Agenda - Council - 08/13/1991 - Laserfiche WebLink

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?7 Improvements to be Constructed and Paid by Developer. The DEVELOPER shall be responsible at its expense for lot and street grading in accordance with those plans presented to the CITY, drawn by Lllteig Engineering, Inc. and dated July 30, 1990 The grading as required herein shall be completed prior to the CITY undertaking construction of any of the Stage I Improvements described above. City Sale of Bonds, The CITY agrees to sell bonds to cover the cost of construction of the Stage I Improvements to be constructed by the CITY (except for portion paid for by the DEVELOPER). tn the event that the CITY, for whatever reason is unable to sell the bonds as anticipated herein, the construction of the improvements shall immediately cease until the CITY approves an alternate method by which to insure payment to the contractor for construction of the Stage I Improvements. Developer Reimbursement of All City Expenses. The DEVELOPER agrees to fully reimburse the CITY for alt costs incurred by the CITY including, but not limited to, the actual cost of construction of said Stage I 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 aforementioned improvements. In addition, the DEVELOPER agrees as follows: (a) The DEVELOPER agrees to reimburse the CITY for all costs described above pertaining to improvements within five (5) years from the date of the levy of the special assessments for said improvements, or proportionately when a certificate of occupancy is issued for each buildabte lot, whichever occurs fa-st. (b) The DEVELOPER agrees to notify the CITY of all sales of lots within the Plat, The DEVELOPER further agrees that it will notify all lending institutions or persons involved in the sale of the individual lots within the Plat of this requirement prior to the issuance of a certificate of occupancy by the CITY. (c) The DEVELOPER and the CITY agrees that the costs described above pertaining to improvements shall be pro rated and specially assessed against each lot within the Plat on a five (5) year term, pursuant to City Code and that the letter of credit described in paragraph 6 below will be in force and effect during said five (5) year tenn. The actual assessment amount and the specific terms of the assessment shall be pursuant to the terms of the "Chestnut Ponds Assessment Agreement" attached hereto as Exhibit A and incorporated herein by reference. This provision is made pursuant to Section 9.50 of the City Code. (d) The DEVELOPER waives its right granted under the City's Improvement Code and City Charter with relation to hearing Petitions and Appeal of the Special Assessments to be levied against the lots in the Plat pursuant to this Agreement. Draft Chestnut Pond Development Agreement 3