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�,oi�pr o�torney after ina�rillation at�c ultin�ite inp:ove�ent� to <br /> Ca::ino Said Pot.•er. ot At.l:ornc.ry 1 hr. er.ecuted on a Eom provid� <br /> or approved by thc City Attorney. . <br /> SecL•ion 3: Cu:nulaCive Re.^.ervr t'und . . � <br /> , � A. There is hr.reby c�:eaf.ed .^. Ct:mul;iki.ve Roserve Pund f.o: ti�e zeceipt � <br /> . / �� of moni.e, collrcted pursuanl to ficeCion 2.R of t:his ordinance or other <br /> /1 agree��ent or ordinance providing for li1;e purpnc;c. 7'hr Ci.Cy Trcasurcr <br /> lC�l� mny invest thc funds in safd CurnulaCi.ve Itescrve 1'iuid nnd any intcrest or <br /> ;I/ income on such inve::lnentn ::hall he ret�ained 1,y t:he fund t.o b^ utiliz�d <br /> j� for the p;irposes ot the fund. Thc fund shull Le uCil.i•r.ed to finance nnd/or <br /> �j� pay Ior interim impr.ovements t:o C�isino Itoad a, deCeznined necessury by the <br /> CiCy Council oI thr. C.ity of F��crcY.l. in Chis ordinancc; fnonics renaining <br /> Iin the fund� it nny, after compl.eCion oC the inCerim i��p.rovenent� to <br /> Ca,itio ltoad ehall Ue used to puy as mucl� of. f:he ultimat:c improvements to <br /> Casino Road as is possiblc; provided, ho„�ever, i.0 thc ultii�ate i.mprove:nen�s <br /> are finc�need by I,ocal ImprovemenC Uistrict (G.I.p. ) , ,uch monies lePC <br /> � in �he funcl afl•r.r completion oL the interim improvcaenLs :;hnll be anplied <br /> Ito pay t:he L.I.D. assess:nent, ot those develot�crs o;hir.h cont:ribttted to the <br /> f fund, in the proporCion oP each developer's cont:r.iUuLion to the total <br /> IamounL' as monies paiA into the fund. Any monics r.emaining in caid . <br /> I Ctimulativc Resezve Fund uprni thc conplet.ion ancl acceptance of the ultimate <br /> � °mprovements to Casino P,oad may bc allocated by the City Council in its <br /> sole� sound discretion to oLher strecC improvemenL or strcet-reluted <br /> Iimprovemer,t projects. � <br /> _ �1 <br /> i Section 4: Permit Issuance <br /> �IA, tIo public official shall i��suc any penait or authorization oC <br /> . any kind or nature includi.nc, clearing, yradiny, or siCe preparation for. <br /> the pr.i��ate or public clevelop�nent along Casino P,oad or �riChin Lhe benefit <br /> arca depicted' in Exhi.bit 1 herclo i[ thcit devclopment or improvc�ent <br /> ` generatce; �i9nific�lnt traffic to Casino Road unless thc oo:ncr(e;) of that <br /> I propr.rY.y has suLmiLled an executcl agrecment, 'on forns supplicd by the <br /> �� CiCy Attornc�y, obligatin� co:apliance wiCh the terme. of this ordi�tance <br /> I <br /> f� incl.uding casl� payment or pay.�,ent guaranCee in the amount required by <br /> � Section 2 herenL. <br /> � I <br /> U. Tl�e IIuilding UCficial shall not issue a. building pex.n.t until <br /> the tenns ind conditions of thjs ordinance have been f.ul.fi.11ed. <br /> I C, The Uuilding Officia] s>>all no� issue final approval for occupancy t <br /> tlie payment yuaranCce in ].ieu oC imrediaCe casli pa��ment req�ireA in <br /> , Sect.ioii 2.Fs shall ha��c been converted to money and deposi.ted in tl�e <br /> , II CumulaLive Reccrvc Pund; tLis conversi�n shall bc accompli�hed prior to <br /> � occupancy not�ait:h�tanding that the interiu� ir.,Pruvun:ent:; are noc in <br /> � construcCion or Che monie� immediaCcly needed. <br /> ISection S: I.a�as UnaCfected <br /> INotLing ir. thi� ardinrmcc sh�ll relieve a ocveloper from co:npliance <br /> �iith nll City, State and Federal llvrs; nor clii�in�te any responsiUility <br /> to mitigaCe any adverse environmental inpact identifiecl to date or <br /> Ihcrc�iftcr idenCifir.l. <br /> ` I ' <br /> I . <br />