Agenda - Council - 11/21/2006 - Special

Home

5.7 Existinl! Muir Purchase Al!reements. Muir has entered into nurchase al!reements for the nurchase of Parcels C. E. H. and I. Muir will nromntlv terminate the nurchase al!reements for Parcels C and E. fDiscuss what will hannen with the nurchase al!reements for Tracts H and 1.1 5.8 Title Materials. Surveys. and Environmental Renorts. Muir will. on or before . 2006. nrovide to the City all title insurance commitments or other title work. surveys and environmental renorts Muir has acouired with resnect to the Develonment Pronertv. 5.9 ~General Offsite Public Improvements. The Development Agreement will obligate Muir to pay up to $5,300,000 tofWhen?l the City te compensate the City$1,747A48.00 as nartial comnensation for costs the City will incur to construct the offsite public improvements described in Bolton & Menk, Inc.'s January 26,'s .2006 Memorandum to Brian Olson, et. Al., regarding Development Cost Participation (the "Offsite Public Improvements"). The Offsite Public Improvements include certain trail improvements, and Muir will receive a credit from the City against the $5,300,0001.747.448.00 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 .^...noka County to contribute approximately an additional $1,350,000.00 to the cost of the Offsite Public Improvements. The Development }~greement \vill provide that any amounts .^~noka County agrees to pay toward the cost of the Offsite Public Improvements 'sill be credited against the $5,300,000.00 Muir is obligated to pay to the City. The Development .^~greement may obligate the City toand Muir may al!ree. in the Develonment Al!reement. that the City will construct and specially assess the Development Property and, if appropriate, other property for the cost of some or all of the Offsite Public Improvements,!, 5.10 ~Special Assessments for the Cost of Improving County Road 116. The development of the Development Property pursuant to the Development Agreement will require that all or a nortion of County Road 116 be built. The City and Muir currently estimate that the cost of building County Road 116 '.",ill be $2,300,000. The Development Agreement will obligate the City to build County Road 116 and the City willIe'll' special assessments pursuant to Minn. .stat. Ch. 129 and the City's Charter to finance the work. The Development Agreement will obligate the Developer to accept, '.vithout objection or appeal, special assessments in an amount equal to 50% of the cost of the City's construction of County Road 116. In the De';elopment .^....greement the City will agree that the assessments the City le'/ies to finance the construction of County Road 116 '.vill be payable O'ler a 20 year term.116. fDiscuss 1 1966223vRed; 1966223v1 to 1919544v4; 11/16/06 6