1997-07-09 - Laserfiche WebLink

Home Browse Search

Lakeland Hills CITY COPY Development Agreement Revised July 7, 1997 a. The Developer shall provide to the City in writing an indication of the contractor selected by the Developer to construct and install the Street and Utility Improvements. The City shall reserve the right to determine if the contractor selected by the Developer is acceptable. The City reserves the right to require satisfactory proof of successful experience and adequate financial status by any such contractor. b. Construction shall not begin until written notice authorizing construction to start is received by the Developer from the City. c. Construction shall be completed to the standards and specifications described in the plans and specifications entitled Lakeland Hills Streets and Utilities. d. The Developer shall provide a Disbursement Agreement as Security for the construction of the Street and Utility Improvements as referenced in paragraph B above, Street and Utility Improvements. e. As outlined in the Disbursement Agreement, the City shall give written notice to the Developer and the Lender whether the City approves or rejects the Street and Utility Improvements through that particular stage of construction submitted for approval. 3. Se uri - • f S ial As essm- is a id Res tired Pa • nt T , eref.. Prior to the preparation of final plans and specifications for the construction of said improvements, the Developer shall provide to the City a cash escrow in an amount indicated in writing to provide for financing the cost of preparing said final plans and specifications by the City Engineer. Furthermore, the Developer shall also provide a cash escrow to the City in an amount indicated in writing to provide for financing the cost of inspection, staking, and construction administration by the City Engineer. Said cash escrow, including accrued interest thereon, may be used by the City upon default by Developer in the payment of special assessments pursuant hereto, whether accelerated or otherwise. That such cash escrow or letter of credit shall remain in full force and effect throughout the term of the special assessments, except the amount of the request of the Developer, at the City's option, but in no event shall be less than the total of the outstanding special assessments against all properties within the Subdivision. The entire cost of the installation of such improvements, including any reasonable engineering, legal, and administrative costs incurred by the City, shall be assessed against the benefitted properties within the Subdivision in ten (10) equal annual installments with interest on the unpaid installments at a rate not to exceed the maximum allowed by law. All special assessments levied hereto shall be payable to the Deputy Clerk in semiannual installments over ten (10) years commencing on May 15, 1997, of the year after the levy of such assessment and on each October 15th and May 15th thereafter 260/083- 1904.feb Page 6