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01-08-2018
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Last modified
1/29/2025 9:14:27 AM
Creation date
8/6/2018 5:51:22 AM
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MV Commission Documents
Commission Name
Economic Development Authority
Commission Doc Type
Agenda Packets
MEETINGDATE
1/8/2018
Commission Doc Number (Ord & Res)
0
Supplemental fields
Date
1/8/2018
EDA Document Type
Council Packets
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5 <br />511264v3 SJR MU205-46 <br />(b) Developer understands that the Tax Increment Financing sought for the <br />proposed Development must be obtained as outlined by law. <br />5. Feasibility. <br />It is expressly understood that execution and implementation of any development <br />agreement (together with any other agreements entered into between the parties hereto <br />contemporaneously therewith) shall be subject to: <br />(a) A determination by the EDA in its sole discretion that its undertakings are <br />feasible based on (i) satisfaction of City Code requirements; (ii) the purposes and <br />objectives of any development plan created or proposed for the Development; (iii) the <br />Studies, if any; and (iv) the best interests of the EDA. <br />(b) A determination by Developer that the Development is feasible and in the <br />best interests of Developer. <br />6. Effective Date; Expiration. <br />This Agreement is effective from the Effective Date until one (1) year after the Effective <br />Date. After such date, neither party shall have any obligation hereunder except as expressly set <br />forth to the contrary herein. <br />7. Costs; Escrow. <br />Developer shall be solely responsible for all costs incurred by Developer. In addition, <br />upon the full execution of this Agreement the Developer will pay the EDA an initial non- <br />refundable sum of $7,500.00 as reimbursement of its Administrative Costs (as defined below) for <br />its evaluation of the Developer’s proposal. For the purposes of this Agreement, the term <br />“Administrative Costs” means out of pocket costs incurred by EDA together with staff and <br />consultant (including engineering, legal, financial adviser, environmental advisor, planning <br />advisor, etc.) costs of EDA, all attributable to or incurred in connection with the review of the <br />development agreement or contracts (together with any other agreements entered into between <br />the parties hereto contemporaneously therewith) and review and approvals of any land use, <br />zoning and subdivision applications for the Property, the negotiation and preparation of this <br />Agreement, and other documents and agreements in connection with the Development, <br />excluding Studies that result in the Administrative Costs exceeding the initial $7,500.00 deposit, <br />unless such excess costs are approved by the Developer as provided below. Developer <br />acknowledges that the Developer’s proposal will require review by and/or consultation with the <br />EDA’s financial advisors, engineers, legal advisors, and other advisors or consultants and staff. <br />Additionally, the EDA may incur expenses of advisors, consultants and staff related to the <br />preparation of the development agreement for said Development. If at any time after full <br />execution and acceptance of this Agreement, the EDA determines that the amount deposited by <br />Developer will be insufficient to pay the EDA’s fees and expenses listed above, the EDA may <br />notify the Developer in writing as to any additional amount required to be deposited. The <br />Developer must deposit such additional funds within 10 business days after receipt of the EDA’s <br />notice. Any additional funds beyond the initial non-refundable $7,500 deposited by Developer <br />and not expended by the EDA for its Administrative Costs will be returned to the Developer on
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