Resolution 16-EDA-290 - Laserfiche WebLink

Home Browse Search

• FINAL APPROVED 1.25.16 WHEREAS, various land use, zoning, and subdivision issues and actions related to the Development and the Property are required to be approved by the City in order to facilitate the Development by the Developer; and WHEREAS, EDA agrees to cooperate with the Developer to review and process various land use, zoning, and subdivision issues and actions related to the Development and the Property in order to facilitate the Development by the Developer; and WHEREAS, EDA is willing to consider and Developer is desirous to undertake the Development if(i) a satisfactory agreement can be reached regarding EDA's commitment for public costs, if any, necessary for the Development; (ii) satisfactory mortgage and equity fmancing, or adequate cash resources for the Development can be secured by Developer; and (iii) the feasibility and soundness of the Development and other necessary preconditions have been determined to the satisfaction of the parties. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein,the parties agree as follows: 1. Future Negotiations. The parties agree to continue negotiations in an attempt to formulate a definitive plan for review and approval of all land use, zoning and subdivision approvals and any necessary development agreements or contracts based on the following: (a) Developer's Proposal, which shows the scope of the proposed Development in its latest form as of the date of this Agreement, together with any changes or modifications required by City or EDA; (b) Mutually satisfactory development agreements or contracts to be negotiated and agreed upon in accordance with negotiations contemplated by this Agreement; (c) Mutually satisfactory terms for the Phase 2 Development that may be required for the Development (e.g. access and utility easements, allocation of infrastructure costs, identity of proposed retail use, etc.); and (d) Other terms and conditions of this Agreement. 2. Statement of Intent. Although not conclusive or binding on either party, it is the intention of the parties that this Agreement: (a) documents the present understanding and commitments of the parties; (b) will lead to negotiation and execution of a mutually satisfactory development agreement or contract prior to the termination date of this Agreement; and (c) will lead to an appropriate land use, zoning, and subdivision application or applications. The development agreement or contract (together with any other agreements entered into between the parties hereto contemporaneously therewith) when executed and any land use, zoning, and subdivision approvals, will supersede all obligations of the parties hereunder. 2 469964v9 SJR MU205-46