Agenda - Council - 01/10/1995 - Laserfiche WebLink

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Draft 1/4/95 ARTICLE III CONSTRUCTION OF MI?qlMUM IMPROVEMENTS ~ Section 3.1. Construction of Minimum Improvements. The Developer agrees that it will cons~ct the Minimum Improvements on the Development Property in accordance with the Cons~cfion Plans and the terms of this Agreement and, at all times prior to the Maturity Date of the ~trict, will cause the Minimum Improvements to be maintained in good repair and condition. ~ Section 3.2. B_ilJlf;L[ag_P_~. No building permits shall be issued unless the plans are in confSrmity with the Construction Plans, the Program, the TIF Plan, this Agreement, and a.ll local, stat~xnd federal regulations. The City shall, within 30 days of receipt of building plans for the Mi~um Improvements, review such plans to determine whether the requirements have been met. If th~ City determines such plans to be deficient, it shall notify the Developer, in writing, stating the ~eficiencies and the steps necessary for correction. Issuance of a building permit for the Mirt~um Improvements by the City shall be a conclusive determination that the building plans for the ~spective Minimum Improvements have been approved and shall satisfy these provisions. ~( Section 3.3 Commencement and Completion of Construction. ~ (a) Subject to Unavoidable Delays, the Developer shall commence construction of the Mi~mnm Improvements by March 1, 1995, and shall complete such construction by July 1, 1995. L: (b) The Developer agrees for itself, its successors and assigns, and every successor in interest to the Development Property, or part thereof, that the Developer, and such successors and as~gns, shall promptly begin, and diligently prosecute to completion, the construction of the ~um Improvements thereon, and that such construction shall in any event be commenced.and completed within the period specLfied ha this Section 3.3 of this Agreement. Periodically during cogstruction, but at intervals of not less than monthly, the Developer must make reports in such de~ as may reasonably be requested by the City about the actual progress of construction. Section 3.4. Certificate of Completiorl. ? (a) Promptly after substantial completion of the Minimum Improvements, in a~ordance with those provisions of the Agreement relating solely to the obligations of the D~veloper to construct the Minimum Improvements (including the dates for beginning and c~mpletion thereof'), the City will furnish the Developer w/th a Certificate of Completion as d~scribed in Exhibit D hereto. Such certification by the City shall be a conclusive determination of ~sfaction and termination of the agreements and covenants in the Agreement with respect to the o~ligatlons of the Developer, and its successors and assigns, to construct the Minimum provements, and the dates for the beginning and completion thereof. Such certification and such termSnadon shall not constitute evidence of compliance with or satisfaction of an>, obligation of ~e Developer to any Holder of a Mortgage, or any insurer or a Mortgage, securing money loaned ~ finance the Minimum Improvements, or any part thereof. (b) The certificate provided for in Sect/on 3.4 shall be in such form as will enable it to ~ recorded in the proper office for the recordation of deeds and other instruments perta/ning to the ~evelopment Property. If the Ci~ refuses or fails to provide any certification in accordance with fiae provisions of this Section, the City shall, within thirty (30) days after written request by i)eveloper, provide the Developer with a written statement, indicating, in adequate deta/1, in what respects the Developer has failed to complete the Minimum Improvements in accordance with the ~rov/sions of the Agreement, or is otherwise in default, and what measures or acts will be ~ecessary, in the opinion of the City, for the Developer to take or perform in order to obtain such ~ertificarion. Page 7