Res 1998-223 - Laserfiche WebLink

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Page 3 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 amO1.mts 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 \vritten authorization of both the City and the Developer, unless this agreement has been tenninated 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 of the 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 of the 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 World Drive. The Developer also agrees to acquire at its expense and dedicate to the City all property ofMr. David Buie needed for the realignment. 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 Deyetoper: 1. tàils to complete construction of the first phase, or the balance, of the Project by the respective deadlines set out in Section 2; 2. refuses, fails or neglects to comply with any of the terms of this Agreement; 3. made any representation in this Agreement or in the application to the City for infill development incentives that is false or misleading in any material respect; or 4. allows ad valorem taxes on the Property owed to the City to become delinquent and fails to timely and properly protest or contest the ta.,<es. B. If the City Manager detennines that the Developer is in default of this Agreement, the City Nfanager will notify the Developer in \\Titing, and if the default is not cured within 30 days of -