Agenda - Council - 02/28/1995 - Laserfiche WebLink

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Assessment Agreement, attached hereto as Exhibit D, for Lot 1, Block 5, Gateway North Industrial Park 2, with a total market value of the property of Eight Hundred Thousand Dollars ($800,000) through the year 2012. The financial assistance from the City shall be based upon the following ca/culations: Land Acquisition Trunk Utilities Extension Soil Correction $ 40,000.00 $ 32,601.80 $ 5,398.2O Annual Site Improvements payments @ $15, 000 per year $ 45,000.00 Initial Site Improvements Payment $ 80,000.00 FINANCIAL ASSISTANCE PAYMENT. The City shall be responsible to provide payment of the financial assistance listed in Paragraph 8 at the time that a certificate of completion is issued for the project is issued. The annual payments shall be made at the property closing and on November 1, 1996 and 1997. These payments will be made only if ail property taxes, City fees and charges on the property are current. PEDESTRIAN PATHWAY. The Permittee shall construct an eight (8) foot wide bituminous pedestrian pathway within the easement along the entire length of the west property line of the subject property and Lot 2, Block 1, Gateway North Industrial Park Plat #4. The City shall be responsible for acquiring the necessary easement to place a pathway on Lot 2, Block 1, Gateway North Industrial Park Plat #4. The City shall reimburse the developer for the construction of the pathway at a rate of $4.00 per lineal foot; the reimbursement shall not be counted in the financial assistance. The proposed tree plantings in this area should be located west of the pathway. REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site will be issued until the permittee has signed and returned this Development Permit. At the time of building permit issuance all plan check fees, state surcharges, permit fees and sewer and water access charges shall be paid in full. No Certificate of Occupancy for occupancy of the structure will be issued until the Required Improvements are accepted by the City. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements shall be completed before July 31, 1995. ESCROW. The City and Permittee herein agree that the standard forms of financial guarantee to insure the installation of the Required Improvements are hereby waived. The Permittee herein agrees that the tax increment payments from the City to the Permittee described in Paragraph 8 of this Permit shall serve as financial guarantee that the Required Improvements will be installed in accordance with City specifications and in a timely manner. In the event the Permittee fails to construct and install the Required Improvements as required herein, the City may complete the Required Improvements with City day labor and/or by letting contracts for said completion and deduct the cost of same from the payment to the Permittee described in Paragraph 8 and 9 of this Agreement. I I I I I I I I ! I 1 I I I I I