07-23-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

no default under Section 8.2 and the Guaranty, and the Developer has commenced, and not abandoned, the construction of the Minimum Improvements on the Parcel for which the breach of the condition subsequent exists, the date for substantial completion of such Minimum Improvements as set forth in Exhibit D will be extended for 365 days so long as the Developer has deposited cash or a letter of credit in an amount equal to the Projected Commercial Tax Increment for the Parcel for which the default pertains for the calendar year following the year of the breach. 6.6. Certificate of Completion and Release. The Developer may notify the EDA when the Developer has substantially completed (as described in Section 6.3) the construction of the Minimum hnprovements with respect to a Parcel. Upon receipt of the Developer's notice, the EDA will promptly inspect the applicable Minimum Improvements to determine if Developer has constructed them in substantial conformity with the approved Construction Plans for that Parcel. If the EDA determines the Developer has not constructed the applicable Minimum Improvements in substantial conformity with the approved Construction Plans, the EDA will deliver a written statement to the Developer promptly after the inspection indicating, in adequate detail, the manner in which the applicable Minimum Improvements do not conform to the approved Construction Plans, and the Developer must promptly remedy such deficiencies. When the EDA determines the Developer has constructed the applicable Minimum Improvements in substantial conformity with the approved Construction Plans, the EDA will furnish to the Developer a Certificate of Completion and Release, certifying the completion of the applicable Minimum Improvements and releasing the applicable Parcel from the Right -of -Re -Entry described in Section 6.5 and from each of the terms of this Agreement except for the obligations set forth in Section 8.1, 8.2, 9.1(b), 9.2, 9.3 and 9.4. The Certificate of Completion and Release will not release the Property from the terms of the Assessment Agreement. The Developer must record the Certificate of Completion and Release in the proper County Land Records. 6.7. U.S. Bank Site. Within fifteen (15) days of the date of this Agreement, the Developer will make a proposal to the owner of the U.S. Bank Site to redevelop it, as more fully set forth in the letter attached hereto as Exhibit 0. The Developer will notify the EDA of the response to the proposal. 6.8. Public Improvements— Market Place Drive and Middle Street. (a) The EDA will cause to be constructed certain improvements within the right of way of Market Place Drive and Middle Street adjacent to the Property (referred to as the "Streetscape Improvements "). The term Streetscape Improvements includes water, sewer and storm sewer utilities, curb and gutter, sidewalks, landscaping, lighting, and any similar improvements in the described rights of way. The EDA will cause Streetscape Improvements to be constructed substantially in accordance with plans and specifications approved by the City as of the date of this Agreement. The EDA will use its best efforts to complete all Streetscape Improvements in a timely fashion to permit the Developer to meet its construction schedule for the Minimum Improvements. (b) The Developer agrees and understands that a portion of the cost of Streetscape Improvements will be specially assessed against the Parcels by the City. The Developer -12-