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<br />Project, single-family residences will be constructed on the lots in this subdivision, either by the <br />Developer or by others. <br />B. The Developer agrees to construct the Project within rights-of-way and easements <br />adjoining the Property, the total estimated cost of which is approximately $80,000 (not including the <br />homes to be built), and to complete the Project within 180 days of approval of the construction plans <br />for the Project by the City. <br />C. The Developer agrees that the use of the Project upon completion will be for single-family <br />residential purposes only in accordance with the current zoning designation of the Property. <br />D. The City will have access to the Property during the City's normal business hours for the <br />purpose of inspecting the Project to ensure that it is constructed, maintained and used in accordance <br />with this Agreement. <br /> <br />SECTION 3. DEVELOPMENT INCENTIVES <br /> <br />A. In consideration for the construction of the Project by the Developer, the City agrees to <br />waive City fees (the "Fee Waiver") associated with the Project, including those for subdivision <br />platting, engineering review, and site development. Any of these fees that have already been paid <br />will be refunded by the City. The City also agrees to waive fees for building permits, plan checking, <br />water and wastewater connections, and contractor licensing associated with the construction of <br />single-family residences on the Property by the Developer or by others that become payable on or <br />before December 31, 2003. The amount of the Fee Waiver, however, will not exceed $5,000. If this <br />limit is reached, normal City fees will be assessed for remaining activities related to the Project or <br />to homes constructed on the Property. <br />B. The Fee Waiver will not extend to.water and wastewater impact fees charged by the City. <br />C. The City also agrees to pay to the Developer $15,000 towards the cost of the street <br />improvements associated with the Project. The City will make this payment to the Developer in a <br />lump sum upon acceptance of the completed Project by the City. <br />SECTION 4. DEFAULT <br /> <br />A. The City Council may declare a default under this Agreement if the Developer: <br /> <br />1. fails to complete construction of the Project by the deadline set out in Section 2; <br />2. refuses, fails or neglects to comply with any of the terms of this Agreement; <br /> <br />C:\TEMP\Rheinheimer intill Kl.doc <br /> <br />2 <br />