CC_Minutes_2005_0718 - Laserfiche WebLink

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Friday, July 15, 2005 (2) At least 10 days in advance of the due date for any damage award, auy relocation benefit payment or any deposit required to be made into court in connection with the acquisition by condemnation (subject to the Redeveloper's right to elect not to pro- ceed, as set forth in Section 3.6), the Redeveloper shall deposit an amount equal to one hundred percent (100%) of such award, payment or deposit, less the Redevel- oper's initial deposit. (b) Transfer of the acquired Parcel to the Redeveloper will be scheduled promptly after acquisition of the Parcel by the City. At the closing, the Redeveloper ei- ther shall pay the condemnation costs aud relocation costs, if any, incurred beyond the sums previously deposited by the Redeveloper or shall receive a refund if the final total acquisition costs are less than the Redeveloper's deposits. (c) If the amount of the award or relocation payment is appealed, the Rede- veloper sball advance, at closing, one hundred ten percent (110%) of the amount of the Respondent's claim plus the City's estimated costs of defending the appeal, less the amount of deposits made by the Redeveloper. Section 3.4. Additional Conditions to Citv Obligation. The obligation of the City to make the deposit and obtain title to and possession of any Parcel is, unless waived in writing by the City, also subiect to the following: (a) The Redeveloper is not in default of any provisions of this Agreement aud all amounts due and payable as provided above in this Article have been paid. (b) The Redeveloper shall have examined the condition of title as such is to be acquired bv the City and notified the Citv in writing that such condition of title is satis- factory or will be satisfactory upon the conclusion of eminent domain proceedings. (c) The Redeveloper has provided the City with an undertaking in the form of a written agreement. and with security all reasonably acceptable to the City. which will assure payment bv the Redeveloper of the security and payments set forth in Section 3.3. (d) The Redeveloper has furnished the City with written notice acceptable to the City indicating that. based upon the Redeveloper's own investigation. the Redevel- oper is satisfied in all respects with the nature and condition (environmental or otherwise) of such Parcel and accepts the same AS IS and WHERE IS. (e) The Redeveloper has fumished the City with written evidence acceptable to the City that it has the financial ability to construct the Proiect. (f) The City has reviewed and approved the Concept Plan. (g) The Tax Increment District has been approved and a request for celiifica- tion has been made to the County Auditor. 3