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AGENDA ITEM #11 .2 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: January 8, 2008 <br /> Subiect: Trailside Estates <br /> Report: Trailside Estates has been delinquent in <br /> reimbursing the City for outstanding expenses in an amount <br /> of approximately $11,700. <br /> The information below is provided by our City Attorney: <br /> The Development Agreement provides that the Developer is required to <br /> reimburse the City for the costs outlined in Dawn's letter. (attached). <br /> Specifically the Smiths are required to reimburse the City within 30 days as <br /> noted in Dawn's letter. Since the expenses have not been reimbursed to the <br /> City the Development Agreement provides (Section XA'V) that this is an event <br /> of default and that the City shall provide the Developer a notice of the event of <br /> default with a 15 day notice to cure the default, in this case pay the <br /> outstanding expenses. If the Developer does not cure the default then the City <br /> has the right to request payment from the Performance Bond. Furthermore, <br /> the City has the right to halt any further development within the project <br /> including not issuing any further building or zoning permits. <br /> Mr. Smith has been notified by mail of the default. The <br /> advice from our attorney is to begin the process of <br /> requesting payment from the Performance Bond. <br /> .. <br />