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herein vhen reference is sade to "Stage I" and "Stage Il" <br />improvement ·. <br /> <br />NOW THEEEFOEE, THE CITY AND DEVELOFEE AGREE ss follows: <br /> <br />I. As to "~tsge I" i~?rovements: <br /> <br />That the recital· above and provision· of the <br />subdivision, zoning and public improvements sections of <br />the City Code as amended to d·te hereof, are incorporated <br />herein by reference. <br /> <br />The City agrees to construct the requested improvements <br />according to the terms and conditions of this contract. <br /> <br />The City agrees to sell bonds to cover the cost of the <br />construction of the improvements made by the City and the <br />City has advertised for bids for the construction of said <br />improvements and vi11 award a contract for the <br />construction of ·aid improvements to the lowest <br />responsible bidder. <br /> <br />In the event that the City, for vhatever reason is unable <br />to sell the bonds as anticipated herein, the construction <br />of the improvements shall immediately cease until the <br />City approved au alternate method by which to insure <br />payment of the ia~provements. <br /> <br />The Developer agrees to reimburse the City for all costs <br />incurred by the City including, but not limited to, the <br />actual cost· of construction of said improvements, <br />engineering fees, legal fees, inspection fees, interest <br />fees, costs of acquisition of necessary easements, if <br />any, and any other expenses incurred by the City relating <br />to this Development Agreement and the installation of <br />said improvements. If, hoverer, the Developer secures <br />tax increment revenues fro~ the City, the Developer shall <br />not red-aurae the City for those improvements approved by <br />the City and constructed vith such revenues, assuming <br />such funds are available. <br /> <br />a. The Developer agrees to reimburse the City for all <br />costs described above pertaining to improvements within <br />five (5) years from the date of the levy of the special <br />assessments for said improvements, or proportionately <br />vhen a certificate of occupancy is issued for each lot, <br />whichever occurs first. <br /> <br />b. The Developer agrees to notify the City of all sales <br />of lots within the plat. The Developer further <br />guarantees that they viii notify all lending institutions <br />or persons involved in the sale of the individual lots <br />within said plat prior to the issuance of a certificate <br />of occupancy; in order that the special assessments <br /> <br />-2- <br /> <br /> <br />