Laserfiche WebLink
I . Future Negotiations. <br />The parties agree to continue negotiations pursuant to the terms of this Agreement in an <br />attempt to formulate a definitive plan for a development agreement based on the following: <br />(a) Developer's proposal, which shows the scope of the proposed <br />Development in its latest form as of the date of this Agreement, together with any <br />changes or modifications required by the City or the EDA; <br />(b) Mutually -satisfactory development agreements or contracts to be <br />negotiated and agreed upon in accordance with negotiations contemplated by this <br />Agreement; <br />(c) Mutually satisfactory terms for the Specialty Retail Development, the <br />Traditional Retail Development, and the Multi -family Developments that may be <br />required for the Development (e.g. access and utility easements, allocation of <br />infrastructure costs, identity of proposed retail use, etc.); and <br />(d) Other terms and conditions of this Agreement. <br />2. Statement of Intent. <br />Although not conclusive or binding on either party, it is the intention of the parties that <br />this Agreement: (a) documents the present understanding and commitments of the parties; and <br />(b) will lead to the negotiation and execution of a mutually -satisfactory development agreement <br />or contract prior to the termination date of this Agreement. The development agreement <br />(together with any other agreements entered into between the parties hereto contemporaneously <br />therewith) will supersede all obligations of the parties hereunder. <br />3. Term: Duties. <br />(a) During the term of this Agreement, the EDA agrees to: <br />(i) Proceed to seek all necessary information with regard to the <br />anticipated public costs, if any, associated with the Development; and <br />(ii) Should negotiations be successful, enter into a development <br />agreement, if satisfactory to the EDA in its sole discretion, with the Developer for the <br />Development. <br />(b) During the term of this Agreement, the Developer agrees to: <br />(i) Develop and submit its detailed proposal, including the plans and <br />specifications, for purchase and development of the Property; <br />(ii) Conduct a due diligence review of the portion of the Property <br />included in the Development, including without limitation, which must be acceptable to <br />3 <br />5112640 SSR MU205-46 <br />