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

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allocated among ~me UnSold subject Property pursuant to the percentages set forth on Exhibit F-I.:: ~The special assessment will be payable in a single installmefft; but the City will defer the obligation to pay the special assessment until the earlierlof (i) the date three years after the date the City levies the spec!al: assessment or(ii) the date the City approves a final plat replatting all 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 thisFitst Amendment and does not apply to the final plat of RAMSEy TOWN CENTER 5TH ADDITION which has received final plat approVa[ fi.om 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 defe~r~ ed 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 tax parcels that include all or any 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 Subj ~efft .property for the Parking Improvements in an amount equal to $6,000,000, purs .u,3r_nt to Minnesota Statutes, Section 459.14 and Chapter 429, the City Charter and the City Ordinances and hereby waive 'any and all procedural and isubstantive objections to a special assessment in that :amount, including,! but not limited to, notice and hearing requirements, claims that the Unsold Subject Property does not receive a benefit .from the Parking ImProvements, claims that property other than the Unsold Subject ProPerty receives a benefit from the Parking Improvements, claims that :the aSsessment is not uniform upon the same classes of prope~ 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 lotOr outlot,: The DeveloPer and the Interested Parties also waive any appeal fights otherwise available pursuant to Minnesota Statutes, Section 459.14 or: 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 9,2 run with title to the Subject Property and are binding on the Developer and its successors and assigns. Until the City levies the special assessm~t, the special assessment constitutes a pending :special assessment. If a subsequent final plat for a Phase subdivides one or tuore of the lots or outlots referenced on Exhibit F-I, the City must allocate the Special assessment pending or levied against that lot or outlot among the lots 0rl Outlots created by such final plat. The Developer or a Secondary !Developer, if applicable, tuust prepare and submit to the City, :for its reView, a proposed allocation of the pending or levied special aSsessm~ts 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 allocation if the Developer's or, if applicable, a Secondary Developer's :propoSed allocation is done on a per square foot 1710652v6