2013-11-19_agenda_packet - Laserfiche WebLink

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commencement of actions necessary to create a tax increment financing district that includes the Property. (b) Proceed to seek all necessary information with regard to the anticipated public costs associated with the Development. (c) Estimate the Authority's level and method of financial participation, if any, in the Development and develop a financial plan for the Authority's participation. (d) Either acquire the City-owned portion of the Property and grant to the Developer, or cause the City to grant to the Developer, a right of access to the Property for purposes of environmental and soil testing. Developer agrees to indemnify, save harmless, and defend the Authority and City, their officers, and employees, from and against any and all claims, actions, damages, liability and expense in connection with personal injury and/or damage to the Property arising from or out of any occurrence in, upon or at the Property caused by the act or omission of the Developer in connection with Developer’s entry on the Property. Further, Developer shall not permit any mechanics’, materialmens’ or other liens to stand against the Property or any part thereof for work or materials furnished to Developer in connection with the right of entry granted pursuant to this Agreement and Developer agrees to indemnify, defend and hold harmless the Authority and City from and against the same. 5. It is expressly understood that execution of the Contract shall be subject to: (a) A determination by the Authority in its sole discretion that its undertakings are feasible based on (i) the projected tax increment revenues and any other revenues designated by the Authority (to the extent requested by Developer); (ii) the purposes and objectives of any tax increment, development, or other plan created or proposed for the purpose of providing financial assistance for the Development, if any, including the determination that such assistance is reasonably necessary in order to make the Development possible; (iii) the best interests of the Authority. (b) A determination by the Developer that the Development is feasible and in the best interests of the Developer. (c) Successful conveyance of the City-owned portion of the Property to the Authority, pursuant to the terms of the Memorandum of Understanding between the City and Authority dated as of October 22, 2012, as amended. 6. This Agreement is effective from the date hereof through June 30, 2014, unless extended with approval of the Authority’s board of commissioners. After expiration of the term of this Agreement, neither party shall have any obligation hereunder except as expressly set forth to the contrary herein. 7. The Developer shall be solely responsible for all costs incurred by the Developer. In addition, the Developer shall reimburse the Authority for Administrative Costs, as hereafter defined. For the purposes of this Agreement, the term "Administrative Costs" means out of pocket costs incurred by the Authority and City together with staff costs of the Authority and City, all 3