Res 1999-004 - Laserfiche WebLink

Home Browse Search

Page 3 Affordable Buyer in advance of the issuance of the Certificate of Occupancy for the home; otherwise, the Certificate of Occupancy will not be issued until the Fee Waiver amount is paid to the City for the home. B. The Fee Waiver will not extend to water and wastewater impact fees charged by the City. C. It is estimated that engineering and construction costs for the Realignment will not exceed $350,000. The City agrees to contribute $250,000, and the Developer agrees to contribute $100,000 towards this estimated cost. Upon notification by the Developer that construction of the Realignment is to commence, the parties will deposit these amounts in an interest-bearing account entitled "Bishop Street Realignment Fund" in a federally-insured bank having an office in the City. Funds from this account will be released as the construction progresses and only upon written authorization of both the City and the Developer, unless this agreement has been terminated by the City under paragraph 4.C. below. The Developer shall use these funds only for the payment of engineering and construction costs for the Realignment. The Developer shall cause plans and specifications for the Realignment to be prepared by the Developer's engineers for approval by the City. The Developer shall obtain bids for the Realignment as part ofthe first phase of the Project, and shall submit a tabulation of these bids to the City. The Developer shall oversee and manage the construction of the Realignment. Any amount remaining in the account after payment of the costs ofthe Realignment will be distributed pro-rata to the City and the Developer. D. The Developer agrees to dedicate to the City all of the Property needed for the Realignment, and additional right-of-way to link the Realignment intersection with the City's planned extension of Wonder Wodd Drive. The Developer also agrees to acquire at its expense and dedicate to the City all property of Mr. David Buie needed for the realignment, as shown on the master plan for the Project approved by the City Planning and Zoning Commission. The City agrees to acquire at its expense the other right-of-way needed for the Realignment from one other neighboring property owner. 4. DEFAULT A. The City Council may declare a default under this Agreement if the Developer: 1. fails to complete construction of the first phase, or the balance, of the Proj ect by the respective deadlines set out in Section 2; 2. refuses, fails or neglects to comply with any of the terms of this Agreement;