CCP 04-08-2002 - Laserfiche WebLink

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MRR-19-2002 13:35 COMMUNITY DEl) 5129242553 P.09 NOW, THEREFORE, in consideration of the covenants and obligations of the parties hereto, the Authority and the Developer hereby agree as follows: e Section I. Ne~otiation of Contract. The Authority and the Developer will proceed to negotiate in good faith regarding a definitive development contract regarding Park Commons East based on the tenns and conditions outlined in this Agreement. It is the intention of the parties that this Agreement documents their present understanding and conunitments and that if the conditions described in this Agreement can be fulfilled to the satisfaction of the Authority and the Developer, the parties will enter into a Contract. The Contract (together with any other agreements entered into between the parties hereto contemporaneously therewith) when executed, will supersede all obligations of the parties hereunder. Notwithstanding anything to the contrary herein, the Authority's obligation to provide any financial assistance to the Developer, and the Developer's obligation to construct any improvements, are subject to execution of a Contract approved by the parties' respective governing bodies. The parties ratify the finding set forth in the First Amendment to Amended and Restated Preliminary Development Agreement dated December 6, 1999, that this Agreement constitutes a "letter of intent" within the meaning of 1999 Minnesota Laws, Chapter 243, Article 10, Section 29 (the "Act''). The Authority's undertakings for the purposes of the Act include without liniitation use of tax increments to finance: streetscape improvements that serve a decorative or aesthetic pwpose within Park Commons East, in the Excelsior Boulevard right of way between Monterey Drive and Quentin Avenue, and in the rights of way of Monterey Drive and Quentin Avenue within and adjacent to Park Commons East; acquisition and development of the town green; and park and recreation improvemen.ts within or serving Park Commons East. e Section 2. Authority AlZI'eements and Undertakings. (a) The Authority accepts and approves the master site plan attached as Exhibit B as the conceptual framework for redevelopment of Park Commons East, subject to modifications mutually agreed by the parties. (b) The Authority will continue its best efforts to acquire by negotiation or condemnation clear title to all remaining parcels within Park Conunons East, in a timely fashion to permit commencement of construction by the Developer in 2001. The Authority will conveyor otherwise make available the property in Park Commons East to the Developer at an agreed upon price reflecting estimated market value, except any portions retained by the Authority for lown green and public right of way purposes. (c) The Authority will continLle its best efforts to identify any envirorunental contamination of parcels within Park Commons East; (d) The Authority will cooperate with the Developer in processing the necessary land use and environmental approvals in a timely fashion to allow commencement of construction by the Developer in 2001. The Authority will take lead responsibility in undertaking EA W and ISP approvals, comprehensive plan amendments, and rezonings for Park Commons East. e SID.182l72v) SA28S-4() 2