12-19-2001 Council Agenda - Laserfiche WebLink

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(b) The City reasonably believes the Construction Plans and the improvements contemplated thereby do not conform to one or more applicable federal, state or local law, ordinance, rule or regulation; (c) The Construction Plans provide for the construction of Minimum Improvements the value of which, when combined with the value of the Redevelopment Property is not, in the City's reasonable determination, sufficient to support the Minimum Market Value; (d) The Construction Plans do not provide for the construction of Minimum Improvements of at least 30,000 rentable square feet; (e) The City staff, in its subjective opinion, determines the Construction Plans do not provide for the construction of esthetically appealing Minimum Improvements of high quality; and The City's approval of Construction Plans pursuant to this Section 8.1 constitutes approval for the purposes of this Agreement only. The City's review and approval or disapproval of the Construction Plans pursuant to this Agreement is not intended to and does not satisfy any requirements of the City's building, fire, zoning or other ordinances or regulations and is not intended as a substitute for any plan review provided for therein. If the City notifies the Developer that the City is rejecting the Construction Plans, in whole or in part, the Developer must submit new or revised Construction Plans to the City within 30 days after the Developer receives written notification from the City of the City's rejection of the Construction Plans. The City must include in any written notice rejecting the Construction Plans, in whole or in part, specifying the City's basis, under this Section 8.1, for rejecting the Construction Plans. The provisions of this Section 8.1 relating to the submission, approval, rejection and resubmission of Construction Plans continue to apply until the City has approved the Construction Plans. The City's approval of the Construction Plans does not relieve the Developer of any obligation to comply with the terms and provisions of this Agreement or the provisions of any applicable federal, state or local laws, ordinances or regulations. The City's approval of the Construction Plans notwithstanding the existence of a Event of Default, whether known or unknown to the City, does not constitute the City's waiver of the Event of Default. If the City has not expressly approved and is not otherwise deemed to a have approved the Construction Plans before the Closing Date, as defined in the Purchase Agreement, either the City or the Developer may terminate this Agreement and the Purchase Agreement by written notice to the other Party. 8.2. PUD Permit, Architectural Review Approval and other Governmental Approvals. On or before December 26, 2001, Developer must submit to the City, an application in the form the City's ordinances require, for a Planned Unit Development Approval and for Architectural Review Approval for the construction of the Minimum Improvements on the Redevelopment Property. The Developer must also obtain, in a timely manner, all other governmental approvals, licenses and permits required for the lawful construction of the Minimum Improvements on the Redevelopment Property and must comply with all requirements of any applicable federal, state or local laws, 1353333vDOC Red (V3 to V2) 1P Page 120