Laserfiche WebLink
ARTICLE IV <br /> <br />CONSTRUCTION OF SITE IMPROVEMENTS <br /> <br /> Section 4.1. Construction of Site Improvements. The City has construct the following Site <br />Improvements for the Development Property in conformance with the requirements of the Developer to fulfill the <br />provisions of the Site Improvement Plan (Exhibit C). <br /> <br />(a) <br /> <br />Extension of 143rd Avenue Northwest, east from Ramsey Boulevard Northwest to serve the <br />property. <br /> <br />(b) Extension of City Services to the Development Property. <br /> <br /> Such construction shall commence only after the Developer and the City have executed a Development <br />Agreement for the Development Property. The City shall complete the Site Improvements by no later than <br />December 31, 1997. <br /> <br /> Section 4.2. Lien for Site Improvements The City shall retain a lien on the Development Property <br />in the amount of Four Hundred Fifty-four Thousand Five Hundred Forty-seven and 00/100 Dollars ($454,547.00) <br />until completion of the Minimum Improvements by the Developer, which amount represents the cost to the City of <br />constructing the Site Improvements for the Development Property. The Lien Agreement shall be substantially in the <br />form attached as Exhibit F. The City's lien shall at all times be subordinate to any first mortgage granted by the <br />Developer to finance the construction of the Minimum Improvements. The City will execute any agreements <br />reasonably requested by the Developer and/or Holders of any first mortgage to evidence such subordination. <br /> <br />Page 11 <br /> <br /> <br />