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Section 30: <br />Assistant Public Works Director Olson reviewed Section 30: Amendment to Section 32, Section <br />7.12 of the Master Development Agreement. fo!' City Phase II Roadway Improvements. He <br />indicated the developer has agreed to an assessment amount of $514,810, rather than the <br />indicated amount 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 />Councihnember 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 pemenf. <br /> <br />Mr. Lasher explained a general number of $10,000 per stall was used in the first draft. This <br />uumber was used until getting into the design. In, addition, age was added to the agreement, and <br />each year the cost goes up abou[ six pereenL S~condly, as the parking facilities were designed <br />and it was seen what $10,000 per stall Would build, they began adding costs to the design. <br />Thh'dly, 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 ckeaper if the stalls were built at one time. <br /> <br />Councihnembcr Elvig noted the current estimate~ 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 />affirmativc. : <br /> <br />Section 43: <br />Councilmember 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 pel.rnits, etc. <br /> <br />Mr. Fegcs explained this section relates to the:Master Development Agreement requirements for <br />storm grading, etc. It does not take into consideration the secondary developers. <br /> <br />Assistant Public Works Director Olson advised tit is important that no portion of this letter of <br />credit be granted to the secondary developers. <br /> <br />.0. ption Agreement: <br />City Attorney Goodrich reviewed the Option Agreement with the Council. He explained the City <br />will not be acquiring land that can be so!d, as it is:required the land be used for specified uses. <br /> <br />City Council WoVkSes~on/February 15, 2005 <br /> page:4 of 6 <br /> <br /> <br />