2005.07.18 EDA Packet - Laserfiche WebLink

Home

• Obligations of the Authority and Ryland The Authority and Ryland will have the following obligations: The Authority grees to: • Create a tax increment financing district(already done) • Acquire parcels not yet owned by the City by purchase or condemnation, if necessary • Deliver each phase to Ryland by the dates specified above • Vacate the portion of Sumter Avenue that lies within the site • Demolish and remove all buildings,basements and driveways • Perform any environmental cleanup required for residential construction(probably only an issue for the former gas station site at 5550 Winnetka) • Provide water and sewer to the edge of the redevelopment • Keep applicable City fees constant until October 31,2005 Ryland agrees • Pay the City for the land according to the schedule described above • Furnish a letter of credit as security for its land payment obligation • Demonstrate ability to finance project construction • Obtain any necessary rezoning, permits and approvals and observe other governmental requirements,including bonding • Pay customary City fees for approvals and construction • Use best efforts to preserve large trees on the site • Build according to approved construction plans and housing product specifications • Complete all construction by December 31,2006 • Construction Timing Upon delivery of a phase to Ryland, Ryland will require 3-4 months to develop the land and another 4-5 months to complete construction. Somewhat less time will be required for the Model Phase. The first units in the Model Phase should be completed in early fall. Whether those units can be sold at that time will depend upon whether water and sewer are available. G:\WPDATAWWEW HOPE\18\COMMCDONALD GG 03.DOC 0 Page 3