06-13-2002 EDA Packet - Laserfiche WebLink

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will be postponed, if necessary; or (3) Waive the Objections. 12. GOVERNMENTAL APPROVALS, FEES AND CHARGES. The Buyer is responsible for applying for all governmental approvals required for the Minimum Improvements (as defined below). The Seller agrees to cooperate (at no additional cost to the Seller) with the Buyer’s efforts to obtain all permits, approvals, and consents, including but not limited to site plan review and final plat approval, necessary for the Buyer’s intended use of the Property, including but not limited to the execution of any consents, authority documents, or applications reasonably requested by the Buyer. The Buyer is responsible for and agrees to pay all sanitary sewer trunk, water trunk, stormwater area charges, and Metropolitan Council Environmental Service Availability Charges, Sanitary Sewer Availability Charges, Water Availability Charges and Strom Sewer Connection Charges. The rates for each of these items will be set according to the current rate structure for connection charges, availability charges, and trunk area charges at the time of final plat approval or receipt of a building permit and the fees will be adjusted based upon actual bid costs for road assessments. Park dedication fees or property in lieu of, will be addressed in each final plat of project phases as part of the subdivision agreement with the City, which shall be consistent with this Agreement. 13. CONSTRUCTION OF MINIMUM IMPROVEMENTS. Within one year of purchasing the Property, the Buyer must commence construction on the Property. The Buyer has agreed to development on the Property a four story market rate housing project designed for persons 55 and older seeking active independent living with 100 to 150 units (the “Housing Building”), one approximately 7,500 square foot multi- tenant retail building (the “Retail Building”), and two restaurant buildings of 5,000 square feet or more (the “Restaurant Buildings”) on the Property. The Housing Building, the Retail Building, and the Restaurant Buildings are referred to herein as a “Building.” In addition, the Buyer shall construct and pay for two monument signs (the “Monument Signs”) on the Property at locations approved by the City. The design of the Monument Signs shall be subject to the approval of the City. The Buyer shall provide advertising space on the Monument Signs to the City at no cost. The Buildings and the Monument Signs are collectively referred to herein as the “Minimum Improvements.” The following provisions and covenants govern the Buyer’s construction and operation of the Minimum Improvements, which covenants survive delivery of the Deed until terminated as provided in this Agreement. A. The Buyer will construct the Minimum Improvements substantially in accordance with the plans and specifications for the Minimum Improvements that the City approves in connection with issuing a building permit for the Minimum Improvements to the Buyer (the “Plans”). Construction of the Minimum Improvements will commence no later than one (1) year from purchasing the Property and shall be completed no later than twenty-four (24) months from purchasing the Property. B. The Buyer agrees to commence construction of the Retail Building or a Restaurant Building prior to or concurrently with commencing construction of the Housing Building. C. The Buyer will be deemed to have commenced construction of the Minimum Improvements when the Buyer has completed the footings for a Building on the Property, submitted and paid for a full building permit, graded the site, and installed utilities. The Buyer will be deemed to have substantially completed construction of a Building when the City’s community development department provides the Buyer with a certificate of occupancy for that Building.