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8A, Presbyterian Homes TIF
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12-20-10 Special City Counicl Meeting
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Section 43. Commencement and Com �etion of Constructior�. Subject to Unavoidable Delays, <br />the Developer will commence and substantially complete the Minim�m Improve�nents in accordance with <br />the foliow�ng schedule: <br />Phase lA: Commence by December 3I, 20l 1 <br />Compleie by December 31, 20I3 <br />Phase IB ComFnence by May 1, 2413 <br />Compiete by December 3l, 2014 <br />Pl�ase II Conramence by December 31, 2Q34 <br />Cornplete by December 3I, 201 b <br />Uti}ity <br />]mprovements_ Same as Phase IB <br />Dernol�tion: Must demolish Lakeview within 6�-►onths after the first certi�cat� of <br />occupancy for Phase IA. <br />Must de�nolish Sutton Place witlain 6 months after the firs� certificate of <br />occupancy for Ahase II. <br />A1} work with respect to the Minimum Improvements to be constructed or provided by the Devetoper on <br />the Deveiopment Property sY�ali be in conformity with t�e Construction Plans as submitted by the <br />Developer and approved by the City. <br />The Deve�oper agrees. far itself, its successors a�d assigns, and every successor in interest to the <br />Developrr�ent Praperty, ar any part thereof, that t�e Developer, and such successors and assig�s, shall <br />promptly begin and diligently prosecute to completion the deveIopment of the DeveIopment Pro�erty <br />through the construction of the Minimum Improvements thereon. After the date of this Agreement and <br />untii constr2.�etion of the Minimum Impro�ements lzas been completed, the Developer shalf make reports, <br />ir� such detai} and at such times as may reasonably be reqUested by the City, as to the actual progress of <br />the Developer with respect to such construction. <br />5ection 4.4. Certificate of Cor-n 3etion. {a) Promptly after cor�zp]etion of the Minimum <br />Irnpro�ements i� accordance with those provisions of the Agreement retating soleIy to the obligations of <br />the Developer ta construct the Minim�rn lmprovernents {including the dates for beginning and <br />completion thereofl, the City Representati�e will furnish the Developer with a Certificate shown as <br />Schedn�e B. Such certifcat�on and such deterc�ination shall nat cor�statute evidence of corrrpliance with <br />or satisfaction of any obligation of the Develaper to any Holr�er of a Mortgage, or any insurer of a <br />Mortgage, securing money loaned to fnance the Minirnum Impravements, or any parE thereoi <br />(b) If the City Representative sf�a]I refuse or fail to �ravide any certification in accordance <br />with the provisions of this Section 4.4 of t�iis Agreernen#, the City Re�resentative shall, within ten {10) <br />business days after written request by ihe DeveEoper, provide #he Developer with a written statement, <br />indicating in adequate detail in what respects the De�eloper has failed to complete the Minim�m <br />Improvements in accorda�ce with the provisions of the Agreemen#, or is otherwise in default, and what <br />measures or acts will be necessary, in the opinion of the City, for t�e Developer to take or perform in <br />orcler to obtain such certificatian. <br />14 <br />
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