08-14-2000 EDA Packet - Laserfiche WebLink

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that time in full or by arranging with the City for a schedule of payments, including principal and interest at a rate of 8 percent per annum. Section 5.2. Administrative Fee. The Developer has paid the Authority the Administrative Fee in the amount of $5,000 to partially cover the Authority's expenses in negotiating this Agreement and other costs associated with the project. The Authority agrees to reimburse the Developer for the Administrative Fee upon issuance of the Certificate of Completion for the Minimum Improvements. Section 5.3. Property Write Down. In order to facilitate the financial feasibility of the development of the Property and in consideration for the Developer's fulfillment of its covenants and obligations under this Agreement, the Authority agrees to write down the cost of the Property for the Developer. The Developer represents that it has entered into an agreement to purchase the Property from the Seller for $435,600, which price is subject to an adjustment for exact acreage of no more than ± $5,000. The Developer agrees to provide the Authority a copy of the purchase agreement to verify the price of the Property. The Authority agrees to reimburse the Developer $174,403 out of Available Tax Increment for the cost of the Property. Section 5.4. Native Landscaping. The City has requested the Developer to install native landscaping on the' Property after completion of the Minimum Improvements. Native landscaping requires a degree of maintenance while the plantings become established which is greater than more traditional landscaping. Maintenance of native landscaping is generally provided by persons familiar with the environmental and ecological demands of such vegetation. If the Developer installs native vegetation on the Property, the Authority agrees to reimburse the Developer for the cost of maintaining the vegetation in an amount not to exceed $3,000; provided, however, that the Developer by the time of issuance of the certificate of occupancy must provide a copy of an executed agreement between the Developer and an individual or firm experienced in maintenance of native vegetation for a minimum of three years after issuance of the Certificate of Completion or installation of the native vegetation, whichever occurs last. Reimbursement for the maintenance of the native vegetation shall be made out of Available Tax increment. Section 5.5. No Representation Regarding Available Tax Increment. The Authority's financial commitment under this Agreement is a revenue obligation only and will be paid by the Authority only after Tax Increment has been used to fully pay for the Special Assessments, including principal and interest, and to reimburse the Authority for the Administration Expenses. The Authority makes no representations or warranties that the Available Tax Increment will be sufficient to pay the Developer for the Land Write Down and other costs. The Developer acknowledges that Available Tax Increment is subject to Calculations by the County and changes in State law and that some or all of the Land Write Down and other costs may not be repaid prior to the Termination Date. The Developer also acknowledges that the estimates of Available Tax Increment which may have been made by the Authority or its agents, officers or employees are estimates only and are not intended for the Developer's reliance. RH13-183249v3 LN 140-72 9