Agenda - Council - 09/12/1994 - Laserfiche WebLink

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Draft 9/8/94 ARTICLE III CONSTRUCTION OF MINIMUM IMPROVEMENTS Section 3.1. Construcfit~n of Minimum lmpr0vCmcn[s. The Developer agrees that it will construct the Mi~nimum Improvements on the Development Property in accordance with the Construction Plafis and the terms of this Agreement and, at all times prior to the Maturity Date of the District, will tJause the Minimum Improvements to be maintained in good repair and condition. Section 312. Building Plans. No building permits shall be issued unless the plans, therefore, are i~ conformity with the Construction Plans, the Program, the TIF Plan, this Agreement, and ~1 local, state and federal regulations. The City shall, within 30 days of receipt of building plans for the Minimum Improvements, review such plans to determine whether the ongoing requirements have been met. If the City determines such plans to be deficient, it shall notify the DevelOper, in writing, stating the deficiencies and the steps necessary for correction. Issuance of a bui!ding permit for the Minimum Improvements by the City shall be a conclusive determination thlat the building plans for the respective Minimum Improvements have been approved and shall satisfy the provisions of this Section 3.2. Section3.'3 Commencement and Complcti0n of Construction. (a) Subject to Unavoidable Delays, the Developer shall commence consu'uction of the Minimum Improvements by June 1, 1995, and shall complete such construction by January 1, 1996. · (b) The Developer agrees for itself, its successors and assigns, and every successor in interest to the Development Property, or part thereof, that the Developer, and such successors and assigns, shall promptly begin and diligently prosecute to completion the construction of the Minimum ImproVements thereon, and that such construction shall in any event be commenced and completed withinithe period specified in this Section 3.3 of this Agreement. Periodically during construction, but ht intervals of not less than monthly, the Developer must make reports in such detail as may reasonably be requested by the City about the actual progress of construction. (c) Should the Developer, or its successors and assigns, fail to complete the construction of thg Minimum Improvements, the City shall have a option of fin-st right of refusal for the repurchase oflthe property from the Developer. The purchase price of the property shall be Twenty Thousand Dollars ($20,000). The City shall have the option to either purchase the property at the ab~ve stated price, or should the City decide to do so, they may direct the Developer to sell the property to another private party. Section 3.4. .Certificate of Co..repletion. (a) Promptly after substantial completion of the Minimum Improvements, in accordance with those provisions of the Agreement relating solely to the obligations :of the Developer to construct the Minimum Improvements (including the dates for beginning ant[ completion thereof), the City will furnish the Developer with a Certificate of Completion as described in Exhibit D hereto. Such certification by the City shall be a conclusive determination of Satisfaction and termination of the agreements and covenants in the Agreement with respect to th~: obligations of the Developer, and its successors and assigns, to construct the Minimum ImproVements, and the dates for the be. ginning and completion thereof. Such certification and such determination shall not constitute .evidence of compliance with or satisfaction of any obligation ~of the Developer to any Holder of a Mortgage, or any insurer or a Mortgage, securing money lo~aned to finance the Minimum Improvements, or any part thereof. (b) Thc certificate provided for in this Section 3.4 of this Agreement shall be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertai~ning to the Development Property. If the City refuses or fails to provide any certificatiofi in accbrdance with the provisions of this Section 3.4 of this Agreement, the City shall, Page 7