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Section 4.02. Payments for Completed Public Improvements <br />The costs of all Public Improvements will be initially financed through Acquisition and <br />Reimbursement Agreements. Pursuant to the terms of an Acquisition and Reimbursement <br />Agreement entered into concurrently with letting the construction contract for an applicable Public <br />Improvement, the Owner shall convey, and the City shall acquire, the given Public Improvement <br />for the Actual Cost, after such Public Improvement is completed and has been accepted by the <br />City. The general process for funding of Public Improvements is as follows: <br />(a) Major Public Improvements <br />(1) Concurrently with letting the construction contract for the Major Public <br />Improvements, the City and Owner will execute an Acquisition and Reimbursement Agreement <br />for the Major Public Improvements which will provide for Special Assessments (to be levied and <br />collected after completion of the Major Public Improvements) that will reimburse the Owner for <br />Actual Costs incurred in connection with the Major Public Improvements until the Major Public <br />Improvement PID Bonds are issued in amount necessary to reimburse Owner for the Actual Costs <br />of the Major Public Improvements less any amounts already reimbursed to Owner pursuant to the <br />Acquisition and Reimbursement Agreement, as provided in Section 2.03(b). <br />(2) As soon as practical after the Effective Date, the City will approve the Initial <br />Assessment Ordinance which will include the Service and Assessment Plan. The City will levy <br />and collect the Special Assessment for the Major Public Improvements. <br />(3) Owner will construct or cause the construction of the Major Public <br />Improvements. <br />(4) After the completion of the Major Public Improvements, the City will begin <br />collecting the Special Assessments on the Property. Upon collection of such Special Assessments, <br />the City will place such Special Assessments in a designated account separate from the City's other <br />accounts. As set forth in Section 2.03(b), the funds within the account will be used to reimburse <br />Owner for the Actual Costs of the Major Public Improvements pursuant to the terms of the <br />Acquisition and Reimbursement Agreement (See step 4 5 below). <br />(5) Prior to the first bond issue, Highpointe shall demonstrate to the City that <br />the Landowner has sold and or has contractual obligations for the sale of lots to homebuilders, a <br />minimum of 130 of the 390 lots in the Residential Phase 1, as shown on page 60 of the Trace <br />Public Improvement District Financing Agreement, Exhibit C, Draft of Service and Assessment <br />Plan, Table IV-C, Major Public Improvements PID Bonds, Special Assessment Allocation. <br />(6) Upon completion of the Major Public Improvements contemplated by the <br />Acquisition and Reimbursement Agreement and the Trustee's receipt of proceeds from the Major <br />Public Improvement PID Bonds, the City will issue the Major Public Improvement PID Bonds, <br />subject to meeting the requirements and conditions stated herein and State law, to reimburse the <br />Owner for Actual Cost of the Major Public Improvements less any amounts already reimbursed to <br />Owner pursuant to the Acquisition and Reimbursement Agreement. The City shall commence the <br />10 <br />