Agenda Packets - 2017/12/04 (3) - Laserfiche WebLink

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DRAFT NOT APPROVED (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 Specialty Retail & Traditional Retail and Multi -family Developments 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. 3. Term; Duties. (a) During the term of this Agreement, EDA agrees to: (i) Proceed to seek all necessary information with regard to the anticipated public costs, if any, associated with the Development. (ii) Should negotiations be successful, enter into a development agreement with the Developer for the Development. (b) During the term of this Agreement, Developer agrees to: (i) Develop and submit its detailed proposal, including the plans and specifications, for purchase and development of the Development. (ii) Conduct a due diligence review of the portion of the Property included in the Development, including without limitation, which must be acceptable to the Developer in its sole discretion: title, survey, environmental (Phase I & Phase 11 reports), soils, and market studies. (iii) Obtain approval by the EDA, City (including its Engineer, Planning and Inspection Department, and any other governing authority) for approval of the site plan, exterior elevations and finishes, PUD approval.