Laserfiche WebLink
Section 3.2. Park Dedication and Utility Connection Charges. The City agrees <br /> thatark dedication fees in the amount of$ and utilityconnection fees in <br /> p <br /> the amount of$ otherwise payable with respect to the Development are <br /> deferred and shall be payable only in the event that the Developer permits the <br /> Development to be occupied by tenants who are not 62 years of age or older. In that <br /> event such fees shall be immediately due and payable together with interest on the <br /> deferred amounts computed at the rate of 7.00% per annum from the date hereof. <br /> Section 3.3. Conveyance of Development Property: Execution of Ground <br /> Lease. On or prior to , 2001 Dunbar shall convey fee simple title to the <br /> Development Property to the HRA by warranty deed, subject only to Permitted <br /> Encumbrances. In consideration of such conveyance the HRA shall execute and <br /> deliver the TIF Note to Dunbar. Upon execution and delivery of the Financing <br /> Documents, the HRA shall execute and deliver the Ground Lease. <br /> Section 3.4 Construction of Public Improvements. The City agrees to <br /> construct the following public improvements serving the Development Property: <br /> . Such public improvements will be completed on or prior to <br /> , 2002. <br /> Section 3.5 Reimbursement for Public Improvements. The City and HRA <br /> acknowledge that neither the City nor the HRA shall be entitled to reimbursement for <br /> the costs of the Public Improvements. <br /> [The balance of this page intentionally left blank.] <br />