Agenda Packets - 1998/10/26 - Laserfiche WebLink

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(b) develop a financial plan for the payment of associated public improvements, which plan shall document all public costs, projected public revenues, and bond or note financing, if any, including debt service costs, if necessary; 6. Prior to execution of this Agreement, the Developer shall pay to the EDA the sum of Five Thousand Dollars($5,000) (the"Payment") as a deposit toward reimbursing the EDA and City for all costs incurred in preparing the Redevelopment Contract. If, during the term of this Agreement, the parties execute a Redevelopment Contract, the Payment shall be applied against the Developer's obligation under the Redevelopment Contract to pay any legal, consulting and administrative costs incurred by the City and EDA in preparing the Redevelopment Contract. If the parties do not execute a Redevelopment Contract during the term of this Agreement due to actions of the Developer, the full amount of the Payment shall be retained by the EDA as consideration for its costs in preparing this Agreement and undertaking its obligations hereunder and this Payment shall be the maximum amount of the Developer's obligations owed to the City and EDA in the event no Redevelopment Contract is executed. However, if the parties do not execute a Redevelopment Contract during the term of this Agreement due to the actions of the City and EDA, then the Developer shall be refunded any remaining amount of the Payment that has not been applied to costs incurred by the City and EDA. Except as expressly provided herein, the City, EDA and the eveloper shall have no other monetary or other obligation to each other as a result of this Excius e N•go i ations Agreement if they are unable to reach agreement to the terms of an agreed upo Re.-vet pment Contract, or with respect to a Project, except as may be expressly provided in an . . . upon Redevelopment Contract • \i") OM:127914 MUZOS-e 3