Agenda - Council - 11/21/2006 - Special

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development through the date of the Development f~greement and the value of City staff time, determined pursuant to the schedule of staff time charges set forth on Exhibit C, through the date of the Development Agreement less any amounts Muir has previously paid pursuant to Section 7 below. The Development f~greement will obligate Muir to reimburse the City, on a monthly basis, for all costs and expenses the City incurs in connection '.vith the development from and after the execution of the Development "^~greement and to reimburse the City for City staff time, at the rate set forth on the attached Exhibit B, from and after the execution of the Development Agreement in connection \vith the development. The Development fi-greement shall pro'lide Muir ,,"ith reasonable rights to audit and othenvise verify costs, expenses and staff time for ,,"hich it is charged under the terms of the Dcyelopment Agreement. 5.13 ~Park Land Dedication, SAC/W AC and other Charges. The Development Agreement will obligate Muir to comply with all requirements of the City's Park Land Dedication Ordinance, Trail Fee Ordinance, SAC/W AC Ordinances and similar ordinances. A schedule of the City's current parkland dedication fees, trail fees, SAC and WAC charges and building permit fees and other fees and charges is attached to Addendum #1 to the Request for Developer Proposals. 6. Zoning and Subdivision Approvals. Muir will prepare and submit applications for all zoning, subdivision and other governmental approvals necessary in connection with Muir's proposed development of the Development Property. A preliminary schedule of the dates by which Muir anticipates will submit various applications is attached as Exhibit I)=. The City will consider and act upon all applications made to the City in accordance with the City's Ordinances. The parties contemplate that the Development Agreement will be executed in connection with and immediately following the City Council's approval of the preliminary plat and preliminary site plan appro'lals. If Muir has not submitted applications for preliminary plat and preliminary site plan approval to the City and paid the amounts due at that time pursuant to Section 7 on or before December 31,2006, .2007. either party may terminate this Agreement by written notice to the other party. 7. Partial Reimbursement for City Costs. Muir agrees that at such time as Muir submits its applications for preliminary plat and/or preliminary site plan (but not sketch plan) approyal to the City, Muir will pay to the City $100,000 as partial reimbursement of costs and expenses the City has incurred and the value of staff time the City has spent in connection '.vith this development project. The amounts paid by Muir to the City pursuant to this Section 7 are nonrefundable. 8. "Muir's Request for Public Subsidy. Based on the pro forma Muir pro'lided to the City in response to the City's request for development proposals, 1iuir has identified a funding shortfall of $3,800,000. The City and Muir are revie\ving various cost estimates in Muir's pro forma and discussing possible sources of outside funding (See Sections 5.7 and 5.8) in an attempt to reduce or eliminate the projected shortfall. Muir has asked the City to consider providing Muir ',vith proceeds from Tax Increment Financing or Tax Abatements to eliminate all 1966223vRed; 1966223vl to 1919544v4; 11/16/06 8