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<br /> Page 2 <br /> others. <br /> B. The Developer agrees to construct the Project on the Property, the total <br /> estimated cost of which is approximately $850,000 to be completed by December 31, <br /> 1998. <br /> C. The Developer agrees that the use of the Project upon completion will be for <br /> single-family residential purposes only in accordance with the current zoning designation <br /> of the Property. <br /> D. The City will have access to the Property during the City's normal business <br /> hours for the purpose of inspecting the Project to ensure that it is constructed, maintained <br /> and used in accordance with this Agreement. <br /> SECTION 3. DEVELOPMENT INCENTIVES <br /> A. In consideration for the construction of the Project by the Developer, the City <br /> agrees to waive City fees (the "Fee Waiver") associated with the Project, including those <br /> for subdivision platting, engineering review, and site development. Any of these fees that <br /> have already been paid will be refunded by the City. The City also agrees to waive fees <br /> for building permits, plan checking, water and wastewater connections, and contractor <br /> licensing associated with the construction of single-family residences on the Property by <br /> the Developer or by others that become payable on or before June 30,2000. <br /> B. The Fee Waiver will not extend to water and wastewater impact fees charged <br /> by the City. <br /> C. The City also agrees to reimburse the Developer for the pro-rata costs (the <br /> "Street Extension Costs") of engineering and construction for the extension of Sturgeon <br /> Street from the Southwest corner of the Property across existing platted right-ot-way to <br /> River Road (the "Street Extension"). Before beginning construction on the Project, the <br /> Developer will submit their engineer's written, itemized estimate of the total cost of the <br /> Project and ot the Street Extension Costs to the City tor review and approval. The City will <br /> make reimbursements to the Developer based upon the percentage of work completed on <br /> the Street Extension, as verified by the Developer' engineer and City inspectors. <br /> SECTION 4. DEFAULT <br />