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Draft 9/8/94 <br /> <br />ARTICLE IV <br /> <br /> .CONSTRUCTION OF SITE IMPROVEMENTS <br /> <br /> Section 4il, Construction of Site lmprgvements. The City shall construct the Site <br />Improvements op the Development Property in conformance with the Site Improvement Plan <br />attached as Exhil~it C. Such construction shall commence only after the Developer and the City <br />have executed a lfcense agreement for the Development Property in the form attached as Exhibit G. <br />The license agreement shall permit the City to enter the Development Property and construct the <br />Site Improvemen3s. The license agreement shall provide that the City will carD, public liability <br />insurance in an amount sufficient to protect the City and Developer from any claims ar/sing out of <br />activities by the ~ity on the Property. The City shall complete the Site Improvements by no later <br />than January 1, 1~96. <br /> <br /> Section 4i2. Lien for $it¢ Improvements. The license agreement for the Property shall <br />terminate upon the City's completion of the Site Improvements, or on such other date as specified <br />in the document[ The City shall retain an option on the Property in the amount of Twenty <br />Thousand Dolla~ ($20,000) until completion of the Minimum Improvements by the Developer, <br />which option re!~resents the cost to the City of purchasing the Site for development. The option <br />shall be in substa/)tially the form attached as Exhibit F. <br /> <br />Page 9 <br /> <br /> <br />