07-23-2003 Council Agenda - Laserfiche WebLink

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Development Property. The EDA shall disburse the Environmental Remediation Funds to Developer upon submission by Developer of invoices or other satisfactory evidence that environmental remediation costs have been incurred. 5.3 Parcel 5. Notwithstanding anything else in this Agreement to the contrary, the EDA reserves the right to convey Parcel 5 to a person other than the Developer at any time before Parcel 5 is conveyed to the Developer if the EDA terminates this Agreement as to Parcel 5 in accordance with the following sentence. The EDA may terminate this Agreement as it relates to Parcel 5 by delivering written notice of such termination to the Developer at any time before December 31, 2004, in which event the termination will be effective as of the date such notice is delivered to the Developer. 6. CONSTRUCTION OF THE MINIMUM IMPROVEMENTS. 6.1. Construction Plans. At least thirty (30) days before the "Date of Closing" established for the conveyance of a Parcel from the EDA to the Developer in the Purchase Agreement relating to that Parcel, the Developer must submit Construction Plans for the Parcel to be conveyed to the EDA for review. The Construction Plans must provide for the construction of the Minimum Improvements for that Parcel in a manner that conforms to the Tax Increment Financing Plan, this Agreement and all applicable federal, state and local laws, statutes, ordinances and regulations and is expected to result in a minimum market value for that Parcel in at least the amount set forth on Exhibit B -1 for that Parcel as determined by the county assessor's certification of the Assessment Agreement for that Parcel. The EDA must notify the Developer, within fifteen (15) days of the Developer's submission of complete Construction Plans for a Parcel to the EDA, that the EDA either approves or rejects the Construction Plans. If the EDA does not notify the Developer within the fifteen (15) day period that it has approved or rejected the Construction Plans, the EDA is deemed to have approved the Construction Plans. The EDA may reject the Construction Plans only if: (a) The Construction Plans are not complete; (b) The EDA reasonably believes the Construction Plans and the improvements contemplated thereby do not conform to the Tax Increment Financing Plan or to one or more applicable federal, state or local laws, ordinances, rules or regulations; (c) The improvements depicted on and described in the Construction Plans do not substantially conform to the description of the Minimum Improvements set forth on Exhibit F; (d) The improvements depicted on and described in the Construction Plans are not reasonably expected to result in a minimum market value for the Parcel of at least the amount set forth on Exhibit B -1 for that Parcel as determined by the county assessor's refusal to sign the certification of the Assessment Agreement for that Parcel; or (e) The EDA staff reasonably determines that the Construction Plans do not provide for the construction of esthetically appealing Minimum Improvements of reasonably high quality as compared to the City of Little Canada's Architectural -9-