Agenda Packets - 1997/08/11 - Laserfiche WebLink

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1. During the term of this Agreement, or any mutually agreed extension thereof, the parties shall use their best efforts to attempt to negotiate and formulate a definitive redevelopment contract (hereinafter "Redevelopment Contract") which shall provide for the development of the Project and shall, at a minimum, contain the following: (a) Terms and conditions, including timing, upon which the City will lease or convey to the Developer the Project property on terms as may be necessary for the Developer to undertake and complete the Project; (b) Terms and conditions concerning the scope and timing of construction of the project by the Developer and of any public improvements to be constructed in connection with the Project; (c) Provision for reimbursement of actual out-of-pocket costs for a "not to exceed" amount to be mutually agreed upon among the parties, incurred by the City and EDA in evaluating the Project and carrying out the City's and EDA's obligation under this Agreement; and (d) Such other terms and conditions as may be agreed upon by the parties. 2. It is the intention of the parties that this Agreement: (a) shall document the present understandings and commitments of the parties; • and • (b) shall lead to negotiation and execution of a mutually satisfactory Redevelopment Contract and other related transaction documents for the Project prior to the termination date of this Agreement. ;. The Redevelopment Contract, together with any other agreements entered into between the parties hereto contemporaneous therewith, when executed, shall supersede all obligations of the parties hereunder and constitute the entire agreement between the parties hereto. 4. Unless otherwise extended by written agreement between the parties,negotiations hereunder shall continue for a period of one hundred twenty (120) days following execution hereof. If the Redevelopment Contract for the Project is not satisfactorily negotiated and executed within the period of this Agreement, as the came may be extended, the obligations of all parties to one another shall terminate and neither shall incur any obligation to any other, except as expressly provided herein. 5. During the term of this Agreement, the Developer shall: (a) provide to the City and EDA,within one hundred twenty (120)days of the execution of this Agreement, a preliminary design proposal and a cost analysis projection for the design and construction of the Project. The proposal shall show the location, size, • and nature of the Project, including floor plans, outline specifications, and other graphic or written explanations of the Project, shall be accompanied by a time schedule for all D3X127914 2 MU205-6 L/C 30Hd 0tE6LEEZt9'QI N3AVNO '8 AQ3NN3N°WO2Id ZS °0I L6-tt-9flV