Agenda - Council Work Session - 08/03/1998

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ARTICLE III CONSTRUCTION OF MINIMUM IMPROVEMENTS Section 3.1. Construction of Minimum Improvements. The Developer agrees that it will construct the Minimum Improvements on the Development Property in accordance with the Construction Plans and the tenns of this Agreement and will cause the Minimum Improvements to be maintained in good repair and condition. Section 3.2. Building Plans. No building permits shall be issued unless the plans are in conformity with the Construction Plans, the Program, the TIP Plan, this Agreement, and all local, state and federal regulations. The City shall, within 30 days of receipt of building plans for the Minimum Improvements, review such plans to determine whether the requirements have been met If the City determines such plans to be deficient, it shall notify the Developer, in writing, stating the deficiencies and the steps necessary for correction. Issuance of a building permit for the Minimum Improvements by the City shall be a conclusive determination that the building plans for the respective Minimum Improvements have been approved and shall satisfy these provisions. Section 3.3 Commencement and Completion of Construction. (a) Subject to Unavoidable Delays, the Developer shall commence construction of the Minimum Improvements by August 12, 1996, and shall complete such construction by March 1, 1997. (b) The Developer agrees for itself, its successors and assigns, and every successor in interest to the Development Property, or part thereof, that the Developer, and such successors and assigns, shall promptly begin, and diligently prosecute to completion, the construction of the Minimum Improvements thereon, and that such construction shall in any event be commenced and completed within the period specified in this Section 3.3 of this Agreement Periodically during construction, but at intervals of not less than monthly, the Developer or their duly authorized representative, must make reports in such detail as may reasonably be requested by the City about the actual progress of construction. Section 3.4. Certificate of Completion. (a) Promptly after substantial completion of the Minimum Improvements, in accordance with those provisions of the Agreement, the City will furnish the Developer with a Certificate of Completion as described in Exhibit E hereto. Issuance of the Certificate of Completion by the City shall be a conclusive determination of satisfaction and termination of the agreements and covenants in the Agreement with respect to the obligations of the Developer, and its successors and assigns, to construct the Minimum Improvements, and the dates for the beginning and completion thereof. Issuance of the Certificate of Completion and such determination shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any Holder of a Mortgage, or any insurer or a Mortgage, securing money loaned to finance the Minimum Improvements, or any part thereof. (b) The Certificate of Completion shall be in such form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Development Property. If the City refuses or fails to provide any Certificate of Completion in accordance with the provisions of this Section, the City shall, within thirty (30) days after written request by Developer, provide the Developer with a written statement, indicating, in adequate detail, in what respects the City believes that the Developer has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts will be necessary, in the opinion of the City, for the Developer to take or perform in order to obtain a Certificate of Completion. Page 9