Agenda - Council - 05/14/1991 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I DEVELOPMENT AGREEMENT - CEDAR HILLS incurred by the City relating to this Development Agreement and the installation of the Public Improvements. In addition, the parties agree as follows: (a) The parties aeknowledge that the Public Improvement costs will be specially assessed as follows: (i) Trunk Sanitary Sewer and Trunk Watermain costs (collectively, "Trunk Costs") will be specially assessed against the Subject Property as well as against other properties benefitted therefrom. All benefitted property will be specially assessed the City's standard trunk connection charge of $1,357 per residential lot to be created, assuming 52 lots within the Subject Property. All properties within the TIF District, including the Subject Property, will be specially assessed for the balance of Trunk Costs not otherwise funded by the standard connection charge (the "Special Trunk Assessment"). The Special Trunk Assessment will be calculated on a per lot basis, assuming 266 lots to be created within the TIF District and 114 lots within the Subject Property. (ii) Costs of all other Public Improvements will be specially assessed on a per lot basis against the 33 residential lots in the Plat, which represents Phase 1 of the Phasing Plan as defined in Article VI herein. (b) The Developer will reimburse the City for all costs described above pertaining to Public Improvements within five (5) years from the date of the levy of the special assessments for said Public Improvements, or proportionately when a Certificate of Occupancy is issued for each buildable lot, whichever occurs first. (c) The Developer agrees to notify the City of all sales of lots within the Plat. The Developer further guarantees that it will notify all lending institutions or persons involved in the sale of the individual or lots within the Plat of this requirement prior to the issuance of a Certificate of Occupancy by the City. (d) The .Developer and the City agree that the costs described above ~)ertaining to the Public Improvements shall be assessed against the benefited property on a five (5) year term, pursuant to City Code and that the letter of credit described in paragraph 8 herein will be in force and effect during said five (5) year term. The actual assessment amount and the specific terms of the assessment shall be pursuant to the terms of the Assessment Agreement attached hereto as Schedule A, which the parties shall execute upon approval by the City of the final Plat. This provision is made pursuant to Section 170.039S of the City Code. (e) The Developer waives its right granted under the City's Improvement Code and City Charter with relation to hearing Petitions and Appeal of the