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BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 16:52 P.03 <br /> • <br /> • TABLE OF CONTENTS • • <br /> DEVELOPMENT AGREEMENT <br /> Page <br /> Introduction 1 <br /> ARTICLE I - DEFINITIONS 2 <br /> Section 1.1 . Definitions 2 <br /> ARTICLE II - REPRESENTATIONS AND WARRANTIES 5 <br /> Section 2 .1. Representations and Warranties of the <br /> City 5 <br /> Section 2 .2 . Representations and Warranties of the <br /> Developer 5 <br /> ARTICLE III - REIMBURSEMENT OF PROJECT COSTS 7 <br /> Section 3 . 1. Statement of Intent . 7 <br /> Section 3 .2 . Reimbursement of Project Cost by City , . 7 <br /> • <br /> Section 3 .3 . Issuance of Tax Increment Bonds 8 <br /> Section 3 .4 . Limitations on Financial Undertakings <br /> of the City 8 <br /> Sec ion 3 .5. Adjacent Development Property 8 <br /> It Section 3 .6, Re•ioaal Storm Water Holdin- Pond . _._ . 9 <br /> 1.11G Cit. % <br /> p •-._•-_._ _. _.._w <br /> ARTICLE IV - CONSTRUCTION OF MINIMUM IMPROVEMENTS 10 3 <br /> Section 4 . 1. Construction of Minimum Improvements 10 3 <br /> Section 4 .2 . Construction Plans 10 3 <br /> Section 4 .3 . Commencement and Completion of <br /> Construction 11- 11 <br /> ARTICLE V - INSURANCE tt 12 <br /> Section 5. 1. Insurance . tt 12 <br /> Section 5 . 2 . Relationship to Mortgagee. 33' 14 <br /> ARTICLE VI - ASSESSMENT AGREEMENT AND OTHER COVENANTS . . * 15 <br /> Section 6 .1. Execution of Assessment Agreement . . tit 15 <br /> Section 6 .2 . Real Property Taxes 15- <br /> Section 6.3 . Payment In-Lieu of Taxes i5. 16 <br /> ARTICLE VII - TAX INCREMENT SHORTFALL GUARANTY 3-e- 17 <br /> Section 7 .1 . Developer' s Agreement to Pay Tax <br /> Increment Deficiency ±e 17 <br /> ARTICLE VIII - MORTGAGE FINANCING . . . . . . . . . . . . 11 <br /> Section 8 . 1. Limitation Upon Encumbrance of Property 17 18 <br /> Section 8 .2 . Approval of Mortgage 11 <br /> 965316.5ted <br /> v2 to V1; 12/11/98 <br />