200406866 - Laserfiche WebLink

Browse

When recorded mail to: 200406866 LandAm ca Financial 4). ba. Attu: � 18501entral Ave•. Store No. 95343 Phoenix, AZ GRAND ISLAND, NE Escrow No. v DEVELOPMENT AGREEMENT �Pr THIS DEVELOPMENT AGREEMENT (this "Agreement ") is made as of this 1,-5 day of, / 2004 by and among WAL -MART REAL ESTATE BUSINESS TRUST, a Delaware statutory trust, WAL -MART STORES, INC., a Delaware corporation (collectively, the "Developer "), and THE CITY OF GRAND ISLAND, NEBRASKA, a Nebraska municipal corporation (the "City "). The Developer and the City are hereinafter sometimes individually referred to herein as a "Party" and are collectively referred to herein as the "Parties." PRELIMINARY STATEMENTS The Developer intends to acquire fee simple title to the real property, which is legally described in the attached Exhibit A (the "Developer Property "), from Wells Fargo Bank, N. A. as trustee of The Irene V. Christensen Easton Revocable Trust ( "Seller "). The Developer intends to develop the Developer Property in accordance with the plan attached hereto as Exhibit B (the "Site Plan "). In connection with the Developer's development of the Developer Property, improvements are to be made to certain real property located in the vicinity of the Developer Property (the "Public Property "), in connection with the final plat of the Developer Property, Wal -Mart South Subdivision (the "Plat "). In particular, the Developer shall perform the following tasks and /or construct the following improvements upon the Public Property (collectively, the "Developer Improvements "): (a) Developer shall reimburse the City for the cost of designing and constructing the Trail Improvements, as defined below. (b) The Developer shall design and construct the following: (i) pavement return widening to accommodate an eastbound right turn lane from Highway 34; and (ii) a westbound left turn lane from Highway 34 (collectively the "Highway 34 Improvements "). (c) The Developer shall design, construct and install the following: (i) pavement return widening to accommodate northbound right turn lane from South Locust Street; (ii) a southbound left turn lane from South Locust Street and (iii) a traffic signal at the intersection of South Locust Street and Lake Street per plans and specifications approved by the Director of Public Works (collectively the "South Locust Street Improvements "). (d) Developer shall design, construct and install (i) a public 10 -inch diameter water main loop in the easement shown on the Site Plan and (ii) a 20 -inch diameter water main along Highway 34 to serve Developer Property per plans and specifications approval by the Director of Public Works (collectively the "Water Work "). 01- 585772.06