HomeMy WebLinkAbout62-76 RESOLUTION•
RESOLUTION NO.Ca-76
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A CONTRACT WITH THE DEVELOPERS OF ALL SUBDIVISIONS
HEREINAFTER APPROVED BY THE PLANNING COMMISSION TO GUARANTEE
INSTALLATION OF REQUIRED IMPROVEMENTS.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk be, and they hereby are,
authorized and directed to execute a contract with the developers
of all subdivisions hereinafter approved by the Planning
Commission to guarantee installation of required improvements.
A copy of said contract, marked Exhibit "A", is attached hereto
and made a part hereof. / /(�
PASSED AND APPROVED THIS iR DAY OF y V(,(Q.,yt A_J , 1976.
APPROVED: �
/CYloAeJ 6 de.Lo.0
ATTEST:
£, 067A IV
TY CLERK
MAYOR
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CONTRACT
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THIS CONTRACT executed on this day of •
19 , by and between
hereinafter called the "Subdivider", and the City of Fayetteville
Arkansas, a municipal corporation, hereinafter called the "City".
In consideration of the mutual covenants contained herein,
it is hereby agreed by and between the Subdivider and the City as
follows, to -wit:
1. The City agrees to accept and approve the final plat of
the following described property prior to and in advance of the
installation of improvements required by Article III, Section A
of Appendix C to the Fayetteville Code of Ordinances:
2. The Subdivider agrees to install all improvements required
by Article III, Section A of Appendix C to the Fayetteville Code of
Ordinances within months from the date of this contract.
3. (a) The Subdivider hereby grants to the City a lien on
the above described property to secure the installation of the
aforesaid improvements. The Subdivider further agrees that in the
event he fails to install the aforesaid improvements within the
period specified in
discretion, install
Section 2 hereof, the
said improvements and
sell all of the above described property,
City may, at its sole
take possession of and
or any part thereof, in
any manner provided by law, and may credit the net proceeds from
said sale toward the costs incurred by the City in providing said
improvements, plus interest at the rate of ten (10) per cent per
annum, without prejudice to further claims which may arise there-
after under the terms of this contract.
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(b) The City hereby agrees that it will release its lien on
any individual lot in the subdivision described in Section 1 hereof
upon payment of that lot's proportionate share of the City's costs
in providing the aforesaid improvements plus interest at the rate
of ten (10) per cent per annum; the proportionate share for each
lot is hereby agreed to be the percentage of the aforesaid costs
plus interest which the ad valorem assessment (less building im-
provements) of said lot or lots bears to the total ad valorem
assessments (less building improvements) of all lots in the
subdivision.
4. No structure shall be occupied and no utilities shall
be connected for occupancy until all required improvements have
been completed and approved by the City Engineer and all lots
have been released from the lien granted herein; provided, the
City may, in its sole discretion, release one or more lots prior
to completion of all required improvements if the City determines
that all improvements it deems necessary for the use and occupancy
of said lot or lots have been satisfactorily completed, and the lot
owner has either installed or deposited cash or a performance
bond guaranteeing installation of all required sidewalks.
5. No building permits shall be issued until all new streets
are staked out and the street grade cut or filled to sub -grade
elevation for curb, gutter, and pavement according to a street
profile approved by the City Engineer. In the event the subdivider
fails to complete installation of all required improvements within
the time provided in Section 2 hereof and the City does not elect
to exercise its rights under Section 3 hereof, all required im-
provements must be constructed in accordance with City standards
existing at the time installation of said improvements is resumed
or begun.
6. This contract shall be binding upon the parties hereto
and upon their heirs, successors, and assigns.
19
Witness our hands and seals this day of
ATTEST:
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CITY OF FAYETTEVILLE, ARKANSAS,
A Municipal Corporation
BY
CITY CLERK
MAYOR
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