Laserfiche WebLink
ARTICLE VII <br />TWIN LAKES DEVELOPMENT DISTRICT <br />Sect ion 7.1. A4,di t Tonal Development . Except during the <br />continuance of are Event of Default or the equivalent thereof <br />under the terms and conditions of any other deve 1 opmen t agreement <br />between the City and theDeveloper for the development of any <br />portion of the property in 'win Lakes Development Subdistrict , <br />Developer shall have the right of first offer to develop all, or <br />any portion, of the property in the Twin Lakes Development <br />Subdistrict as hereinafter provided. The city shall provide <br />Developer with notice of its intent to pursue the development of <br />such property, or any portion thereof, and the City shall provide <br />Developer with a right of first offer to enter into a development <br />agreement with the city for the property, or any portion thereof, <br />pursuant to the terms and conditions of this Section. <br />In the event the City intends to pursue the development of <br />all or any portion of the Twin Lakes Development Subdistrict for <br />any purpose, and such development (calculated on the basis of <br />leasable square footage) contains more than 10t in the aggregate <br />of any of the following uses: W office, including but not <br />limited to medical office or medical service facility, (ii) <br />showroom, (iii) warehouse, or Uv) other light industrial <br />development (as applied in the local zoning code) then the City <br />shall first provide Developer with a proposed development <br />agreement for the development of the same property at no less <br />favorable terms and conditions than those contained in the <br />development agreement the City. proposes to offer to any other <br />party, prior to providing a proposed development agreement to any <br />other party ( the "First Offer ") . <br />Within 20 business days following the receipt from the City <br />of the First Offer, Developer shall have the right to accept the <br />First Offer ( "First offer Right") . If, upon receipt from the <br />City of the First Offer, Developer fails to exercise its First <br />Offer bight within such 20 day period, Developer's rights with <br />respect to such First Offer Right shall be deemed warred, except <br />as hereinafter provided. If Developer exercises its First Offer <br />Right, then the City and Developer shall execute a development <br />agreement upon the terns and conditions contained, in the First <br />Offer, or upon such other terms and conditions agreed to by the <br />CL <br />t and Developer. <br />In the event that Developer fails to exercise its First <br />Offer bight, the City shall have the right to offer to any other <br />party a development agreement for such portion of the Twin Lakes <br />Development Subdistrict for the proposed development as set forth <br />in the First Offer. Any development agreement to be entered.. into <br />27676a.10 43 <br />