03-08-2000 Council Agenda - Laserfiche WebLink

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5. Obligations of Developer: a. Developer shall assume all rights, obligations, responsibilities, and liabilities of City created by the Exclusive Option Agreement and the Amendment to the Exclusive Option Agreement attached as Exhibit D. b. Developer shall have available at the closing scheduled for February 29, 2000 all funds required by the agreements attached as Exhibit D. Said funds are to wired to the closing agent pursuant to the Amendment to the Exclusive Option Agreement. c. Developer shall deposit with City on February 29,2000 by 10:00 a.m., central standard time, Ten thousand dollars ($10,000.00) as a deposit to reimburse the City for its cost associated with consummating this transaction, including the negotiations involved in preparation and execution of the documents referenced in Exhibit C and the preparation of this Development Agreement. Said deposit will be allocated as a Five thousand dollar ($5,000) fee to reimburse the City for staff time and the balance to reimburse the City for its legal and appraisal costs associated with the Property transaction. Should legal and appraisal costs exceed this amount, Developer shall reimburse the City within five (5) business days after receipt of an invoice with supporting documentation for said costs. d. Developer shall construct and be issued a certificate of occupancy for a new building on the Property of at least ten thousand square feet in size (10,000 -sq. ft.). Said building shall comply with all building and zoning requirements as well as the City of Little Canada's Architectural Guidelines for the Rice Street/Little Canada Road District dated June of 1996; a copy of which Developer acknowledges receipt of. Compliance with this provision shall occur by November 1, 2001. e. Developer shall dedicate to the City the north thirty (30) feet of the Property for street right - of -way purposes by no later than June 30, 2000. Said right -of -way will be used for the realignment of Market Place Drive with County Road C2. f. Developer shall ensure that Market Place Center Limited Liability Company donates to the City by no later than August 15, 2000, without restriction as to its ultimate use, that parcel of land identified as Lot 2, Block 1 of the Preliminary Plat of Market Place dated October 30, 1998 and prepared by David E. Torgersen, P.L.S. and attached as Exhibit E hereto. It is understood that any special assessments associated with the improvement of Market Place Drive and referred to in item (i) shall not be the responsibility of the Developer if the donation occurs on or before the stated date. g. Developer shall ensure that Market Place Center Limited Liability Company shall finalize, by no later than August 1, 2000, the subdivision of Market Place as identified in Exhibit E pursuant to the City of Little Canada Zoning and Subdivision ordinances. h. Should Developer fail to comply with any one of the provisions of Section 5, items a through f, then Developer shall transfer to City by warranty deed its interests in the Property at an amount equal to the documented costs of acquisition and demolition, not to exceed Three hundred seventy -five thousand dollars ($375,000). Said transfer shall occur with sixty (60) Page 5