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1993_0125_packet
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1993_0125_packet
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B, In the event the City does not exercise its purchase option, it shall be <br />entitled to an amount equal to the depreciated �alue of its investrnentffi <br />the Elementary School building at the time of closing. <br />C. 7be depreciated value of the City "s investment shall be based upon a <br />twenty -five (25) year straight -line depreciation schedule. On the January <br />I st following the date of the City's first right of use, the City's investment <br />shall depreciate in the sum of $10,()00.00 (for each elementary school) <br />and shall depreciate $10,000.00 each January 1st thereafter until fully <br />depreciated. <br />9, &uitable m n . It is understood by the parties that the payments made by <br />the City are to be used to provide lamer size and higher quality gymnasium and locker room <br />improvements, office and storage space, and exclusive use provisi <br />f ons, all at no additional charge <br />as outlined in this Agreement. The School District acknowledges the need to maintain equity <br />in dealing with various municipalities in this nutter. Accordingly, the School District affirms <br />and represents that it is not presently engaged in any discussions for does it contemplate entering <br />into agreements with any other cities with substantially different terms than this Agreement. It <br />is farther recognized, however, that based upon legislative changes, changes in the needs of the <br />school district and other unforeseeable circumstances, similar agreements in the future may <br />encompass substantially different terms and conditions. <br />10. itratior . Any disputes ega rding compliance with or interpretation of this <br />Agreement shall be resolved by good faith negotiations. wiling that, such disputes shall be <br />resolved by f~mal and binding arbitration between the parties utilizing the American Arbitration <br />8 <br />
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