Agenda - Council - 02/22/2005 - Laserfiche WebLink

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20. 21. 22. 23. 24. a posen of the Subjget Property subject to the Parking Improvement Maintenance Agreement. The Master Agreement ~is hereby amended by adding a new Section 5.5 which reads as follows: : 5.5 OPTION; Contemporaneously with the execution of this First Amendment, the City and the Developer are executing an Option Agreement. The Parties will record the Option Agreement against the portion of the Subject Property subject to the Option Agreement. Subject to Section 26, Sections 7:1 and 7.2 of the Master Development Agreement are deleted in their entirety, and each is replaced with the following: INTENTIONALLY OMITTED. Subject to Section 26, Section 7~3 of. the Master Development' Agreement is hereby amended to read as follOWs: ~ 7.3 COMMENCEMENT AND COMPLETION OF THE CITY PHASE I ROADWAY iMPROVEMENTS. The City substantially completed constmction of the City Phase I Roadway Improvements on or before December 31, :2004 (the "City Phase I Roadway Improvements Substantial ComPletion Date"). The City must install the final lift of the City Phase I RoadWay improvements on or before June 1, 2005. The City Phase I RoadwaY Improvements constitute public streets and will be maintained by theCity as public streets. Subject to Section 26, section 7.5 of the Master Development Agreement is hereby deleted in its entirety and replaced with the following: INTENTIONALLY OMITTED. Subject to Section 26, Section 7.6 of 'the Master Development Agreement is hereby amended to read as folloWs: 7.6 ASSESSMENT AGREEMENT FOR CITY PHASE- I ROADWAY IMPrOVEMENTs. Minnesota Statutes, Chapter 429, the City's Charter and. the City'S Ordinances authorize the City to assess all or a portion of the cost of the ~City Phase I Roadway Improvements against the property the City Phase ~I.Roadway Improvements benefit. The City, the Developer and the Interested Parties hereby agree the City Phase I Roadway Improvements will benefit the Unsold Subject Property. Attached. as Exhibit R is :a Petition for the City Phase I Roadway Improvements exeCfited by the Developer, Ramdance and PSD. The City will promptly commence and diligently pursue the actions necessary to specially assess $8~/6,035.0{) of the cost of the City Phase I Roadway Improvements against the Unsold SUbject Property pursuant to Minnesota Statutes, Chapter 429. The SPecial assessment will be allocated among the lots and °utlots that constitut, e the'Unsold Subject Property pursuant to the 1710652v6 7