7.1 SR 10-05-2020 - Laserfiche WebLink

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ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1 Costs of the Project. The Developer agrees that it will acquire the Development Property and cause the Minimum Improvements to be constructed on the Development Property substantially in conformance with the approved Construction Plans and as further provided in Article IV. The Developer agrees that the scope and scale of the Minimum Improvements to be constructed shall not be significantly less than the scope and scale of the Minimum Improvements as detailed and outlined in the Construction Plans. Subject to Unavoidable Delays, the Developer shall cause construction of the Minimum Improvements to be commenced on or before October 31, 2020 and, barring Unavoidable Delays, the Minimum Improvements will be substantially completed by July 31, 2021. All work with respect to the Minimum Improvements to be constructed or provided by the Developer on the Development Property shall be in substantial conformity with the Construction Plans as submitted by the Developer and approved by the City in connection with the issuance of a building permit as further provided in Article IV. The parties agree that the acquisition of the land and construction of the Site Improvements to be constructed by the Developer is essential to the successful completion of the Minimum Improvements. The Developer shall pay or reimburse the City for Legal and Administrative Expenses upon execution of this Agreement as provided in Section 3.7. The cost of the Land Acquisition, Site Improvements and the Minimum Improvements shall be paid by the Developer. Solely as provided in Section 3.2, the City shall reimburse the Developer for the lesser of $190,000 or the costs of the Land Acquisition and Site Improvements actually paid by the Developer substantiated under Section 3.2 hereof (the "Reimbursement Amount"). All costs of the Land Acquisition and Site Improvements in excess of the Reimbursement Amount are the sole responsibility of the Developer. Section 3.2 Reimbursement: TIF Note. The City shall reimburse the Developer for costs of the Land Acquisition and Site Improvements, in part, through the issuance of the City's TIF Note in substantially the form attached to this Agreement as Exhibit B in an amount not to exceed $190,000 subject to the following conditions: (1) Provided that no Event of Default shall have occurred and be continuing, the TIF Note shall be dated (the "Issuance Date"), issued in a principal amount equal to the Reimbursement Amount and delivered to the Developer when: (a) The Developer shall be in material compliance with all terms and provisions of this Agreement; (b) The Developer has submitted signed settlement statements showing the cost of the Land Acquisition and paid invoices or other evidence reasonably satisfactory to the City showing the costs of construction of the Site Improvements in an amount, together with the Land Acquisition costs, not less than the Reimbursement Amount; (c) The Developer shall have completed construction of the Minimum Improvements as evidenced by a Certificate of Completion issued by the City pursuant to Section 4.2; and 7 LL185\61\675612.v1