08-14-2000 EDA Packet - Laserfiche WebLink

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Section 4.3. Certificate of Completion. (a) Promptly after completion of the Minimum Improvements in accordance with the Construction Plans and all terms of this Agreement, the Authority will furnish the Developer with a Certificate of Completion. The Certificate of Completion shall be in the form of Exhibit C attached hereto. Such certification by the Authority shall be a conclusive determination of satisfaction and termination of the agreements and covenants in this Agreement with respect to the obligations of the Developer to construct the Minimum Improvements and the date for the completion thereof. (b) The Certificate of Completion provided for in this section 4.3 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 Property. If the Authority refuses or fails to provide certification in accordance with the provisions of this section 4.3, the Authority shall, within ten (10) days after written request by the Developer, provide the Developer with a written statement, indicating in adequate detail in what respects 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 it will be necessary, in the opinion of the Authority, for the Developer to take or perform in order to obtain such certification. (c) The construction of the Minimum Improvementsshall be deemed to be completed when such Minimum Improvements are substantially completed by certification of the architect of record. The Minimum Improvements will be deemed to be substantially completed when the Minimum Improvements have received a certificate of occupancy from the City's building official. Section 4.4. Reconstruction of Minimum Improvements. If the Minimum Improvements are damaged or destroyed before or after completion thereof but before the Termination Date, the Developer agrees, for itself and its successors and assigns, to reconstruct the Minimum Improvements so that the Minimum Improvements and the Property have a value at least equal to the Minimum Market Value. The Minimum Improvements shall be reconstructed in accordance with the Construction Plans, or such modifications thereto as may be requested by the Developer and approved by the Authority and the City. • Section 4.5. Property Taxes; Special Assessments. After closing, the Developer agrees to pay all ad valorem taxes and special assessments on the Minimum Improvements and the Property as they become due. The Developer shall not cause the Property to be removed from the public tax rolls or to become exempt from assessment for general real estate taxes by reason of any conveyance, lease, abatement or other action prior to the Termination Date. ARTICLE V Public Assistance Section 5.1. Special Assessments. The City has levied or will levy Special Assessments against the Property in the principal amount of $139,839 for the Public Improvements which have been constructed and which benefit the Property. The Authority agrees to arrange with the City for the satisfaction of the Special Assessments against the Property at the time of issuance of a Certificate of Completion for the Minimum Improvements by paying the Special Assessments at RHB-183249v3 LN 140-72 8