CCP 10-25-2004 - Laserfiche WebLink

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7.0 Limitations. This Interim Agreement does not constitute a disposition of property or any waiver of the exercise of control by the City. Execution of this Interim Agreement by the City is merely an agreement to enter into a period of exclusive negotiations according to the terms hereof, reserving discretion of final approval to the City as to any Disposition and Development Agreement and all proceedings and decisions in connection therewith. The City and Developer understand that the property in question is currently owned by the United States Government and that the purpose of this Interim Agreement is to assist in negotiations with said Government to have the site conveyed to the City on terms and conditions favorable to the City and for the purposes outlined in this Interim Agreement or as may be described in a final Disposition and Development Agreement. 8.0 Term of Al!:reement. This Interim Agreement shall become effective upon execution by City and Developer ("Commencement Date") and shall terminate in twenty-four (24) months from such Commencement Date unless terminated at an earlier date as hereinafter provided, or extended by mutual consent of the parties: A. Developer Non-feasibility Determination. If at any time the Developer determines that the development of the AH Reuse Area is not feasible for any of the following reasons, Developer can terminate this Interim Agreement in its sole discretion: ) 1. Inability to negotiate with government agencies under economical terms for the disposition and remediation of the AH Reuse Area. 2. Discovery of environmental conditions not currently anticipated and remediation costs associated therewith which would make the development not economically feasible. 3. Failure of the City to adopt a Comprehensive Plan Amendment consistent with the Vento Reuse Plan for the AH Reuse Area. 4. Determination that private development of the AH Reuse Area by Developer is not feasible. 5. Failure to secure governmental approvals which would allow environmental remediation and redevelopment to occur. 6. Failure of Developer and City to agree to proceed with each step of the proposed planning process, as outlined on Exhibit D attached hereto. 8 - e .