19 iof the Master Agreement are deleted and the text of each
<br />Section is replaced with the following: ~"INTENTIONALLY OMITTED". The
<br />provisions of this Section 16 are!.not :effective until the City has levied the special
<br />assessments described in Seciions :7,6, 7.12, 7.16 and 9.2 of the Master Agreement, as
<br />amended by this First Amendment; and the period during which any party is entitled to
<br />object to or appeal any one or(more of those assessments pursuant to Minnesota Statutes,
<br />Section 429.081 has expired3 Once all applicable appeal periods under Minnesota
<br />Statutes, Sectioh 429.08! have eXpired, the City and the Developer must execute a
<br />written instrument confirming the!expiration of those appeal periods. If prior to the
<br />expiration of the appeal periods established by Minnesota Statutes, Section 429.081,
<br />Developer or any other Pm with any right, title or interest in or to the Unsold Subject
<br />Property files a notice of objection to the special assessment pursuant to Minnesota
<br />Statutes, Section 429.06!, Subd. 12; Or commences an action to appeal .the special
<br />assessment pursuant to MinnesOta Statutes, Section 429.081 or otherwise, this Section 16
<br />shall, at the option of the :City, terminate and be of no further force and effect.
<br />
<br />Section 5.1 of the Master Agreement,is hereby deleted in entirety, and a new Section 5.1,
<br />is hereby added to the Master Agreement:t° read as follows:
<br />
<br /> 5.1 C_ITY HALL AND ~CITY PARKING RAMP SITES.
<br /> ContempOraneously with the execution of this First Amendment, City
<br /> must convey the t2ity'sl NinetY Foot Tract to the Developer subject to all
<br /> covenants, conditions, restrictions and easements that were of record as of
<br /> September 16, 2003, if any, and the pending special assessments described
<br /> in Section 7.6, 7.12, 7,i6 and 9~2 °fthe Master Agreement, as amended,
<br />
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