Laserfiche WebLink
Business Subsidy Act: Except for reporting requirements, the Project is exempt from the <br />application of the Business Subsidy Act. <br />Relocation of Tenants: The Redeveloper will provide relocation services and benefits for all <br />eligible tenants of the Redevelopment Property. The Redeveloper <br />may, in lieu of funding such services and benefits for a tenant, <br />provide a written waiver by that tenant. Such waiver must be in a <br />form acceptable to the City. The Redeveloper will indemnify the City <br />for any relocation liabilities arising under applicable law with respect <br />to any portion of the Redevelopment Property. <br />Prohibition on Tax Exemption:Qnce acquired by the Redeveloper, the Redevelopment Property and <br />Minimum Improvements will not become exempt from ad valorem <br />property taxes until termination of the TIF District. This covenant <br />will be contained in a declaration of restrictive covenants to be signed <br />by the Redeveloper and recorded against the Redevelopmenf <br />Property. <br />Effect of Term Sheet: This Term Sheet outlines the terms under which the parties are <br />willing to enter into a Redevelopment Agreement, but does not <br />constitute an offer or acceptance on either party's part. All rights and <br />obligations with respect to the Redevelopment Property will only be <br />as provided for in a Redevelopment Agreement approved by the City <br />Council and the Redeveloper. <br />��-'k�.i-i-�-U�I��;�i�.�_.:�•�1.� L•�-W��:;��� �����i.i� <br />� <br />