01-12-2005 Council Agenda - Laserfiche WebLink

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4. Article III of the Original Development Agreement shall be amended to react as follows: Section 3.2 Conveyance of the Development Property. (2) The City's obligation to convey a portion of the Phase II Development Property by Quit Claim Deed to the Developer for the purchase price of $1.00 shall be subject to Developer having entered a Purchase Agreement /Lease with a future owner /tenant, and shall be subject to satisfaction of conditions precedent set forth in Section 3.2 (2)(a), (2)(b), (2)(c), (2)(d), (2)(e), (2)(0, (2)(g) and (2)(h) of the Original Development Agreement. In addition, prior to such conveyance the City shall have received an opinion of counsel from the Developer in the form attached hereto as Exhibit D. Such conveyance shall occur on or before March 15, 2005. Developer represents and warrants that it has conducted all necessary environmental and geotechnical studies as to the Phase II Development Property and the Developer is satisfied with the condition of the property and the Developer will receive such property in "as is" condition. (4) If the City in its sole discretion chooses to call the tax increment bonds used to finance the acquisition of the Development Property in the year 2010 or subsequently, any savings to the City resulting from such refinancing will be utilized as follows: the first $68,010.00 will go to the City to recover its land costs with respect to the Phase II Development Property; any savings in addition to the $68,010.00 will be used to adjust the TIF Guarantee amount due on Phase I to match the City's revised debt service schedule at the rate of 105% of the new schedule. In the event an adjustment on the TIF Guarantee amount amounts due on Phase I occurs, such adjustment will only occur after Developer has extended its line of credit as set forth in section 7.1(e) through the life of the tax increment district. Section 3.3. Reimbursement of Site Improvement Expenses. In consideration of the reduced land costs and other conditions set forth herein, the sufficiency of which are hereby acknowledged, Developer agrees that it is not entitled to any reimbursement from the City for site improvement expenses as to Phase I or Phase II of the project. Developer hereby waives any claim against the City it may have had or will have for reimbursement of any site improvement expenses, including, but not limited to, the following: demolition expenses; water service disconnects; lowering of sanitary sewer manhole; asbestos surveys; asbestos abatement; well sealing; disposal costs; soils corrections due to foundation removal on