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Last modified
7/17/2007 9:29:34 AM
Creation date
1/10/2006 3:17:23 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
12/19/2006
Resolution #
10367
Resolution Title
RESOLUTION AUTHORIZING THE ACQUISITION OF CERTAIN PROPERTY FOR PUBLIC USE BY RIGHT OF EMINENT DOMAIN
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<br />(c) On or before the March i immediately preceding the Reconciliation Date, the <br />Redeveloper will submit a final Sources and Uses schedule for the final accounting by the City <br />and the Redeveloper contemplated by Section 4.4. <br /> <br />(d) The Redeveloper will submit both a cumulative Sources and Uses schedule and a <br />projected Sources and Uses schedule through completion of the Project in support of any claim <br />of Financial Unfeasibility pursuant to Section 3.9. <br /> <br />Section 4.4. Redeveloper Return. "Whenever this Agreement requires the Redeveloper <br />Return to be calculated: <br /> <br />(a) The net income from the Project shall be determined by subtracting all Project <br />Costs from all Project Revenues as shown on the most recent Sources and Uses schedule <br />submitted by the Redeveloper to the City; then <br /> <br />(b) The total Project Return shall be expressed as a percentage and is calculated by <br />dividing the net income from subparagraph (a) by the total of all proceeds from sales of <br />unimproved land sold to parties unrelated to the -Redeveloper or to any of its equity owners, <br />housing units and improved commercial and office property as shown on the Sources and Uses <br />schedule. Such sal~s proceeds will be calculated as set forth in Section 4.5(b). The <br />Redeveloper's share of the Project Return (the "Redeveloper Return") shall not exceed that set <br />forth in the table below: <br /> <br />Project <br />Return <br /> <br />Redeveloper's Share <br />(Redeveloper Return) <br /> <br />City's Share <br /> <br />0-12.50/0.... ........... ......... <br /> <br />100% <br /> <br />0% <br /> <br />Over 12.5 to 15.0% ...... <br /> <br />100% of the return up to <br />12.5%, plus <br />75% of the return in excess of <br />12.5 up to 15.0% <br /> <br />25% of the return in excess of <br />12.5 up to 15.0% <br /> <br />Over 15.0 to 17.5% ...... <br /> <br />The amounts above, plus: <br />50% of the return in excess of <br />15.0 up to 17.5% <br /> <br />The amount above, plus: <br />50% of the return in excess of <br />15.0upto 17.5% <br /> <br />Over 17.5% .................. <br /> <br />The amounts above, plus: <br />25% of the return over <br />17.5% <br /> <br />The amounts above, plus: <br />75% ofthe return over <br />17.5% <br /> <br />17 <br />
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