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I <br />! <br />i <br />I <br />I <br />! <br />I <br />I <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />- 2 - <br /> <br />DEVELOPMENT CONTRACT - RIVER'S BEND <br /> <br />the fee owners <br />subject City's <br />satisfied. <br /> <br />of the property on the <br />required park dedicatfon requirements have been <br /> <br /> [IOW, TMERFORF-, the City and Developers agree as <br />follows: <br /> <br />AS TO "STAGF. I" IMPRO¥1~-MF.NTS: <br /> <br />That the recitals above and the provisions of the <br />Subdivision Code, Zoning Code and Public Improvement <br />Code of the City as amended to date hereof, are <br />incorporated herein by reference. <br /> <br />$ <br /> <br />The City agrees to construct the requested improvements <br />according to the terms and conditions of this contract <br />provided the Developers complete grading pursuant to <br />the Grading Plan submitted to and approved by the City <br />Engineers and the DNR. <br /> <br />The City agrees to sell bonds to cover the cost of <br />construction of the improvements made by the City and <br />the City will advertise for bids for the contruction of <br />said improvements and will award a contract for the <br />construction of said improvements to the lowest <br />responsible bidder. <br /> <br />The Developers agree to fully reimburse the City for <br />all costs incurred by the City including, but not <br />limited to, the actual cost of construction of said <br />improvements, engineering fees, legal fees, inspection <br />fees, interest fees, costs of acquisition of necessary <br />easements, if any, and any other cost incurred by the <br />City relating to this Development Contract and the <br />installation of the aforementioned improvements. <br /> <br />(a) <br /> <br />The Developers agree to reimburse the City for all <br />costs described above pertaining to improvements <br />within 5 years from the date of the levy of the <br />special assessments for said improvements, or <br />proportionately when a certificate of occupancy is <br />issued for each lot, whichever occurs first. <br /> <br />(b) <br /> <br />The Developers agree to notify the City of all <br />sales of lots within the plat. The Developers <br />further guarantee that they will notify all lending <br />institutions or persons involved in the sale of <br />the individual lots within said plat prior to the <br />issuance of a certificate of occupancy. <br /> <br /> <br />