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The principle departure in this Annexation Agreement <br />from other residential agreements relates to the <br />golf course. Specifically, the Annexation Agreement <br />requires the Annexor to: place in escrow the 104 <br />acres needed by the City for the golf course; place <br />in escrow or at the time of subdivision all water <br />rights historically pertinent to the property; <br />provide a Letter of Credit in the amount of $425,000 <br />to be used by the City to offset any operating <br />deficits during the City's initial five years of <br />operations of the golf course (1990 - 1994). The <br />City will repay this Letter of Credit when it <br />accumulates a reserve account of $300,000 or more <br />from golf course operations; commit to guarantee <br />payment of $180,OOi0 ($1,080 per residential unit) <br />between years 1992 and 1996 (for purposes of <br />enhancing the credit worthiness of the revenue <br />bonds, the City will commit all of the Parks portion <br />of the Service Exp<~nsion Fees (approximately <br />$480,000 to guaranttee payment of debt obligations <br />for the revenue bonds); phase its development <br />improvements so as to coincide with construction of <br />the golf course; cost-share with the City any <br />purchase of the Roberts' property if needed for the <br />golf course; engage the services of Dick Phelps, <br />golf course architect for the project, to complete <br />preliminary drawings and estimates for the golf <br />course. <br />As part of this project the City of Louisville <br />commits to: provide' essential water and sewer <br />services as well a:~ all other services provided to <br />all other resident,>; issue revenue obligation debt <br />(as opposed to general obligation debt) to finance <br />construction of thE~ golf course; to complete <br />construction of the' golf course by June 1, 1990; to <br />hire a professiona]. management firm to manage the <br />golf course during the period 1990 to 1994; to <br />complete land exchanges for all other adjacent <br />properties needed f'or the 18-hole golf course. <br />If any of the following conditions occur and cannot <br />be overcome to the satisfaction of the City, the <br />entire 227 acre parcel will be de-annexed from the <br />City of Louisville: inability of the City to <br />receive competitive bids for golf course <br />construction within. the City's budget; inability of <br />the City to issue revenue obligation bonds for the <br />courses' construction; inability on the part of the <br />Annexor to provide all documents required by the <br />City. <br />Steve Williamson, City Attorney, stated that there <br />is a $2.15 million construction cost upset figure in <br />the Annexation Agreement. "If we can't get bids at <br />7 <br />