07-28-1999 Council Agenda - Laserfiche WebLink

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(ii) Notify the City, in writing, that the Developer will proceed with the Phase II Minimum Improvements. If the Developer notifies that the City that the Developer is terminating this Development Agreement, the Developer must provide the City with documentation, in a form reasonably acceptable to the City, evidencing the termination of the Development Agreement. (3) The City agrees to acquire by purchase or eminent domain, if necessary, and convey by quit claim deed the Additional Phase I Development Property for a purchase price of $1.00 on or before January 1, 2000. The City's obligation to convey the Additional Phase I Development Property to the Developer is subject to the satisfaction of the following condition precedent: (a) The Developer shall be in material compliance with all the terms and provisions of this Agreement. Section 3.3. Reimbursement of Site Improvement Expenses. The City agrees to reimburse the Developer for certain expenses of the Minimum Improvements as follows: (1) The City agrees to reimburse the Developer up to $7,500 for the actual demolition expenses of the removal of the existing structures on the Phase I Development Property. The Developer shall provide the City with paid invoices and receipts of the demolition expense. The City shall reimburse for the actual demolition expenses within 30 days of the receipt of the paid invoices and receipts. (2) The City agrees to reimburse the Developer up to $10,000 for the actual demolition expenses of the removal of the existing structures on the Additional Phase I Development Property and the Phase II Development Property. The Developer shall provide the City with paid invoices and receipts of the demolition expense. The City shall 1054867.2 Page 62