10-23-2024 Council Packet - Laserfiche WebLink

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135341328v1 TABLE OF CONTENTS PAGE i ARTICLE I. DEFINITIONS .................................................................................................. 2 Section 1.1 Definitions......................................................................................................... 2 ARTICLE II. REPRESENTATIONS AND WARRANTIES................................................. 4 Section 2.1 Representations and Warranties of the City ...................................................... 4 Section 2.2 Representations and Warranties of the Developer ............................................ 4 ARTICLE III. UNDERTAKINGS BY DEVELOPER AND CITY ........................................ 6 Section 3.1 Development Property and Site Improvements ................................................ 6 Section 3.2 Limitations on Undertaking of the City ............................................................ 6 Section 3.3 Reimbursement: TIF Note ................................................................................ 6 Section 3.4 Compliance with Low and Moderate Income Requirements ........................... 7 Section 3.5 Real Property Taxes .......................................................................................... 8 Section 3.6 Legal and Administrative Expenses.................................................................. 9 Section 3.7 Public Improvements ........................................................................................ 9 Section 3.8 Relocation of Restaurant ................................................................................... 9 Section 3.9 Prohibition Against Transfer of Project and Assignment of Agreement .......... 9 ARTICLE IV. EVENTS OF DEFAULT ................................................................................ 10 Section 4.1 Events of Default Defined .............................................................................. 10 Section 4.2 Remedies on Default ....................................................................................... 10 Section 4.3 No Remedy Exclusive..................................................................................... 11 Section 4.4 No Implied Waiver ......................................................................................... 11 Section 4.5 Agreement to Pay Attorney's Fees and Expenses ........................................... 11 Section 4.6 Indemnification of City ................................................................................... 11 ARTICLE V. DEVELOPER'S OPTION TO TERMINATE AGREEMENT ...................... 13 Section 5.1 The Developer's Option to Terminate ............................................................. 13 Section 5.2 Action to Terminate ........................................................................................ 13 Section 5.3 Effect of Termination ...................................................................................... 13 ARTICLE VI. ADDITIONAL PROVISIONS ....................................................................... 14 Section 6.1 Restrictions on Use ......................................................................................... 14 Section 6.2 Conflicts of Interest......................................................................................... 14 Section 6.3 Titles of Articles and Sections ........................................................................ 14 Section 6.4 Notices and Demands ..................................................................................... 14 Section 6.5 Counterparts .................................................................................................... 15 Section 6.6 Law Governing ............................................................................................... 15 Section 6.7 Expiration ........................................................................................................ 15 Section 6.8 Provisions Surviving Rescission or Expiration............................................... 15 Section 6.9 Transfer of Project; Assignability of Agreement and TIF Note ..................... 15 EXHIBIT A Description of Development Property ................................................................... A-1 EXHIBIT B Form of TIF Note ................................................................................................... B-1 EXHIBIT C Site Improvements.................................................................................................. C-1 EXHIBIT D COMPLIANCE CERTIFICATE ........................................................................... D-1