11-13-2002 Council Agenda - Laserfiche WebLink

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its review and approval, and the CityEDA must approve the proposed change unless the Git -yEDA reasonably determines that, as a result of the proposed change: (a) The Construction Plans are not complete; (b) The Construction Plans and the improvements contemplated thereby do not conform to the Tax Increment Financing Plans or to one or more applicable federal, state or local laws, ordinances, rules or regulations; (c) The Construction Plans do not provide for the construction of esthetically appealing Minimum Improvements of high quality. If the GityEDA rejects the proposed change the CityEDA must notify the Developer of the GityEDA's rejection of the proposed change within ten Business Days of the CityEDA's receipt of the proposed change or the GityEDA is deemed to have approved the proposed change. For purposes of this Section 6.5, a change to the Construction Plans is deemed material if, as a result of the change or any series of related changes the cost of constricting the Minimum Improvements is increased or decreased by five percent or more. 6.6. Certificate of Completion. The Developer must notify the GityEDA when the Developer has substantially completed the construction of the Minimum Improvements. The GityEDA will promptly inspect or have the City inspect the Minimum Improvements to determine if Developer has constructed the Minimum Improvements in substantial conformity with the approved Construction Plans. If the Gi- tyED.A determines that the Minimum Improvements have not been constructed in substantial conformity with the approved Construction Plans, the GityEDA must deliver a written statement to the Developer indicating, in adequate detail, the manner in which the Minimum Improvements do not conform to the approved Construction Plans, and the Developer must promptly remedy such deficiencies. When the GityEDA determines the Developer has constructed the Minimum Improvements in substantial conformity with the approved Construction Plans, the CityEDA will fumish to the Developer a certificate of completion (the "Certificate of Completion "), in the form attached as Exhibit F, certifying the completion of the Minimum Improvements. The Certificate of Completion issued for the Minimum Improvements will conclusively evidence Developer's satisfaction of its obligation in this Agreement to construct the Minimum Improvements. The Developer must record the Certificate of Completion in the proper County Land Records. 7. CONTINUING COVENANTS. 7.1. Real Property Taxes. The Developer must pay all real estate taxes due and payable with respect to the Development Property between January 1, 2003 and the Termination Date. 7.2. Income Limits. 142808avdoc Rea (V8 to V7) -9-