10-09-2013 Additions - Laserfiche WebLink

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Contribution, Developer shall also pay interest at the rate of 3.75% due on the original principal of the assessments levied by the City pursuant to Project No. 13 -08. Interest shall be levied over a three year period with payments made with property taxes in years 2014 through 2016, or upon the sale of each respective lot. The City shall only grant the Developer the following credits against the Developer's Contribution: I) Original principal amount of the assessment levied pursuant to Project No. 13 -08 of $855,000 or $57,000 per lot ( "Assessment "); 2) The equity contributed by the Developer ( "Equity Contribution ") as set forth on Exhibit C totaling Eight hundred fifty seven thousand five hundred eighty five and 73/100 ($857,585.73) attached hereto; 3) The Developer's landscaping contribution as set forth on Exhibit D attached hereto ("Landscape Credit "). The Developer shall only be entitled to credit for costs actually incurred as evidenced by the Developer's payment to the contractor identified in Exhibit D. To secure payment for the Developer's Contribution, the Developer shall grant the City a secured interest in each lot located in the plat. No other mortgages or liens are permitted on any of the lots except for a construction mortgage related to the house being constructed on each specific lot within the plat. The allowable construction mortgage shall be subordinate to the City's interest and special assessments. The secured interest shall be released concurrently with the sale of the completed home and upon payment of any outstanding special assessments for the lot in question. 13. The City acknowledges that the Developer's Equity Contribution (Exhibit C) combined with the Landscaping Credit (Exhibit D) and the special assessments of $57,000 per lot will exceed the $100,000 per lot Developer's Contribution By December 31, 2013, City shall _4_