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

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DEVELOPMENT AGREEMENT - CHESTNUT HILLS Lateral Storm Sewer Streets, as designated in the final Plat Concrete curbs and gutters Trailways, as designated in the final Plat Park Improvements, as designated in plans Engineer approved by the City (collectively, the "Public Improvements"). 5. Improvements to be Constructed by Developer. The Developer shall be responsible at its expense for the following Stage I Improvements: Lot grading, in accordance with a grading plan approved by the City Engineer Street grading (collectively, the "Developer Improvements"). The Developer Improvements shall be completed before the City begins construction of the Public Improvements. 6. Cirri Sale of Improvements Bonds. The City agrees to sell Improvement Bonds to cover the cost of construction of the Public Improvements and the City will advertise for bids for the construction df the Pubtie Improvements and will award a contract for that work to the lowest responsible bidder. In the event that the City, for whatever reason is unable to sell the Improvement Bonds as anticipated herein, the construction of the Public Improvements shall immediately cease until the City approves an alternate method by which to insure payment to the contractor for construction of the Public Improvements. 7. Developer Reimbursement of All City Expenses. Except as otherwise provided herein, the Developer agrees to fully reimburse the City for all costs incurred by the City, including but not limited to the actual cost of construction of the Public Improvements, engineering fees, legal fees, inspection fees, interest fees, costs of acquisition of necessary easements, if any, and any other cost 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 acknowledge 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 100 lots within the Subject Property. Ail 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 I I I ! I I I I I I I I I I I