Agenda - Council Work Session - 09/02/2003

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[DRAFT] approval of this Development Agreement wilt be void and the City's offer, as represented by the executed Master Agreement deposited ii/escrow with the title insurance company will be deemed withdrawn if the Developer does not acquire fee title to the Subject Property, execute this Master Agreement and record this Master Agreement~within -. 60 days of the City's approval of this Master Agreement. If, at the time the Master Development Agreement is recorded, the Subject Property is subject to a mortgage or other consensual or nonconsensual lien, the Developer must cause the lienholder to execute this Master Agreement or a separate instrument unconditionally subjecting the lienholder's interest in the Subject Property to the terms of this Master Agreement. ARTICLE 4 TOWN CENTER DISTRICT LAND USE CONTROLS 4.1 RESTRICTIONS ON DEVELOPMENT. The City agrees to allow Development in accordance with the RTC Controls. No Development or use may be made of the Subject Property or any portion thereof unless such Development or use complies with the RTC Controls. The Developer may not permit or suffer any Development to occur on any part of the Subject Property (other than Lot 1, Block 3 as identified on the Preliminary Plat or the City Tract) until the Developer satisfies the conditions precedent described in Section 4.2 below. After the Developer satisfies the conditions precedent described in Section 4.2 below, the Developer may not permit or suffer any Development to occur on any part of the Subject Property (other than Lot 1, Block 3, as identified on the Preliminary Plat or the City Tract) until the Council has approved Final Plans for a Phase which includes the part of the Subject Property upon which the Development will occur, except as provided in Section 4.4 below. Unless sooner terminated pursuant to the terms hereof, this Master Agreement shall terminate and neither party shall have any further liability hereunder, the full build out of the improvements contemplated by the Master Development Plan, as the same may be amended from time to time, which shall be evidenced by Certificates of Completion having been issued as to all of the Developer's Public Improvements and certificates of occupancy as to all of the private improvements hereof. 4.2 CONDITIONS SUBSEQUENT TO CITY APPROVAL. Notwithstanding any other provision of this Master Agreement or the RTC Controls, the Developer may not permit or suffer any Development to occur on any part of the Subject Property (other than Lot i, Block 3 as identified on the Preliminary Plat or the City Tract) until the Developer has satisfied each of the following conditions subsequent to the City's approval of this Master Agreement: (a) The Developer must provide the City with a phasing plan for the Developer's performance of the grading and construction of the storm water improvements described on Exhibit __ (the "Grading and Storm Water Phasing Plan"). The Grading and Storm Water Phasing Plan must specifically describe the Developer's obligations for each phase of the work described on Exhibit __ and must establish specific commencement and completion dates (sub. iect to Force Majeure) for each phase of the work described on Exhibit__ The Developer will not be deemed to have satisfied this condition subsequent until the City ~,,,~,~,,~,,,"; .... has approved the Grading and Storm Water Phasing Plan.