1992 Development Agreement Summary of Important PointsI � , . A Alt-� 1// 1?—
SUMMARY OF IMPORTANT POINTS OF BARTHEL'S DEVELOPER'S AGREEMENT
Below is a summary of the major points of the revised Barthel
Commercial Park Developer's Agreement. Because the fine points of
the agreement have been left out of this summary, please refer to
the Agreement itself for more detail regarding the terms of the
agreement.
1. The Developer agrees to install curb, gutter and a 9-ton,
44-foot road along abutting Lot 1, Block 2 (warehouse
property), along with those utilities deemed necessary by
the City Engineer. Developer will also construct the
necessary landscaping and drainage improvements, and will
construct a gravel parking lot until a second warehouse
storage building is built, at which time the parking lot
will be paved with bituminous or concrete. The road
right-of-way has been reduced from 80 feet to 60 feet as
approved by variance by the planning commission and the
Council.
Developer also agrees to construct the remainder of
the road if the platted property is transferred to anyone
other than selected family members (to be named in the
Developer's Agreement), or as lots are changed from
outlots to buildable lots.
2. Developer authorizes the City to make the improvements in
paragraph 1 above and to assess the costs to the
Developer if the Developer fails to make the
improvements.
3. Developer agrees to post a surety with the City in the
amount of $19,933.00 as security for the construction of
the improvements in paragraph 1 above and the payment of
special assessments, if any. The amount of security
represents 100% of the $10,420.00 estimated cost of the
parking lot improvements plus 25% of the $38,050.00
estimated cost of the road and water main improvements
abutting the warehouse lot ($38,050.00 x 25% _
$9,512.50).
4. The Developer may petition the Council to reduce this
surety as improvements are constructed or when 75% of all
assessments have been paid and the parking lot has been
paved.
5. Developer will make up any deficiencies in the
surety.
6. The City can draw on the surety prior to its expiration
if a new surety is not provided.
7. Estimated Park dedication fees of $500.00 will be paid to
the City now for the warehouse lot only. Final amount
due for this lot will be determined based on the assessed
valuation of the lot as commercial property (as required
by the park dedication ordinance). Park dedication
requirements for the remaining portion of outlot A will
be determined as these properties are replatted into
usable lots, since neither the valuation nor the amount
of usable land is known for Outlot A.
8. If the Developer abandons the project, it agrees to
reimburse the City for all costs incurred relating to
this development. If the Developer ceases substantial
field work for more than nine months, the Developer
agrees to reimburse the City for any costs the City
incurs in levelling the grounds and providing permanent
vegetation so that soil erosion will be halted.
9. The Developer agrees to reimburse the City for all
administrative, legal, and professional costs incurred in
the creation, administration, enforcement or execution of
the Developer's Agreement.
10. The Developer agrees to keep the construction sites
free of clutter and will clean up any debris or
repair any damage caused by construction within 30
days of notification by the City.