08-22-2001 Council Agenda - Laserfiche WebLink

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(h) The value of the Development Property and the cost of the constructing the Minimum Improvements is sufficient to support the Assessor's Minimum Market Value. (i) Developer has sufficient funds and financial commitments to perform Developer's obligations under this Agreement. 4.3 Opinion of Developer's Counsel. Contemporaneously with Developer's execution of this Agreement, Developer must deliver an opinion of Developer's counsel to the City in substantially the form attached as Exhibit C. 5. PURCHASE AND SALE OF THE DEVELOPMENT PROPERTY. Contemporaneously with the execution of this Agreement, the City and the Developer will execute a Purchase Agreement. In the event of a conflict between the terms of this Agreement and the terms of Purchase Agreement, the terms of the Purchase Agreement control. If the City terminates the Purchase Agreement pursuant to Section 16 or 17(a)(i) of the Purchase Agreement, the City may, either contemporaneously therewith or thereafter, terminate this Agreement. The City's termination of the Purchase Agreement does not imply the City's termination of this Agreement. The City's termination of the Purchase Agreement only results in the termination of this Agreement if the City notifies the Developer in its notice terminating the Purchase Agreement that termination of Purchase Agreement will result in the simultaneous termination of this Agreement or notifies the Developer, in a separate writing, that the City is terminating this Agreement based upon its termination of the Purchase Agreement. If the Developer terminates the Purchase Agreement pursuant to Section 15 or 17(b)(i) of the Purchase Agreement this Agreement automatically terminates. 6. CONSTRUCTION AND OPERATION OF MINIMUM IMPROVEMENTS. 6.1. Construction Plans. The Developer must submit Construction Plans to the City for review on or before August 31, 2001. The Construction Plans must provide for the construction of the Minimum Improvements in conformance with the Development Program, this Agreement and all applicable federal, state and local laws, statutes, ordinances and regulations. The City must notify the Developer, within 15 business days of the Developer's submission of complete Construction Plans to the City that the City either approves or rejects the Construction Plans. If the City does not notify the Developer within the 15 business day period that it has approved or rejected the Construction Plans, the City is deemed to have approved the Construction Plans. The City may reject the Construction Plans only if: (a) The Construction Plans are not complete; (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 Page 51 1316916v1