9A, City - County Joint Powers Agreement for TCAAP

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upon one calendar year prior notice (the "Notice of Termination"), the Joint Agreement shall automatically renew for a new term (or terms) of five (5) years (each an"Additional Term"). Section 5.6. City Option to Purchase Upon Termination. If County is the Terminating Party, City shall have the option to purchase any then undeveloped area of the TCAAP Site at the then fair market value of such land. The Parties may each exchange a certified appraisal of the value of such land, with the final fair market value to be determined by adding the two appraisal values together and dividing such figure in half(the"Land Option Value"). City shall have 180 days from the Notice of Termination within which to determine to exercise this option, and an additional 180 days thereafter to close on such sale. 5.6.1. County Public Improvements. If County has not yet completed any element of the County Public Improvements, the Parties shall determine the value of such work by securing two engineering estimates with the final value to be determined by adding the two values together and dividing such figure in half (the "County Improvements Option Value"). County shall pay such value to City within 180 days of closing on the sale of the remaining land on TCAAP Site, or provide such security or financing sufficient in the opinion of City to insure such County Public Improvements are completed in a timely manner. City at its sole option may determine to offset the Land Option Value against the County Public Improvements Option Value. County may determine to complete the remaining elements of the County Public Improvements, and provide reasonable assurances and such security or financing sufficient in the opinion of City to insure such County Public Improvements are completed in a timely manner. Section 5.7. County Option Upon Termination. If City has not yet completed any element of the City Public Improvements for a Development Site or Sites approved by the JDA, the Parties shall determine the value of such work by securing two engineering estimates with the final value to be determined by adding the two values together and dividing such figure in half(the "City Public Improvements Option Value"). City shall pay such value to the County within 180 days of Notice of Termination. City may determine to complete the remaining elements of the City Public Improvements, and provide reasonable assurances and such security or financing sufficient in the opinion of County to insure such City Public Improvements are completed in a timely manner. Section 5.8. Winding Up JDA Activities. In the event of armor termination, the JDA shall be dissolved upon each Party adopting a resolution terminating the Joint Agreement. In this event, the property of the JDA or its value, and any surplus moneys shall be disposed between the Parties pursuant to the Annual Contribution Ratio or as the Parties may otherwise agree. The Parties shall cooperate in good faith to wind down the activities of the JDA in an orderly manner to minimize loss of public assets and liability from such winding down. 5.8.1. Notwithstanding termination, powers of the JDA under this Joint Agreement shall continue to the extent necessary to: a. Continue operation of the JDA Board until all then pending applications for development of a Development Site have been reviewed and a final decision made; 23