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2024-01-02 P & Z Packet
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2024-01-02 P & Z Packet
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development of Tax Increment Financing for the Property. Developer shall <br />replenish this escrow as necessary. The escrow account shall be reconciled <br />monthly and shared with the Developer. Other escrows, as prescribed by city <br />code may be collected and utilized as is customary during the entitlement, <br />construction, and warranty phases. <br /> <br />5. Termination: <br /> <br />If Developer, in its sole discretion determines that the property is unsatisfactory <br />for purchase, redevelopment, or financial reasons, Developer may terminate <br />this Memorandum of Understanding and receive a refund of the unused portion <br />of the Escrow Money Deposit. <br /> <br />If the Authority, in its sole discretion, determines that the Development Property <br />is unsatisfactory for Tax Increment Financing, the Authority may terminate this <br />Memorandum of Understanding. In any event, this Memorandum does not <br />create any binding obligations on the Authority or the Developer. <br /> <br />This Memorandum is not intended to supersede legal requirements or the <br />authority of governing bodies or officials. Accordingly, any official act of the <br />Authority may be deemed as a termination of this Memorandum. <br /> <br />6. Assignment: <br /> <br />Developer shall have the right to assign its interest in the purchase agreement <br />to an entity formed by Developer to own the property with the Authority <br />consent. <br /> <br />7. Other Terms and Conditions: <br /> <br />The Parties shall have the right to add other terms and conditions in the <br />Memorandum that are usual and customary, and consistent with the <br />established goals of the Parties. <br /> <br />Deadlines in the Memorandum shall be mutually extended by written consent <br />of the City Administrator and the undersigned representative of Developer. <br /> <br /> <br />tğŭĻ Ў <br /> <br />ĻƩƭźƚƓ ЊЋΉЉБΉЋЉЋЌΏЋ <br /> <br />
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