08-14-2000 EDA Packet - Laserfiche WebLink

Home Search

(c) The construction of the Minimum Improvements shall 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 $70,185 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 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. 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 $2,000; 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 RHB-183373v1 8 LN140-73