6B, Public Hearing Proposed TIF District Resolution 2010-081, -082 & -083

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_ __ _ _ ARTICLE N Coustruction of Minimum Improvements; Public Im.pr4vements Section 4.1. Construction of Improvements. The Develo�er agrees that it wili construct or cause to be constructed the Minimum Improvements on the Developmen# Property in accordance with the approved Constructian Plans and at all times prior to the Maturity Date, will operate and maintain, preserve and keep the Minimum Ixnpro�ements or cause such impravem�nts to be znaintained, preserved and kept with t�e appartenances and every part and parccl thereof, in good repair and condition. The City shaIl have no obIigation to operate or imaintain the Minimum Improvements. 5ection 4.2. Construction Plans. (a) Before commencement oi canstruction of the Minimum Improvemen.ts, the Developer shaIl submit to the City Constxuction Plans. The Construction Plans shall provide for #he construction of the Mini:munn Impravements and shall be in confor�nity with the Development Plan, this Agreement, the Lan.d Development Agreement, and all applicable State and lacal laws and regulations. The City Representative will approve the Construction Plans in writing if: {i) the Construction Plans conform to the tertns and conditions of this Agreement and the Land Develapment Agreement; (ii} the Construction Plans conform to the goals and objectives of the Developrr�ent Plan; (iii) the Constructian Plans conform to all applicable federal, state and local laws, ordinances, ruIes and r�gulations; (iv) the Construction Plans are adequa�e to pro�ide for construction of the Minimum Improvements; (v} the ConsUuc�ion Plans do not provide far expenditures in excess of the funds available ta the Developer from all sources {including Deveioper's equity) far construction of the Minimu�r► Improvements; and (vi) no Event of Default has occurred. Approval may be based upon a review by the City's Building Official of the Construction P1a�s. No approval by the City Representative sIaalI relieve the Devetoper af the obligation to comply with the terms of this Agreement or of tlie Development Plan, applicable federal, state and local laws, ordinances, rules and regulations, or to canstruct the Minitr�um Improvetnents in accordance therewith. No approval by the City Representative shall constitute a waiver of an Event of Default. If approval of the Constr�tction Plans is requested by the Deveioper in writing at the time of submission, such Canstruction Plans shall be deemed approved unlass rejected in writing by the City Representative, in whole ar in part. Such rejections shall set forth in detail the reasans therefoxe, a.nd shaIi be made within ten business {10) days after the date of their receipt by tlae City. if the City Representative re�ects any Construction PIans in whole or in part, the Developer shall submit new or correc#ed Construction Plans within 10 business days after wri�ten notification to the Daveloper of the rejection. The provisions of this 5ection relating ta approval, rejection and resubmission of corrected Canstruction Plans shall continue to apply untii the Construction Plans haue been approved by the City. The City Representative's approval shal� not be unreasonably withheld, delay�d or conditioned. Said approval shall constitute a canclusive determination that the Construction Plans (and the Minimum Improvements constructed in accordance wit11 said plans) comply to the City's satisfaction with the provisians of this Agreement relating thereto. {b} If the Developer desires to make any rr�aterial change in the Construction Plans after tlaeir approval by filie City, the De�eloper shall subrnit the proposed change io the City far its approval. If fihe Construction Plans, as modified by the proposed change, conform to the requirernents of this 5ection 4.2 of this Agreement with respect to such previously approved Constr�.iction Plans, the City shall approve tk�e proposed change and notify the Deveioper in writing of its approval. Such change in tha Canstruction Plans shall, in any event, be deemed approved by the City u�less rejected, in whole or in part, by written notice by the City to the Developer, setting forth in detail the reasons therefor. Such rejection shall be made within ten business (10) days after receipt af the notice of such change. The City's approval of any such change in the Construction �lans will not be unreasonably withheld. 378990vb SJB AR200-iD 12