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

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DEVELOPMENT AGREEMENT - CHESTNUT HILLS (c) Developers' Obligation. The City acknowledges that conveyance of the Chestnut Hills Portion as referenced in paragraph 24(a) shall satisfy part of the Developer's park dedication obligation for all four Phases of the Chestnut Hills development under the Phasing Plan; provided, however, that the final Plat (which constitutes Phase 1) shall not be recorded before conveyance of all the property described in paragraph 24(a). In addition, Developer and the developer of Windemere Woods shall pay the cash payment referenced in paragraph 24(b), in accordance with the letter of understanding among all three developers, attached hereto as Schedule H ("Park Dedication Letter"). The cash payment shall be paid on the basis of $376.51/lot ($57,230/152 tots in Windmere Woods and Chestnut Hills combined), and shall be due before recording of the plat for each Phase. Thus, Developer shall pay to the City as follows: $ 5,271 Phase 1, the current Plat ($376.51 x 14 lots) $14,307 Phase 2 (376.51 x 38 tots) $ 7,907 Phase 3 (376.51 x 21 lots) $10,166 Phase 4 (376.51 x 27 lots) The actual payment after Phase i is subject to adjustment changes in the number of lots. for 25. Land Preparation. Before the City accepts conveyance of land described in paragraph 24(a), the following conditions shall be met: (~_~ t'~,- ianc .~ail be prepare¢ ior pz2k aeveiopment to the City's satZsfaetion, including al! filling or restoration of wet lands as directed by the City or any other public body; and (b) the conveyor shall submit evidence satisfactory to the City that the conveyor has obtained all necessary permits and approvals for grading or filling. TAX INCREMENT 26. Issuance of Note. In order to help finance the cost of the Trunk Sanitary Sewer and Trunk Watermain portion of the Public Improvements, the City shall, upon adoption of the assessment for such improvements, approve the resolution attached as Schedule ]~ and issue to the Developer the Note. The City and the Developer agree that the consideration from the Developer for the purchase of the Note shall consist of the Developer's agreement to guarantee payment of special assessments, as provided in this Agreement and the Assessment Agreement. Except as provided in paragraph 27 herein, the principle amount of the Note purchased by the Developer shall not exceed the amount of the Special Trunk Assessment against the Subject Property as referenced in paragraph 7(a) herein. I I I I I I I I I I I I I I I I I I I