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2006-11-21_Agenda
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2006-11-21_Agenda
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10/25/2011 8:05:06 AM
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Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
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Regular
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5. It is expressly understood that execution and implementation of the Contract shall be <br />subject to: <br /> <br /> (a) A determination by the Authority in its sole discretion that its undertakings <br />are feasible based on (i) the projected tax increment revenues and any other revenues <br />designated by the Authority; (ii) the purpo ses and objectives of any tax increment, <br />development, or other plan created or pro posed for the purpose of providing financial <br />assistance for the Redevelo pment; and (iii) the best interests of the Authority. <br /> <br /> (b) A determination by the Developer that the Redevelopment is feasible and in <br />the best interests of the Developer. <br /> <br /> 6. This Agreement is effective fr om the date hereof through , After <br />such date, neither party shall ha ve any obligation hereunder except as expressly set forth to the <br />contrary herein. <br /> <br /> 7. The Developer shall be solely responsible for all costs incurred by the Developer. In <br />addition, the Developer shall reimburse the Authority for the following costs: <br /> <br /> (a) The Redeveloper is responsible for “Administr ative Costs,” which means <br />out-of-pocket costs incurred by the Authority a ttributable to or incu rred in connection with <br />the negotiation and preparation of this Agreem ent, the Contract, and other documents and <br />agreements in connection with the Redevelopment. In orde r to secure pa yment of the <br />Administrative Costs, the Developer shall delive r to the Authority cash or a certified check <br />in the amount of $ upon execution of this Agreemen t. The Authority will utilize <br />such funds to pay or reimburse itself for Administrative Costs. If at any one or more times <br />during the term of this Agreement, the Authority determin es that Administrative Costs will <br />exceed $ and that additional security is required, the Authority shall notify the <br />Developer of the amount of such additional securi ty. Within ten calenda r days of receipt of <br />such notice, the Developer sha ll deliver to the Authority the required additional security. <br />Upon termination of this Agreem ent, the Authority will return to the Developer the funds <br />paid by the Developer to the Authority pursuant to this Section, less the amount of <br />Administrative Costs incurre d prior to the effective da te of termination. <br /> <br /> This Section 7 shall survive termination of this Agreement and sha ll be binding on the <br />Developer regardless of the enforceability of any other pr ovision of this Agreement. <br /> <br /> 8. This Agreement may be terminated upon 5 days written notice by the Authority to <br />the Developer if: <br /> <br /> (a) an essential precond ition to the execution of a contract cannot be met; or <br /> <br /> (b) if, in the sole discretion of the Au thority, an impasse has been reached in the <br />negotiation or implementa tion of any material term or cond ition of this Agreement or the <br />Contract; or <br /> <br /> (c) The Authority determines that its Administrative Costs will exceed the <br />amount initially deposited for such purpose under Section 7, and the Developer does not <br />deliver additional security to the Authority pursuant to S ection 7 of this Agreement.
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