02-23-2000 Council Agenda - Laserfiche WebLink

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EDA's acquisition. If the EDA acquires the DeLonais Property, the EDA shall offer the property to the Developer and the Developer shall have ninety (90) days to consider the EDA's offer. If the Developer does not accept the EDA's offer within the ninety (90) day period, the EDA shall be relieved of its obligation to offer the DeLonais Property to the Developer, and the EDA may choose to sell or develop the DeLonais Property as the EDA chooses. If the Developer elects to purchase the property from the EDA for an amount equal to the EDA's cost, the EDA shall convey the property to the Developer subject to any encumbrances which exist at the time the EDA acquired the DeLonais property and such additional public rights -of -way as the EDA deems necessary to retain in connection with the City's realignment of First Bank Drive and extension of Middle Street. b. If the EDA acquires the DeLonais Property, offers the DeLonais Property to the Developer and the Developer does not accept the EDA's offer within the ninety (90) day period referenced in Section 5(a) above, the EDA shall agree to purchase the property Developer owns which lies northerly of a line lying parallel with and 46 feet southerly of the southerly boundary of the DeLonais Property. The conveyance shall be by Warranty Deed. The purchase price for the property shall be determined using the per square foot price which the EDA pays for the DeLonais Property. The EDA's obligation to purchase the property is contingent upon the Developer tendering a Warranty Deed conveying marketable title to the property to the EDA within ninety (90) days of the Developer's rejection of the EDA's offer to sell the DeLonais Property. 6. Default Resolution and Faults. 308048.4 Page 128