Laserfiche WebLink
<br />Section 4: Describes City's obligations during the tenn of the PDA. Generally, the <br />City agrees to cooperate with Developer, evaluate Developer's submissions, evaluate <br />public financing tools, and similar tasks, <br /> <br /> <br />Section 5: Describes responsibilities of City and Developer regarding various costs. <br />"City Reimbursable Costs" are all third-party costs for consultants and the cost of City <br />staff retained specifically for the TCAAP project. Developer is responsible to pay those <br />costs during the term of the PDA, according to a budget that will be attached. Key points <br />are: <br /> <br />. If Developer wants to stop the City from incurring these costs, it can provide a <br />notice with an explanation. If the City disagrees, the matter goes to <br />mediation, but Developer remains responsible to pay costs during the <br />mediation process. <br /> <br />. The parties must mutually agree on any changes to the budget. Any <br />disagreements will be subject to mediation. If that's unsuccessful, either party <br />may terminate the PDA. <br /> <br />. The Developer must deposit (and maintain a balance of) $50,000 with an <br />escrow agent as security for its obligation to pay City Reimbursable Costs. <br /> <br />. If the PDA expires or is terminated, and within two years later the City enters <br />into a development agreement with another developer, the City must <br />reimburse Developer for certain prior costs incurred by Developer. See <br />Exhibit E to the PDA for detailed explanation of these "Developer <br />Reimbursable Costs." <br /> <br />Section 6: The City will not negotiate with any party other than Developer during the <br />term of the PDA, and CRR may not assign its rights under the PDA to any other party <br />other than an "Affiliate" without prior City approval. An "Affiliate" is an entity that <br />controls or is controlled by Ryan alone, or Ryan and Rehbein together. <br /> <br />Section 7: Provides that the parties will promptly begin negotiating the MDA. The <br />execution of the MDA is conditioned on findings that any public financial assistance is <br />necessary and feasible, and that the proposed redevelopment is feasible. <br /> <br />Section 8: Clarifies that the normal City land use approval process will apply to the <br />redevelopment. <br /> <br />Section 9: <br /> <br />Requires City Council approval for any amendments to the PDA. <br /> <br />. <br /> <br />2 <br />