1998 Planning Commission Packets

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Mayor Duane .LlcCarry City Council .Wembers October 1', 1998 Page 2 PURCHASE AGREEMENT: SPECIAL ASSESSMENT: DUE DILIGENCE PERIOD: Buyer and Seller will enter into a. Purchase Agreement within ten (10) days of acceptance of this Letter of Intent by Seller as proposed by Purchaser. Buyer shall prepare Purchase Agreement. Purchase Agreement shall be in a form substantially similar to that dated October 13, 1997 between the parties. Seller will pay all Levied or pending Special Assessments or other levies prior to closing. Buyer shall have one hundred eighty (1 $p) days from the execution of a mutually acceptable Purchase Agreement to cancel the Purchase Agreement due to the following: I.) Buyer shall have been able to obtain all necessary governmental approvals and permits with regard to all applicable environmental, construction, zoning, platting, signage, subdivision, lot split, D. 0.T access and turn lane and other land use laws, ordinances and regulations and codes for the construction and use oftheProperry (and adjacent property) as Buyerintends. 2.) Buyer shall have been able to determine that all necessary udlities, including, but not limited to, natural gas, sanitary sewer, storm sewer and water, are located at the property line and are of adequate capacity to serve the development of the Property contemplated by the Buyer. 3.) Buyer shall have been able to conduct such soil tests, environmental assessments or other tests or investigations as are consistent with its interest hereunder, the results of which shall be acceptable to Buyer in its sole discretion 4.) Buyer shall have been able to determine the costs of the site for new construction and the feasibility of the proposed project based upon said costs and said costs are acceptable to Buyer in its sole judgement. 5.) Buyer shall have been able to make application to applicable governmental units and/or quasi- governmental entities and to obtain any and all governmental or Quasi- governmental aid or subsidies necessary, in Buyer's sole judgement, for development of the Property in an economically feasible manner.