Agenda - Council - 02/24/1987 - Laserfiche WebLink

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Lot l, Bi~ock 1: Lot 2, Bi.~ock 1: Lot 3, B~.ock l: Lot 4, Bi.c~k ]: 2. AS to Stage II [(mpr..~ement$: a Developer agrees to complete the Stage II Improvements r(~guired ~ City Code Section 170.039B, paragraph 1 and said c¢~pletion shal'i~ be in accordance with the schedule outlined in S(~ction 170~039C~ paragraph 3 of the City Code. T~e Developer s]ed.l provide a financial guarantee in the form of a]~ escrcu~ to th~ City to guarantee, the oc~pletion of the Stage II /~,prov~ntso ~'(~e escrow for Stage II Improvements shall be 125% o~ the City Eng {~neer' s estimated cost of such improvements. The City ~g]~neer Las estimated the cost of the improvements to be $ and therefore the required escrow shall be $ Said esc~.~ may f~e by cash or letter of credit which if by lette~ of credit shall Jn form satisfactory to City. Tne escrow shall be provided prior i~o the issuance of any certificates of occupancy for any lot j_n '..~e plat. ~e I~.~veloper agree.~ ~:hat this Develol~ent A~reement shall be binding u~)n ~i~ts suc(mssor~, a3~ assigns. Breach of any of the terms of this Development ~. reemeat shall be grounds for denial of building permits for buildings ~h~. tk..9 RIVER' S BEND I~AZA plat. ~he t~.rm "certific~i~c: of occupancy" as used herein shall be defined as~ a docume2]t issu.~i~ k~y the City's Building Official which authorizes the s~ructure to b6 ~sed for its intended purposes. ~]e f~veloper ~rees to reimburse the City for all costs incurred by the C:~.ty. in defens~ or enforcement of this Agreement, or any portion thereof, includin.~ court costs and reasonable engineering and at'tor~ ~f ' s ~]e C:~.t.7 agr(~s to ~)nstruct the foll~ing improvements according to the terms ar~'] c~)ndJt_~(as of this agreement, notwithstanding that it may not obtaJI~ tax increment funds. The improvem.~nts include grading, drainage, turn ].a~e~,~ fr¢~ State Highway %47, security lighting, curbing and ].at~dsc~ping~ The Developer agree~; to fully reimburse the City for all costs in¢.~r.z'ed by ~e Cit~/ including, but not limited to, the actual cost of construction of s~id improvements, engineering fees, legal fees, inspe~.tion fees~ J.nterest fees, costs of acquisition of necessary easements, .if any~ ~nd any other expenses incurred by the City r~lating to ~.~]is Development Agreement and the installation of the J3~re.z~ments out3_i]~ed in Item ~6 above. If however, the Developer secures t~ increment funds for site improvements from the City, the Deve/oper s~d.1 not t~e required to reimburse the City for said funds a_n~! j.~p. rove~ts a3.~d )"elkated costs financed by such funds.