Agenda - Council - 07/26/1994 - Laserfiche WebLink

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reimbursement will be pursuant to an amortization between 1996 and 2002 with the pnncipal amount increased by interest at an annual rate of 7%. In return, the Perminee agrees to offer the City ratification opportunity for all lease and other tenant agreements. Said City ratification shall not be unreasonably withheld. The Perminee also agrees to position for and waive all notices and hearings for an>, public improvements proposed pursuant to this permit. PHASING PLAN. The development shall occur in two (2) phases during 1994 and 1995. 10. REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site will be issued until: I) the permittee has signed and returned this Development Permit, and 2) Cash or a Letter of Credit is deposited with the City in an amount equal to 150% of the City Engineer's estimated cost of the Required Improvements. No Certificate of Occupancy for occupancy of the Structure will be issued until the Required Improvements are accepted by the City. 11. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements for Phase I shall be constructed and installed on or before November 15,1994. Phase II will be subject to review if not constructed within 24 months of the date of this Agreement.. 12. ESCROW. In order to insure the installation of the Required Improvements in accordance with City specifications and in a timely manner, the Permittee shall be required to deposit with the City a cash escrow or letter of credit approved by the City, in the amount of Dollars ($ ), which is 150% of the City's estimated cost of the Required Improvements. Upon completion of the construction of the Required Improvements, as certified by the City Engineer, the escrow shall be returned to Perminee. In the event Permittee fails to construct and install the Required Improvements as required herein, the Cit'), ma), complete the Required Improvements with City da), labor and/or by letting contracts for said completion and draw upon the escrow for paymentl Permittee hereby pants permission and a license ro the City and/or its contractors and assigns to enter upon the Site for the purpose of completing the construction and installation of the Required Improvements in the event of Permittee's default. 13. RECOGNITION OF LOCATION. As a continuance of the joint economic development efforts expended between the CiB, and the Permittee in conjunction with the development of this site, the Permit-tee herein agrees to recognize Ramsey as the ciB, of to.at/on on all forms of advertising and business correspondence. Sharp and Associates, Inc., hereby acknowledges receipt of this permit and that they have reviewed the conditions of this permit and have agreed that they will comply with the terms of this permit. SHARP ANrD ASSOCIATES, INC. By: Its: Dennis Sharp President