18-EDA-303 - Laserfiche WebLink

Home Browse Search

(b) Developer understands that the Tax Increment Financing sought for the proposed Development must be obtained as outlined by law. 5. Feasibility. It is expressly understood that execution and implementation of any development agreement (together with any other agreements entered into between the parties hereto contemporaneously therewith) shall be subject to: (a) A determination by the EDA in its sole discretion that its undertakings are feasible based on (i) satisfaction of City Code requirements; (ii) the purposes and objectives of any development plan created or proposed for the Development; (iii) the Studies, if any; and (iv) the best interests of the EDA. (b) A determination by Developer that the Development is feasible and in the best interests of Developer. 6. Effective Date; Expiration. This Agreement is effective from the Effective Date until one (1) year after the Effective Date. After such date, neither party shall have any obligation hereunder except as expressly set forth to the contrary herein. 7. Costs; Escrow. Developer shall be solely responsible for all costs incurred by Developer. In addition, upon the full execution of this Agreement the Developer will pay the EDA an initial non- refundable sum of $7,500.00 as reimbursement of its Administrative Costs (as defined below) for its evaluation of the Developer's proposal. For the purposes of this Agreement, the term "Administrative Costs" means out of pocket costs incurred by EDA together with staff and consultant (including engineering, legal, financial adviser, environmental advisor, planning advisor, etc.) costs of EDA, all attributable to or incurred in connection with the review of the development agreement or contracts (together with any other agreements entered into between the parties hereto contemporaneously therewith) and review and approvals of any land use, zoning and subdivision applications for the Property, the negotiation and preparation of this Agreement, and other documents and agreements in connection with the Development, excluding Studies that result in the Administrative Costs exceeding the initial $7,500.00 deposit, unless such excess costs are approved by the Developer as provided below. Developer acknowledges that the Developer's proposal will require review by and/or consultation with the EDA's financial advisors, engineers, legal advisors, and other advisors or consultants and staff. Additionally, the EDA may incur expenses of advisors, consultants and staff related to the preparation of the development agreement for said Development. If at any time after full execution and acceptance of this Agreement, the EDA determines that the amount deposited by Developer will be insufficient to pay the EDA's fees and expenses listed above, the EDA may notify the Developer in writing as to any additional amount required to be deposited. The Developer must deposit such additional funds within 10 business days after receipt of the EDA's notice. Any additional funds beyond the initial non-refundable $7,500 deposited by Developer and not expended by the EDA for its Administrative Costs will be returned to the Developer on 5 5112640 SSR MU205-46