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

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percentages set forth on Exhibit F-1. The special assessment will be payable in a single installment, but the City will defer the obligation to pay the special assessment until, the earlier of (i) the date three years after the date the City levies the special assessment or (ii) the date the City approves a final plat replatting alt or a portion of the Unsold Subject Property. Clause (ii) of the preceding sentence does not apply to final plats the City approved prior to the date of this First Amendment and does not apply to the final :plat of RAMSEY TOWN CENTER 5TH ADDITION which has received final plat approval from the City Council but which is being modified :and will be reapproved prior to being recorded. Interest will accrue on the unpaid balance of the deferred special assessment at the rate of 6.3% per annum. 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 Property. 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 Minnesota 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 SubjeCtl Property, or any part thereof, does not receive a benefit fi.om the :City Phase I Roadway Improvements, claims that property other than the Unsold Subject Property receives a benefit from the City Phase I RoadWay improvements, claims that the assessment is not uniform uPon the same 'classes of property and claims that the amount of the special assessment allocated to any lot or outlet pursuant to Exhibit F.-1 exceeds the benefit to such lot or outlet. The Developer and the Interested Parties also Waive any appeal rights otherwise available pursuant to MinneSota statUtes, Section 429.081 and any rights available under the City Charter or the City Ordinances. The consents and waivers set forth in this SeCtion 7.6 run with title to the Unsold Subject Property and are binding on ihe 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 lets or outlets referenced on Exhibit F-l, the City must allocate:the SPecial assessment pending or levied against that lot or outlet among the lots or outlets created by such final plat. The Developer or a 8econdary~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 outlets created by such final plat. The City must adopt the DeVeloper's or, if applicable, a Secondary Developer's proposed allocation if the Developer's or, if applicable, a Secondary Developer's proposed :alloCation is done on a per square foot 1710652v6