Agenda - Council - 03/25/2003 - Laserfiche WebLink

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-142- iii. The secondary developer agrees in writing to take no action in derogation of the Developer's obligations under the Development Agreement. iv. The City will participate in the selection of the secondary developers. h) Outstanding Issues. There are many issues that remain to be negotiated between the parties. The issues include but are not limited to the following: Infrastructure. The schedule and estimated cost of the public improvements needs to be determined. The parties must determine who will be responsible for the costs of the public improvements before development can commence. ii. City Fees. City fees associated with the development need to be determined and assigned. 5) The Approval Process. The City and the DeveloPer confirm their understanding that the approval shall include, but not be limited to, the following: a) The City and Developer will consult as to the selection of tenants and the overall business mix. b) The Developer will prepare and the City will review and consider approval of a master sketch plan or schematic for the Town Center. The plan will identify and outline the various phases of the Town Center. c) The Developer will prepare and the City will review and consider approval of an area plan that provides more specific detail for the Town Center. d) The Developer will prepare and the City will review and consider approval the site plan and plat for the town Center. 6) Escrow Pending Development Agreement. The parties recognize that the process for obtaining the various governmental approvals needed for the Town Center, including but not limited to negotiation and finalization of the Development Agreement requires significant City staff time and resources. As with all City developments, the City requires the Developer or applicant to post a cash escrow with it from which escrow expenditures attributable to the project for City staff time and resources can be reimbursed. Therefore, upon execution of this Memorandum, the Developer shall deposit a $50,000.00 cash escrow with the City. From said escrow the City will then be permitted to be reimbursed for its expenses attributable to the Town Center. From time to time, Developer will be required to deposit additional funds into the escrow as directed by the City's finance offer in order to keep the balance of the escrow in an amount sufficient to pay the City's ongoing expenses attributable to the Town Center. 7) Non,Binding Effect. This memorandum shall be NON-BINDING on either party and is intended as a negotiation instrument for a final binding agreement between the parties in the form of a Development Agreement. 03-20-03 Draft I I I' I I I I I I I ! I I I I I,