7.5. SR 07-15-2013 - Laserfiche WebLink

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agreement on the part of the Developer under this Agreement, the Developer agrees that it shall, within ten (10) days of written demand by the City, pay to the City the reasonable fees of such attorneys and such other expenses so incurred by the City. ARTICLE III. UNDERTAKINGS OF DEVELOPER AND TAX ABATEMENT Section 3.1. Construction of the Project. The Developer agrees that it will acquire the Property in accordance with the terms of the Purchase Agreement and will construct the Project on the Property in accordance with construction plans and specifications approved by the City, (the "Construction Plans") and will operate and maintain, preserve and keep the Project or cause the Project to be maintained, preserved and kept with the appurtenances and every part and parcel thereof in good repair and condition. Section. 3.2. Construction Plans. If the Developer desires to make any material change in any Construction Plans after their approval by the City, the Developer shall submit the proposed change to the City for approval by the City Engineer and City Building Official. For purposes of this Section, a material change means any change in the building that involves the building code, any change in the location of the building on the site plan, any change of location of any sidewalk, parking space, drive lane, driveway, water or sewer service alignment, and any change in finished drainage patterns. If the Construction Plans, as modified by the proposed change, conform to the requirements of this Section 3.2 of this Agreement with respect to such previously approved Construction Plans, the City shall approve the proposed change and notify the Developer in writing of its approval. Section 3.3. Construction of Improvements. The Developer shall commence construction of the Project no later than August 31, 2013 and shall substantially complete construction of the Project, except for landscaping; exterior matters such as final lift of asphalt, striping, etc.; and minor "punch list items", on or before a November 31, 2013, subject to extensions approved by the City and Unavoidable Delays. Section 3.4 Damage and Destruction. In the event of damage or destruction of the Project the Developer shall repair or rebuild the Project. Section 3.5. Tax Abatement. The City shall provide to Developer a reduction in the purchase price of the Property in the amount of $680,895.00 and up-front financing for site development costs in the amount of$472,983.00 ("Tax Abatement") pursuant to the terms of the Purchase Agreement through the City's Development Fund which amount consists of the City Tax Abatement amount of$576,939.00 plus interest at the rate of 3% per annum and the County Tax Abatement amount of$576,939.00 plus interest at the rate of 3% per annum. (a) The City Tax Abatement is hereby granted in respect of property taxes levied by the City on the Property for twenty years, commencing with taxes payable in 2015 and concluding 171419v1 6