Agenda - Council - 11/28/1995 - Laserfiche WebLink

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Draft 11/24/95 ARTICLE IV . CONSTRUCTION OF SITE IMPROVEMENTS Sex:don 4.1. Construction of Site Im_m'ovements. The City shall construct the following Site Improvements for the Development Property in conformance with the requirements of the Developer to fulfill the provisions of the Development Permit (Exhibit C). (a) Extension of Uranium Street N.W., south from County Road #116. (b) Extension of McKinley Street N.W., east from Uranium Street N.W. to a point approximately 340 feet. (c) Extension of City Services to the Development Property. Such construction shall commence only after the Developer and the City have executed a Special Assessment Agreement for the Development Property in the form attached as Exhibit G. The agreement shall provide that the City will carry public liability insurance in an amount sufficient to protect the City and Developer from any claims arising out of activities by the City on the Property. The City shall complete the Site Improvements no later than September 1, 1996. Section 4.2. Lien for Site Improvements. The License Agreement for the Property shall terminate upon the City's completion of the Site Improvements, or on such other date as specified in the document. At the Developers request the City will execute a document, in recordable form, evidencing the termination of the License Agreement. The City shall-retain a lien on the Development Property in the amount of Ninety-nine Thousand Dollars ($99,000.00) until completion of the Minimum Improvements by the Developer, which amount represents the cost to the City of completion of the Site Improvements for the Development Property..The Lien Agreement shall be substantially in the form attached as Exhibit F. Page 9 I I I I I I I I I I I I