I-2 - Second Amended Development Agreement - DERS

WHEREAS, Chapter 15A of the Code of Iowa (“Chapter 15A”) declares that economic development is a public purpose for which a City may provide grants, loans, tax incentives, guarantees and other financial assistance to or for the benefit of private persons; and NOW THEREFORE, the parties hereto agree as follows: A. Developer’s Covenants 1. Commercial Development Project. The Developer agrees to use its best efforts to promote the development of commercial lots on the Development Property, such that the Development Property is capable of being put to its highest and best commercial use. The Developer agrees to undertake the grading and site preparation (the “Grading Project”) on the Development Property necessary for the construction of Commercial Development Projects and to complete such Grading Project by no later than December 1, 2018. The Developer agrees to initiate the establishment of a Planned Development Overlay District (the “OPD”) pursuant to the City’s Ordinance No. 2017-393 on a portion of the Development Property as shown on Exhibit B attached hereto. Furthermore, the Developer agreed to initiate the preliminary platting process pursuant to the City’s Subdivision Ordinance, as amended, for those portions of the Development Property that are not included in the OPD. The Developer shall record the final plat (the “Final Plat”) upon completion of the Public Infrastructure Project – Phase I and Phase I Alternates. The Developer agrees to require each purchaser (each, a “Subsequent Developer”) of the Development Property to design and construct each Commercial Development Project in accordance with the OPD or the Final Plat, as applicable. 2. Public Infrastructure Project – Phase I and Phase I Alternates Construction and Costs. The Developer agrees to cause the construction of the Public Infrastructure Project – Phase I and Phase I Alternates in accordance with that certain timeline and specifications (the “Infrastructure Plans”) which the Developer shall cause to be prepared by a licensed engineer by no later than December 1, 2019. The Infrastructure Plans shall provide that the Public Infrastructure Project – Phase I and Phase I Alternates will be completed by no later than July, 2019. When available, the Infrastructure Plans shall be submitted to the City for review and approval. The Infrastructure Plans shall include the public improvements associated with the relocation of Park Road, the establishment of a section of Oakdale Boulevard and a portion of Forevergreen Road, to include street paving, curb, gutter, storm water drainage, sanitary sewer mains, water mains, pedestrian trail improvements, street and trail lighting, traffic control lights and monument signs. An overview of the improvements to be included in the Infrastructure Plans is attached hereto as Exhibit D. Upon City approval, which shall not be unreasonably withheld, the final Infrastructure Plans shall be attached hereto as Exhibit E. Following approval of the Infrastructure Plans and prior to commencing construction of the Public Infrastructure Project – Phase I and Phase I Alternates, the Developer will submit copies of all engineering documents related to the proposed Public Infrastructure Project – Phase I and Phase I Alternates to the City for review. The City may request reasonable changes in such documents, to ensure compliance with this Agreement and any applicable ordinances or regulations. -2-