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5539
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5539
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Last modified
4/9/2012 10:38:37 AM
Creation date
11/5/2014 12:17:44 PM
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City Ordinances
Passed
6/2/1986
Ordinance Number
5539
Bill Number
7743
Introdate
6/2/1986
Description
amend ord 5508 amending contract with Trinity/Delmar Redevelopment Corp
Introduced By
Councilmember Wagner
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1. As reserve_.for. paintenance of such rate of <br /> return in: .the future, and may be held by the <br /> Developer to offset any deficiency in such <br /> rate of return which may have occurred in <br /> prior years. <br /> 2. To accelerate amortization payments. <br /> 3. For the enlargement of the project, with the <br /> approval of the City Council. <br /> 4. For a reduction in rentals. <br /> At the termination of the tax relief provided for in paragraph <br /> 10 the Developer shall make a strict accounting of a surplus earnings in excess <br /> of those permitted hereby and shall turnover. to the City any excess of such <br /> surplus earnings not previously used. for one or more of the purposes set forth in <br /> subparagraphs (b) , 1, 2, 3, and 4 of this paragraph 11. <br /> 12. Developer_ shall establi.sh_and_maintain__reserve accounts including, <br /> but not limited to, a reserve for. the. payment of taxes and insurance according to <br /> recognized standard accounting practices. <br /> 13.. "Cost" as used herein. shall include, among other expenses, the <br /> cost of land and improvements, interest ...during construction, the estimated or <br /> actual . expense of demolition of existing _ .structures, the estimated or actual <br /> expense of utilities, landscaping . .and _roadways,.. the estimated or actual expense <br /> of construction equipment and furnishing of buildings and improvements including <br /> architectural, engineering and builder's fees, the estimated or actual expense of <br /> rehabilitation, remodeling, or initial repair of existing buildings and improve- <br /> ments and reasonable management and operation expenses until the project is ready <br /> for its proposed use as provided for .in the-approved Development Plan, together <br /> with such additional expenses incurred as a _result of additions to or changes in <br /> the Development Plan where such additions or changes are appproved by ordinance. <br /> 14. The terms, conditions and . provisions. of_ .this contract and of the <br /> Development Plan can be neither substantially modified. nor eliminated except by <br /> mutual agreement between the. City of University. City_and the Developer, its <br /> successors or assigns; provided, . however., that this contract shall not be <br /> construed as an enlargement of the authority conferred upon the City of <br /> University City .by Chapter 353, R.S. Mo. 1978, as amended. <br /> 15.. Due to the difficulty of ascertaining actual damages in this <br /> project the parties hereby _stipulate. that_liquidated damages in the amount of One <br /> Hundred Dollars ($100) for.,each month..of.delay_ shall be payable to the City upon <br /> 5 <br />
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