2005_1121_Packet SS - Laserfiche WebLink

Home

discretion, it d�tez�niiles that (i) t�ie Redeveloper has made reasonable efforts to acquire the propEi-�y, (ii) the Redeveloper has offered wl�at appears to be a fair price for the property based c��a ai� appraisal, (iii) ihe Redeveloper has agreed to provide the security set fortl7 ::: Section 3.3 to cover acquisition and relocation costs, (i��) tl�� coi�ditions set forth in Section 3.4 have beal� met, and (v) tl�� City det�nnines that th� requested acquisition will primarily serve a public purpose. Section 3.3. Security and �a�nl�ent �a� As security for Redeveloper's obligations to cover acquisition and relocation costs of City Parcels acquired by amirie��t domain, °]rr Redeveloper shall deposit the following amounts with the City in the fo�-�r� of cash, letter of credit or other security acceptable to the City: �� As a pi-econdition to the City's obligation to undertalce ezl�ii�ent do�nain proceedings, an initial deposit of i� percent (10%) of tl�e City's estimate of tiie total acquisition costs for the Parcel, which sl�all include an estimate of marlcet value ai�d relocation bene�ts and assistance, attorney's fees and all other professional fees and services. �2� At least 10 days �� advance of the due date for any damage award, any relocation benefit p�y�x�ezit or any deposit required to be made ii�ta cou��t in coruzectioil tiv�th tlie acquisition by co��deinnatioii (subject to the Redeveloper's right to elect zzot to proceed, as set fortl� in Section 3.G), the Redeveloper shall deposit an amoti�lt equal to oi7e hundred percent (100%) of s«cl� award, paynae��t or deposit, less il�� Redeveloper's initial deposit. �b� Transfer of tl�e acquired Parcel to the Redeveloper will be scheduled �roi�lptly after acquisition of the Parcel by tlie City. At tl�e closing, the Redeveloper either shall pay the condemnation costs and relocation costs, if any, incurred beyond the s�.lms previously deposited by tlie Redeveloper or shall receive a refizud if the final total acquisition costs are less than tlie Redeveloper's deposits. �� If the an�ount of the award or relocation pay��e��t is appealed, the Redeveloper shall advance, at closing, one hundred ten percent (110%) of t�1e ai�-�otult of the Respondent's claim plus the City's estinlated costs of defei�dii3g the appeal, less : i�.�• aiiiou�it of deposits ��1ade by the Redeveloper. Section 3.4. Additional Conditions to Citv ObliQatioza. The obligation of the City to make the deposit and obtain title to and possession of ai�y Parcel is, unless waived in writing by t1�e City, also subj ect to the following: (a� T��e Redeveloper is not in default of any provisions of this Agreement and all amounts due and payable as provided above ii1 t�lis Article have been paid. �b� :;7�: Redeveloper shall have examined the condition of title as such is to be acquired by the City and notified t'..Y City in ��z-zting t��at szicn condition of title is satisfactory or nrill be satisfactory upon the cai�clusion of emi��ez�t doinaii� proceedings.