Agenda - Council - 11/10/2015 - Laserfiche WebLink

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North 250 feet of said Lot 1, as measured parallel with the East line of said Northeast Quarter of Section 34; thence East along said South line of the North 250 feet a distance of 200 feet to intersect said West line of the East 946 feet of Lot 1; thence South along said West line of the East 946 feet a distance of 76.78 feet, more or less to the point of beginning. Containing 0.35 acres, more or less. (the "Development Property"); and WHEREAS, the nature of the Site Improvements to be performed by the City and of the Minimum Improvements to be constructed by the Developer on the Development Property are fully detailed in that certain Contract for Private Development dated April 26, 2005 between the City and the Developer (the "Agreement"); and WHEREAS, the City desires to have assurance that the Developer will complete the Minimum Improvements following installation of the Site Improvements by the City. NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, the parties agree as follows: 1. As security for the Financial Assistance granted to the Developer including the Public Improvements installed on the Development Property by the City and for the benefit of the Development Property, the Developer grants to the City and the City does have a lien on the Development Property. 2. The lien is in the amount of Seventy-four Thousand and 00/100's Dollars ($74,000.00), which amount the parties agree represents the City's cost for providing the Financial Assistance (the "Lien"). 3. The Lien shall be repaid to the City by Developer within 90 days of the completion date of the Public Improvements by the City unless, within such 90 days, the Developer completes construction of the Minimum Improvements. Payment of the Lien shall be suspended during any time in which the Developer is making substantial progress on construction of the Minimum Improvements. If the Developer fails to make substantial progress on the Minimum Improvements for a 90-day period following initiation of work, the Lien may become immediately due and payable in full. Notwithstanding any other provision herein to the contrary, the Lien may, at the City's option become immediately due and payable in full if the Minimum Improvements are not completed by December 31, 2005, subject to Unavoidable Delays as defined in the Agreement. 4. The Lien shall become automatically null and void upon issuance by the City of a Certificate of Completion for the Minimum Improvements. 5. The Lien shall run with the Development Property and shall insure to the benefit of, and be binding upon, the parities hereto and their respective heirs, executors, representatives, successors and assigns. 6. In the event that the Developer or any of its successors or assigns fails or refuses to make the repayment required by this Lieri Agreement, within the time established, the City 41