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

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38. basis. The City may accept or reject other proposed allocations in its sole and absolute discretion. T!~e CitY agrees that the City will not assess more than $6,000,000 against the 'Unsold Subject Property for the Parking Improvements. : The modifications to Sections 9A thrOugh 9.7 of the Master Agreement set forth in Section 37 of this First Amendment are subject to a condition subsequent as follows: 39. 40. If the Developer or any o~er Interest Parties objects to one or more of the special assessments described in SectiOn 24, Section 30, Section 35 or Section 37 of this First Amendment prior to Or at the Assessment hearing or appeals one or more of such special assessments ipurSUant to Minnesota Statutes Section 429.081 or challenges such sPeci~tl assessments on any other basis the provisions of Section 37 of this First Amendment is, at the option of the City, of no further force and effect and the pt0viSions iof Sections 9.1 through 9.7 of the original Master Agreement shall be reinstated in their entirety. If neither the Developer nor any Interested Party Objects toi or appeals the assessments described in Section 24, Section 30, SectiOn 35 Or Section: 37 of this First Amendment within the appeal periods Provided under Minnesota Statutes Chapter 429, the condition subsequent described above-shall be deemed satisfied, and the City will execute documentation cOnsenting !to the release of the escrowed funds currently held pursuant to SectiOn 9.7 of the Master Agreement under the terms of the Escrow Agreements among and be,tWeen the City, the Developer and D.R. Horton, Inc.; the City~ the DeVeloper and NAU, Inc. and the City, the Developer and Amcon Housing Development, LLC, respectively. The City's consent to the release of the escrowed funds .Shall bel expressly conditioned upon the Escrow AgenPs disbursement of e~crowed ~nds: first to the City to reimburse the City for the amountsi, if any, 'the Develgper Owes to the City under the terms of the Master Agreement, including,, but iaot limited to amounts owed to the City pursuant to Section '12.3 of the Ma~ter Agreement, as of the date of the escrowed disbursement. Section 10. I of the Master Agreem~.nt is hereby amended to read as follows: 10. I DEVELoP~ER PUBLIC IMPROVEMENTS - MASS GRADING AND S~ORM WATER MANAGEMENT. Subject to Force Majeure, the Developer must complete ail 'of the mass grading of the Subject Property and must complete constrUCtion! of all of the storm water management system to serve the Subject Property in accordance with the Master Grading :Plan and~ .the :Stort~. Sewer Phasing Plan Exhibit on or before November 30, 2006. Section 11.1 of the Master Agreement is hereby amended to read as follows: 11.1 LANDsc-A~'ING ASSOCIATED WITH CITY PHASE I ROADWAY IMP, ROVEMENTS.: Subject to Force Majeure, the Developer must commencet'he installation of the landscaping described in 1710652v6