CCP 07-31-2007 sp mtg - Laserfiche WebLink

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before the Redeveloper closes on the Option Parcel. Easement/Access Agreement: The City shall secure an easement from the current owner of Parcel C for the placement of a stormwater pipe connecting the Property with a pond located on Parcel B further described below. In addition, the City shall secure an access agreement that allows the Redeveloper to access to the portion of Parcel C indicated in Exhibit 4 for the purposes of staging construction. Such agreement shall be in place by September 1, 2007 for a period of 12 months. Skyway Connection: The City will work cooperatively with the Redeveloper to accommodate a proposed skyway across the Ring Road to connect the proposed office buildings to be constructed on the Property and Option Property. Time is of the Essence: Redeveloper and the City agree that time is of the essence and that the parties will work together to expeditiously facilitate the issuance of the necessary permits and obtain the necessary approvals. Remedy Upon Redeveloper's Default: The deed transferring the site to the Redeveloper will contain a right of reverter which will be superior to the rights of any liens, except that the City will subordinate its right of reverter to the Redeveloper's construction mortgage. The right of reverter shall be released upon the issuance of the first certificate of occupancy for the Minimum Improvements. Prohibition on Tax Exemption: Once acquired by the Redeveloper, the Redevelopment Property and Minimum Improvements will not become exempt from ad valorem property taxes until termination of the TIF District. This covenant will be contained in a declaration of restrictive covenants to be signed by the Redeveloper and recorded against the Redevelopment Property. Storm Water Ponding: • The City will own the portion of Parcel B on which the storm water pond is to be constructed. • Storm water ponding required for the Property and the Option Property shall be designed by the City in accordance with a storm water management plan in a timely fashion to allow submission of the Permit Application to the Rice Creek Watershed District referenced below. • The City shall obtain approval from the MPCA and complete removal any dump material to accommodate the storm water pond by October 1, 2007.