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✓ The City releases Developer from remaining terms and conditions of <br />Development Agreement and Amended Development Agreement with the <br />exception of minimum assessed values; the obligation of the Developer to pay <br />real estate taxes, and our remedies available to the City should the Developer <br />default. <br />✓ Developer completes recording of the plat for the Development property. <br />✓ Developer executes and records assessment agreement for Phase II (we are <br />awaiting execution by the County Assessor.) <br />✓ Developer completes Jobs Act report as required by original development <br />agreement. <br />✓ The bank agrees to be bound by the Minimum Assessed Values as spelled out by <br />the Development Agreement. <br />✓ Developer and Bank agree to pay the City the amount of any outstanding debt <br />associated with this development (less funds remaining from $200,000 deposit) <br />should the building(s) be destroyed and Developer and Bank fail to rebuild. <br />George Borer of the City Attorney's Office was an invaluable asset in completing this <br />agreement. Based on the protections created for the City, staff recommends ratification of the <br />attached agreement as presented. <br />