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9A, City - County Joint Powers Agreement for TCAAP
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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 <br /> automatically renew for a new term (or terms) of five (5) years (each an"Additional Term"). <br /> Section 5.6. City Option to Purchase Upon Termination. If County is the Terminating <br /> Party, City shall have the option to purchase any then undeveloped area of the TCAAP Site at the <br /> then fair market value of such land. The Parties may each exchange a certified appraisal of the <br /> value of such land, with the final fair market value to be determined by adding the two appraisal <br /> values together and dividing such figure in half(the "Land Option Value"). City shall have 180 <br /> days from the Notice of Termination within which to determine to exercise this option, and an <br /> additional 180 days thereafter to close on such sale. <br /> 5.6.1. County Public Improvements. If County has not yet completed any <br /> element of the County Public Improvements, the Parties shall determine the value of such work <br /> by securing two engineering estimates with the final value to be determined by adding the two <br /> values together and dividing such figure in half (the "County Improvements Option Value"). <br /> County shall pay such value to City within 180 days of closing on the sale of the remaining land <br /> on TCAAP Site, or provide such security or financing sufficient in the opinion of City to insure <br /> such County Public Improvements are completed in a timely manner. City at its sole option may <br /> determine to offset the Land Option Value against the County Public Improvements Option <br /> Value. County may determine to complete the remaining elements of the County Public <br /> Improvements, and provide reasonable assurances and such security or financing sufficient in the <br /> opinion of City to insure such County Public Improvements are completed in a timely manner. <br /> Section 5.7. County Option Upon Termination. If City has not yet completed any <br /> element of the City Public Improvements for a Development Site or Sites approved by the JDA, <br /> the Parties shall determine the value of such work by securing two engineering estimates with <br /> the final value to be determined by adding the two values together and dividing such figure in <br /> half(the "City Public Improvements Option Value"). City shall pay such value to the County <br /> within 180 days of Notice of Termination. City may determine to complete the remaining <br /> elements of the City Public Improvements, and provide reasonable assurances and such security <br /> or financing sufficient in the opinion of County to insure such City Public Improvements are <br /> completed in a timely manner. <br /> Section 5.8. Winding Up JDA Activities. In the event of termination, the JDA shall be <br /> dissolved upon each Party adopting a resolution terminating the Joint Agreement. In this event, <br /> the property of the JDA or its value, and any surplus moneys shall be disposed between the <br /> Parties pursuant to the Annual Contribution Ratio or as the Parties may otherwise agree. The <br /> Parties shall cooperate in good faith to wind down the activities of the JDA in an orderly manner <br /> to minimize loss of public assets and liability from such winding down. <br /> 5.8.1. Notwithstanding termination, powers of the JDA under this Joint <br /> Agreement shall continue to the extent necessary to: <br /> a. Continue operation of the JDA Board until all then pending <br /> applications for development of a Development Site have been reviewed and a final <br /> decision made; <br /> 22 <br />
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