CCP 09-22-1997 - Laserfiche WebLink

Home Browse Search

. ARTICLE UI Acquidtion ofProverty:. puhlic Imnrovpmp.nb Section 3.1. Status ofPrllPertv. The Redevelopment Property consists of several Parcels of property owned by multiple owners. The Redeveloper has enlered into purchase agreements with all of the owners of the Redevelopment Property. One of the Parcels of the Redevelopment Property is the City Property which is OWned by or is proposed to be acquired by the City. The City and Redeveloper have entered mlo the City Purchase Agreement under which the" Redeveloper is entitled to purchase such property, The Redeveloper shall be respoo$ible for securing all necessary purchase agreements to acquire the Redevelopment Property and for taking all action necessary to permit the Redeveloper to acquire such properties, The Redeveloper previously acquired and conveyed the AmberJack Property, on which has been constructed the Prior Improvements, Section 3.2. Cnnditions 'Precedent to TSSllance of the Bonds and Construction of Public lmprovements. (a) The Aulhority's obligation to cause the City to issue the Bonds or to commence construction of the Public Improvements shall be subject to satisfaction of aU of the following conditions precedent: (i> the Redeveloper shall not be in default under any term of this Agreement, notice . of which shall have been given by the Authority to the Redeveloper; (ii) the Redeveloper shall have secured the approval of all other governmental agencies whose approval is required in order for the Redeveloper 10 construct and operate the Minimum Improvements; (ill) the Authority shall have been provided and approved evidence, reasonably satisfactory to the Authority, that the Redeveloper has acquired sufficient title to the Redevelopment Property to enable the Redeveloper to COnstl"uct and operate the Minimum Improvements; (iv) the Redeveloper shall have received a commitment for financing, which conmrltment is reasonably satisfactory to the Authority, for the construction of at least 100,000 square feet of the Minimum Improvements; (v) the Redeveloper shall have acquired all parcels of the Redevelopment Property; (vi) the Redeveloper shall have obtained and furnished to the Authority soil tests and environmental assessments the result of which demonstrate to the satisfaction of both the Authority and the Redeveloper t.l1at the Redevelopment Property does not contain any adverse soil or environmental conditions that would preclude or unduly delay the construction of the Minimum Improvements or any Phase . thereof; and 9 I'.'d 61'0.'. lZ6 c.9 '~'d '3~I3a ~ A3Ia~~ (.:S. .'.66.-6.-d3S