Agenda - Council - 07/25/2006 - Laserfiche WebLink

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. . . I 91 9544v3 the parties will have no further contractual rights or obligations to one another under this Agreement. . 5.6 Muir's Acquisition of Title to Development Property. Muir has provided the City with copies of Purchase Agreements evidencing Muir's right to purchase the Parcels described on the attached Exhibit B, and the City and Muir anticipate that Muir may enter into additional purchase agreements giving Muir the right to acquire additional portions of the Development Property both before the City and Muir execute the Development Agreement and after Muir and the City execute the Development Agreement. The Development Agreement will obligate the City to, upon Muir's written request, dismiss the eminent domain proceedings with respect to any Parcel, or any portion of a Parcel, that is owned in fee by Muir; provided, the City's obligation to dismiss the eminent domain proceedings is conditioned upon Muir's granting the City an option to purchase the property the City dismisses from the eminent domain proceedings from Muir during the six mpnth period following the expiration or earlier termination of this Agreement or the Development Agreement for a purchase price equal to Muir's actual acquisition cost paid to third parties for such property plus any out-of-pocket costs and expenses Muir incurred in connection with the acquisition of the property from third parties provided such costs and expenses may not exceed 15% of the amount of Muir's actual cost of acquisition of the property. 5.7 General Off site Public Improvements. The Development Agreement will obligate Muir to pay up to $5,300,000 to the City to compensate the City for costs the City will incur to construct the off site public improvements described in Bolton & Menk, Inc.'s January 26,2006 Memorandum to Brian Olson, et. AI., regarding Development Cost Participation (the "Offsite Public Improvements"). The Off site Public Improvements include certain trail impr~vements, and Muir will receive a credit from the City against the $5,300,000 in an amount equal to the amount of the trail fees Muir is obligated to pay to the City as referenced in Section 5.11 below. The City is asking Anoka County to contribute $1,350,000.00 to the cost of the Off site Public Improvements. The Development Agreement will provide that any amounts Anoka County agrees to pay toward the cost of the Off site Public Improvements will be credited against the $5,300,000.00 Muir is obligated to pay to the City. The Development Agreement may obligate the City to construct and specially assess the Development Property and, if appropriate, other property for the cost of some or all of the Off site Public Improvements 5.8 Special Assessments for the Cost of Improving County Road 116. The development of the Development Property pursuant to the p,evelopwent Agreement will require that County Road 116 be built. The City and Muir currently estimate that the cost of building County Road 116 will be $2,300,000. The Development Agreement will obligate the City to build 4 -277-