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Excepting therefrom the southwesterly 75.00 feet, as measured at right <br />angles, thereof taken for right-of-way for said St. Francis Boulevard <br />N.W., also known as State Trunk Highway No. 47. <br /> <br />Subject to easements of record. <br /> <br />hereinafter "subject property". <br /> <br /> WHEREAS, the City has approved the plat of the subject property which <br />plat is known as RIVER'S BEND PLAZA 2ND ADDITION, which plat has been <br />approved by the City and is hereafter referred to as "the plat"; and <br /> <br /> WHEREAS, City Code Section 170.039B define "Stage I" Improvements and <br />"Stage II" Improvements which definition is used herein when reference is <br />made to "Stage I" and "Stage II" Improvements; and <br /> <br /> WHEREAS, the City by its improvement projects 984-1, 984-12, #84- 13, <br />984-18 and #85-15 has installed the required "Stage I" trunk improvements and <br />assessed the cost of the same against the subject property; and <br /> <br /> WHEREAS, the original City assessment levied against the subject <br />property for improvement projects #84-1, 984-12, #84-13, #84-18 and #85-15 <br />was $ . ; and <br /> <br /> WHEREAS, the original assessment has been reduced by installments paid <br />with real estate taxes due in 1986 and the first half of taxes due in 1987; <br />and <br /> <br /> WHEREAS, the City requires that the balance of the assessments, <br />$ .... , which is the balance as of , be spread <br />against the twelve lots to be created by the plat. <br /> <br />NOW, THEREFORE, the City and Developer agree as follows: <br /> <br />1. AS TO "STAGE I" IMPROVEM]~NTS: <br /> <br />That the balance of the assessments due against the subject <br />property for City improvement projects #84-1, 984-12, #84-13, <br />#84-18 and #85-15 .in the amount of $ . .__ shall be spread <br />against the lot created by the approval and filing of the River's <br />Bend Plaza 2nd Addition plat. The specific assessment for each <br />lot shall be as follows: <br /> <br />Lot 1, Block 1: $ <br /> <br />2. AS TO "STAGE II" IPLoROFEME1TTS: <br /> <br />The Developer agrees to complete the "Stage II" Improvements as <br />required by City Code Section 170.039B, paragraph 1 and said <br />completion shall be in accordance with the schedule outlined in <br />Section 170.039C, paragraph 3 of the City Code. <br /> <br />The Developer shall provide a financial guarantee in the form of <br />an escrow to the City to guarantee the completion of the "Stage <br />II" improvements. The escrow for the "Stage II" Improvements <br />shall be 125% of the City Engineer's estimated cost of such <br /> <br /> <br />