Agenda - Economic Development Authority - 12/01/2003

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escrow the funds with a title insurance company, the City must be a party to the escrow agreement. Any escrow agreement established pursuant to this Section 9.7 shall provide for a refund of the escrowed funds, as directed by the City, and the Deveioper jointly, if the City and the Developer a~ee on an alternative method for providing the financing for the construction of the Phase I Parking Ramp. If the City has not commenced construction of the Phase I Parking Ramp to be financed puts'aunt to Section 9.5 on or before the date 12 years after the date of this Master Agreement, the escrowed funds, with interest, shall be refunded as provided for in the escrow agreement, and the Developer shall have no further obligations under Sections 9.5, 9.'6 or 9.7. AXTICLE 10 DEVELOPER PUBLIC IMPROV-EiVlZNTS 10.1 DEVELOPER PLrBLIC IMPROVEMENTS - MASS G1L~JDING AND STORM WATER MANAGEMENT. The Developer. must mass grade the Subject Proper'r/and consU'uct a storm water management system to se,we the Subject Property in accordance with the Mater Grading Plan and the Storm Sewer Phasing Plan Exh/bit. Subject to Force Majeure, the Developer must commence and complete each phase of the mass grading and each phase of the construction of the storm water management system on or before'the commencement and completion dates established for such work in the Grading Plan and the Storm Sewer Phasing Plan Exhibit. The Developer may not commence the first phase of the mass grading and storm . water management system construction or any subsequent phase of the storm water management system construction until: the Developer has delivered to the City, a letter of credit in an amount equal to. 125% of the City Engineer's reasonable estimate of the cost oft. he work to be performed as a part of that phase (the letter of credit the Developer delivers prior to the commencement of construction of the first phase must be in an amount equal to 125% of the City Engineer's reasonable estimate of the full cost of the mass grading for the Subject Property and 125% oft, he City Engineer's reasonable estimate of the cost of the stonm water management system construction which is a part of the first phase); the Developer has paid to the City the inspection fees established under the Zoning Ordinance with respect to the work to be performed as a pan of that phase; and (C) the Developer has provided the City with evidence that the Developer has obtained all approvals required from the Lower Rum River Water Management Organization for the work to be performed as a part of that phase.- ARTICLE i 1 DEVELOPER PUBLIC IMPROVEMENTS - LAN-DSCA_PING. PARKLA~qD 5M2°ROVEMENT. PEDESTP,_L~_N IMPROVEMENTS 11.1 LA24DSC,~OING ASSOCIATED WITH CITY PF.~{SE I ROAmDWAY ~?ROVE~MED'T$. Subject to Force Majeure, the Developer must commence the installation of 1555730v13 29