R2004-92 SCHEDULING PUBLIC HEARING FOR PROPOSED ANNEXATION AGREEMENT

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the final plat for the Subject Property or by letter to the Owner if the sewers and water lines are constructed after approval of the final plat. 9. REIMBURSEMENT TO OWNER. (a) The City shall reimburse to Owner the costs by Owner set forth in paragraphs 6(c) and 7(d) herein. Such reimbursement shall be paid by the City to Owner solely from that portion of the real estate taxes actually received by the City in any year attributable to the increase in the equalized assessed valuation of the Subject Property for that year over the equalized assessed valuation of the Subject Property in the tax year 2003 (payable in 2004) (the "Incremental Taxes"). All Incremental Tax revenue shall be paid to the Owner until the reimbursable costs set out herein have been paid. (b) It shall be the responsibility of the Owner, or its successors or assigns, to provide the City with certified copies of real estate tax bills for the tax year 2003 and, annually thereafter, proof of payment of all real estate tax bills on each tax parcel constituting the Subject Property until the reimbursable costs are paid. Failure of the Owner to provide the documentation required hereby shall be sufficient cause for the City to deny reimbursement of any Incremental Taxes for that year. (c) The City's obligation under this Agreement to reimburse the Owner as provided in this section is a special and limited obligation, to be paid solely from the real property taxes received by the City and limited to the amount of the Incremental Taxes. Any such obligation does not now and shall never constitute an indebtedness of the City within the meaning of any constitutional or statutory provision and shall not constitute or give rise to a pecuniary liability of the City or a charge or lien against the City's general credit, funds, taxing power or otherwise. 10. OWNER'S ENGINEER. The Owner's engineer shall certify to the City that all subdivision improvements meet City requirements except as permitted by variances required herEin. Final approval shall be by the City's Director of Engineering and Infrastructure. 11. CONTRACTORS. The Owner shall employ experienced contractors for construction of all subdivision improvements. 12. MISCELLANEOUS. (a) Where this Agreement is silent, City ordinances shall apply and control. It is further understood and agreed by the parties that this Agreement shall be read in pari materia with the City's Subdivision Ordinance and Zoning Ordinance, and other applicable regulations. (b) Notwithstanding any other provision contained herein to the contrary, with respect to the Subject Property, this Agreement shal� be effective for a term of twenty (20) years from the date hereof or the longest term permitted by law. (c) This Agreement shall bind the heirs, successors, and assigns of the City and the Owner. This Agreement shall inure to the benefit of the parties hereto, 4