Ordinance 556-78 - Laserfiche WebLink

• • curbs, gutters, drainage, paving, traffic control, street lighting, or other such municipal improvement. City shall deliver a release of such Power of Attorney after installation of the ultimate improvements to Casino Road. Said Power of Attorney shall be executed on a form provided or approved by the City Attorney. Section 3: Cumulative Reserve Fund A. There is hereby created a Cumulative Reserve Fund for the receipt of monies collected pursuant to Section 2.B of this ordinance or other agreement or ordinance providing for like purpose. The City Treasurer may invest the funds in said Cumulative Reserve Fund and any interest or income on such investments shall be retained by the fund to be utilized for the purposes of the fund. The fund shall be utilized to finance and/or pay for interim improvements to Casino Road as determined necessary by the City Council of the City of Everett in this ordinance; monies remaining in the fund, if any, after completion of the interim improvements to Casino Road shall be used to pay as much of the ultimate improvements to Casino Road as is possible; provided, however, if the ultimate improvements are financed by Local Improvement District (L.I.D.) , such monies left in the fund after completion of the interim improvements shall be applied to pay the L.I.D. assessments of those developers which contributed to the fund, in the proportion of each developer's contribution to the total amount as monies paid into the fund. Any monies remaining in said Cumulative Reserve Fund upon the completion and acceptance of the ultimate improvements to Casino Road may be allocated by the City Council in its sole, sound discretion to other street improvement or street-related improvement projects. Section 4: Permit Issuance A. No public official shall issue any permit or authorization of any kind or nature including clearing, grading, or site preparation for the private or public development along Casino Road or within the benefit area depicted in Exhibit 1 hereto if that development or improvement generates significant traffic to Casino Road unless the owner(s) of that property has submitted an executed agreement, on forms supplied by the City Attorney, obligating compliance with the terms of this ordinance including cash payment or payment guarantee in the amount required by Section 2 hereof. B. The Building Official shall not issue a building permit until the terms and conditions of this ordinance have been fulfilled. C. The Building Official shall not issue final approval for occupancy un.il the payment guarantee in lieu of immediate cash payment required in Section 2.B shall have been converted to money and deposited in the Cumulative Reserve Fund; this conversion shall be accomplished prior to occupancy notwithstanding that the interim improvements are not in construction or the monies immediately needed. Section 5: Laws Unaffected Nothing in this ordinance shall relieve a Developer from compliance with all City, State and Federal laws; nor eliminate any responsibility to mitigate any adverse environmental impact identified to date or hereafter identified. -4-