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09/12/2005 Council Packet
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09/12/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/12/2005
Council Meeting Type
Regular
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Economic Development Authority <br />Amendment to Development Contract - Legacy <br />September 12, 2005 <br />(d) Upon or before any disbursement under paragraphs (b) or (c)(iii) of this <br />Section 3.5A, Development Property Owner must have delivered to the Authority a <br />written forbearance agreement between Development Property Owner and Joel and <br />Elise Tagg ( "Tagg ") in a form reasonably satisfactory to the Authority providing that <br />Tagg will not commence advertisement for sale or petition for receivership of the TIF <br />Parcel under the Mortgage given by Development Property Owner to Tagg in <br />connection with acquisition of the TIF Parcel (the "Tagg Mortgage "). Such agreement <br />shall provide that the funds disbursed hereunder shall be paid in their entirety to Tagg <br />as partial payment of the Tagg Mortgage. The forbearance agreement must remain in <br />effect through December 31, 2005, except that if the conditions for disbursement under <br />clause (c)(iii) are not and consequently no partial disbursement of Interfund Loan funds <br />is made, the forbearance agreement may terminate on October 15, 2005. <br />(e) The provisions of this Section 3.5A supersede in all respects Section 3.5 <br />of the Original Contract except as the context clearly requires otherwise. <br />2. The Original Contract remains in full force and effect and is not modified <br />except as expressly provided herein. <br />8 <br />
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