Agenda - Council - 08/22/1994 - Laserfiche WebLink

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10. 12. 13. developen~. The firsI phase wiB be consu'ucted at 26,420 square feet: Each subsequenl phase will have an estimated markel value for tax purposes of $.32.]? or greater per square foot. The City agrees to provide reimbursement toward infrastructure and site improvements using a basis of $1.00 per year per square foot of structure built for the years 1996 through 2002. The reimbursement wil) be pursuant to an amortization between 1996 and 2002 with the principal amoun~ increased by imeresl a~ an annua) rate of ?c~. in return, the Permmee 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 posit[on for and waive ali notices and heanngs for an.',, public improvemenls proposed pursuant to this permit. PUBLIC IMPROVEMENTS. The Permittee water trunk charge, in 199,~ is Twenty Eight Thousand Five Hundred Twenty Dollars and no cents ($25,520.00) on Lot 1, Block I, Ramsev 67 lndusma] Park. The sewer trunk charge is Twelve Thousand Eight Hundred Fifteen Dollars and no cents ($12,815.00). The Permittee shall extend water and sewer utilities from their existing location in the Oaknflge subdivision to the east property line of the development site or such other location within the deve}opment site designated by the City Engineer. The City shall credit the Permittee for utility extension costs against trunk fees between existing iocations and the western property line of the development site. The Permittee recognizes that the development si~e does not have the benefit of an improved street along the eastern property line. The Permittee hereby petitions for the public improvement of utilities and roadway construction of Uranium Street N.W. and waives rights to the public improvement hearing for said improvement. The Permittee further recognizes that said future public improvement may cause re~ading of a portion of the development site to match the elevation of Uranium Street N.W. PHASING PLAN. The development shall occur in two (2) phases. REQUIREMENTS FOR BUILDING PERMIT. No building permit for the Site will be issued until: 1) the 'oermittee 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 Citf'. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required Improvements for Phase ZI shall be constructed and installed on or before November 15,1994. Phase II will be subject to review if not consu--ucted within 24 months of the date of this AgeemenL ESCROW. In order to insure the installation of the Required Improvements in accordance with CiB, specifications and in a time)y manner, the F'erminee shall be required to deposit with the City a cash escrow or letter of credit approved by the City, in the amount of Dolla,,-s (S ), which is 150% of the City's esnmatea5 cost of the Required Improvements. Upon completion of the construction of the Required Improvements, as certified by the City En~neer, the escrow shall be returned to Permittee', in the event ?erminee fails to construct and install the Required Improvements as required herein, the CiD, may complete the Required Improvements with City day labor and/or by letting contracts for said completion and ch-aw upon the escrow for payment-. Permittee hereby g-rants permission and a license to the Ciw and/or its contractors and assigns to enter u~on the Site for the