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Section 30: ; <br />Assistant Public Works Director Olson re. viewed Section 30: Amendment to Section 32, Section <br />7.12 of the Master Development Agreement for City Phase 71I Roadway Improvements. He <br />indicated the developer has agreed to ian assessment amount of $514,810, rather than the <br />indicated anmunt of $612,696. <br /> <br />City Attorney Goodrich indicated the city :will not commence construction of Phase II roadway <br />improvements until development plans have been submitted. This is outlined in Section 28. <br /> <br />Section 37: : <br />Mr. Lasher reviewed Section 37; regarding the parking structures and the assessment agreement <br />for parking improvements. <br /> <br />Councilmember Elvig questiOned why the estimate in the first draft was so far off, as the present <br />numbers suggest that estimate is off by 50 percent. <br /> <br />Mr. Lasher explained a general number of $10i000 per stall was used in the first draft. This <br />number was used until getting into the design- :In addition, age was added to the agreement, and <br />cach year the cost goes up about! six Percent. Secondly, as the parking facilities were designed <br />and it was seen what $10,000 per s_tall Would build, they began adding costs to the design. <br />Thirdly, these structures are being designed in Phases, and as they push out 200 stalls the cost of <br />those stalls keep going up. The costs would be cheaper if the stalls were built at one time. <br /> <br />Councihnember Elvig noted the current eStimates are 50 percent higher than when they started. <br />He questioned if they are now locked in on these numbers. Mr. Lasher responded in the <br />affirmative. <br /> <br />Section 43' <br />Counci hnember Strommen inquired about posSible stop-gap measures. <br /> <br />City Attorney Goodrich explained stop-gap meaSures that could be utilized would be halting the <br />project, suing the developer, stopping building permits, etc. <br /> <br />Mt'. Fcges explained this section relates to the:Master Development Agreement requirernents for <br />storm grading, etc. It does not take into consideration the secondary developers. <br /> <br />Assistant Public Works Director Olson advised it is important that no portion of this letter of <br />credit be granted to the secondary developers. <br /> <br />Option Agreement: <br />City Attorney Goodrich reviewed the Option Agreement with the Council. He explained the City <br />will not be acquMng land that can be s°ld; asit is required the land be used for specified uses. <br /> <br />City CoUncil Work Session/February 15, 2005 <br /> Page 4 of 6 <br /> <br /> <br />