2007-02-07 WS - Laserfiche WebLink

Home Browse Search

Section 3.2. Conveyance of Development Property. (1) The City shall convey to the Developer and the Developer shall acquire from the City the portions of the Development Property owned by the City or acquired by the City for the purchase price mutually agreed to subject to satisfaction of the following conditions precedent: (a) The Developer shall be in material compliance with all the terms and provisions of this Agreement; (b) The Developer shall have submitted to the City Construction Plans for the Minimum Improvements and such Construction Plans shall have been approved by the City pursuant to Section 5.2 of this Agreement; (c) The Developer shall furnish the City evidence, in a form satisfactory to the City such as a letter of commitment from a bank or other lending institution, that the Developer has firm commitments for financing for the acquisition of the Development Property and construction financing for the Minimum Improvements in an amount sufficient, together with equity commitments, to acquire the Development Property and complete the Minimum Improvements in conformance with the Construction Plans, or the City shall receive such other evidence of financial ability as in the reasonable judgment of the City is required; and (d) The Developer shall have satisfied the conditions set forth in the Purchase Agreement to be entered into between the City and the Developer; and ( e) Issuance of the Tax Increment Bonds. Section 3.3. Acquisition of Development Property. Developer agrees that it will use reasonable efforts to acquire the portions of Development Property not currently owned by the City at Developer's sole cost and expense. If after Developer has made reasonable efforts to acquire the Development Property and Developer is unable to do so, the City agrees to acquire the Development Property through eminent domain or otherwise subject to the following terms and conditions: (1) Developer agrees to deposit, at such times as the City determines such funds are necessary to be deposited, with the City an amount equal to 100% of the appraised value of the Development Property to be acquired by condemnation and all acquisition costs. Such funds will be held by the City in an interest bearing account (the "Escrowed Funds"). In lieu of such Escrowed Funds, Developer can provide to the City a letter of credit in a form satisfactory to the City. (2) If during the course of the eminent domain proceeding or negotiations in lieu thereof, there is a determination that the amount necessary to acquire the Development Property is greater than the Escrowed Funds or letter of credit, the City shall notify Developer, and upon such notification Developer shall deposit additional funds or provide a new letter of cre'dit for such acquisition or, in the alternative notify the City that it is unable or unwilling to deposit such additional funds in which case the eminent domain proceedings or negotiations will be 12