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

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the property the City phasb Iii RoadWay Improvements benefit. The City, the DeVeloper and the IntereSted Parties hereby agree the City Phase II Roadway ImproVements :will ;benefit the Unsold Subject-Property. Attached as EX,bit R is a Petition for the City Phas~ II Roadway ImproVements executed by the Developer, Ramdance and PSD. The City will promptly COmmence land diligently pursue the actions necessary to specially assess [$612,696.001 of the. cost of the City Phase II Roadway Impr°vements against the Unsold Subject Property pursuant to Minnesota Statutes, Chapter 429, The special assessment will be allocated among the Jots and outlots that constitute the Unsold Subject Property pursuant to the percentages set forth: :on Exhibit F-1. The special assessment will be payable in a single inStalln~ent, 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 ~Pecial assessment or (ii) the date the City approves a final plat replottin, g all or a portion of the Unsold Subject Property. ClauSe (ii)of:the Preceding sentence does not apply to final plats the City approVed priOrto 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 sulJject property that is being replatted and the special assessment will refi~ain ideferred for the balance of the Unsold Subject Property.i; The DeVelOper and the Interested Parties hereby consent to the citY's levyir~g' of ~ speciaI assessment against the Unsold Subject Property ;for the City Phase II Roadway Improvements in an amount equal to I$612,69~001 pursuant to Minnesota Statutes, Chapter 429, the City charter arid the City Ordinances, and hereby waive any and all procedural and iSubstantive objections to a special assessment in that amount, including,: but not ilimited to, notice and hearing requirements, claims that the Utisold Subject Property, or any part thereof, does not receive a benefit from the CitY Phase II Roadway Improvements, claims that property other' than th~ Un~old Subject Property receives a benefit from the City Phase II Roadway Improvements, claims that the assessment is not uniform upon the same classes of property and claims that the amount Of the sp~ial assessment allocated to any lot or outlot pursuant to Exhibit F-1 exceeds the ben~fit to such lot or outlot. The Developer and the Interested Parties also Waive-any appeal rights otherwise available pursuant to MinneSOta Statutes, Section 429.08I and any rights available under the: City Charter or the_: city Ordinances. The consents and waivers set forth in this seCtion 7.12. run 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 1710652v6 11