Agenda - Council - 04/11/1995 - Laserfiche WebLink

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106 the actual cost of construction of said Stage I Improvements, engineering fees, administrative fees, legal fees, inspection fees, interest fees, costs of acquisition of necessary easements, if any, and any other cost incurred by the CITY relating to this Development Agreement and the installation of the aforementioned improvements. In hddition, the DEVELOPER agrees as follows: (a) The DEVELOPER agrees to reimburse the CITY for all costs described above pertaining to improvements by special assessments to be levied against the Subject ~ Property payable over five (5) years, with the exception of Lot 1, which haw been approved for comercial development and as such, the special assessments shall be levied and payable over ten (10) years. However, special assessments against each lot in the Subject Property must be paid in full upon occurrence of any of the following with respect to each such individual lot: Prior to transfer of tire, prior to issuance of an occupancy permit, or upon filing of any liens whichever occurs fu'st. No Certificates : of Occupancy will be issued without prior payment of all outstanding special : assessments against any such lot. !(b) The DEVELOPER agrees to notify the CITY of all sales of lots within the Plat. (c) The DEVELOPER and the CITY agree that the costs described above pertaining to the improvements shall be assessed against the benefitted property on a five (5) year term for residential lots and a ten (10) year term for a commercial lot, pursuant to City Code and that the financial guarantee, described in paragraph 8 below, will be in force and effect until all such special assessments are paid and all other obligations of DEVELOPER under this Agreement are satisfied. The assessment and the specific terms of the assessment shall be pursuant to the terms of the "River's Bend 4th Addition Special Assessment Agreement", attached hereto as Exhibit "A" and incorporated herein by reference. The financial guarantee described in paragraph 8 may be applied by the CITY to any of the obligations set forth in this Agreement in the absolute and sole discretion of the City Council. The CITY may pursue any other remedy for enforcement of such obligations or collection for the costs incurred by the CITY in connection therewith, and is under no obligation to apply the financial guarantee to any one or number of obligations as long as the CITY determines that there is a reasonable basis for believing that the dollars remaining in thc financial guarantee may be needed to assure compliance w/th other remaining obligations of the DEVELOPER. I I I I I I I I I I I I I I I I I I I