07/23/2007 Council Packet (2) - Laserfiche WebLink

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(3) By November 1st, 2007, City shall determine the method and projected amount of the Special Assessment for the Realignment Project to be allocated to the Property and adjacent properties to be assessed for the Realignment Project in accordance with Minnesota Statutes Chapter 429, as revised; Upon completion of the foregoing items, City and Developer will proceed as follows: (4) By November 1st, 2007, the parties will negotiate in good faith the specific terms and conditions of a definitive Purchase Agreement (i) establishing the requirements for conveying the necessary portion of the Property to the City for the Realignment Project; (ii) establishing the purchase price for the right -of -way, which shall equal the amount of Developer's pro rata costs of acquiring the Property (including, but not limited to, purchase price, and costs of surveys, professional fees, testing, and other costs incurred to acquire the property) not to exceed $12.00 per square foot for such right -of -way purchased; (iii) causing the existing 77th Street right -of -way to be vacated or conveyed to Purchaser without cost to Purchaser (5) By December 1st, 2007, the parties will negotiate in good faith the specific terms and conditions of a Special Assessment Agreement identifying the improvements and establishing the amount, terms and conditions of the assessment to be levied against the Property in the form of Exhibit D hereto. B. Costs and Expenses. Except as otherwise provided herein, each party is responsible for paying its own costs and expenses during the period of this Agreement. C. Obligations of the City. The City agrees that this is an exclusive Agreement and that it will not negotiate or contract with another party concerning the Realignment Project or Redevelopment Project related to the Property during the term of this Agreement. D. Property Information. The City agrees to provide the Developer copies of all reports, surveys, studies (including soils reports, environmental studies, and updated ALTA survey) and other information that is available to it or produced in conjunction of preparing the feasibility study for the Realignment Project contemplated under this agreement. E. Transfer or Assignment. The Developer shall not assign or transfer its rights under this Agreement in full or in part without the prior written consent of the City. Such assignment or transfer shall not be unreasonably withheld by City. F. Default and Termination of Agreement. (1) If the Developer defaults in the performance of one or more of its obligations under this Agreement ( "Developer Default "), the City may terminate this Agreement. The Developer shall have no further obligations to the City if the Agreement is terminated due to a Developer Default. 2 - 9 7 - •