11-28-2022 EDA - Laserfiche WebLink

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11.23.2022 2 MU205\59\835592.v10 WHEREAS, the EDA is willing to discuss with the Developer any public subsidies which may be available for the Development, however, nothing herein shall be interpreted as an approval or guarantee of any future public financial assistance, including but not limited to tax increment financing, tax abatement, business subsidies, or any other public assistance authorized by law; and WHEREAS, various ordinance, land use, zoning, and subdivision issues and actions related to the Development and the Property are required to be approved by the City in order to facilitate the Development by the Developer; and WHEREAS, the EDA agrees to cooperate with the Developer to review and to assist the Developer, where deemed appropriate by the EDA, with obtaining various ordinance, land use, zoning, and subdivision approvals and actions related to the Development and the Property in order to facilitate the Development by the Developer, provided that nothing herein shall be interpreted as an approval or guarantee of any future land use, zoning, or other required City approvals; and WHEREAS, the EDA is willing to consider and the Developer is desirous to undertake the Development if (i) a satisfactory agreement can be reached regarding the EDA’s commitment for public costs, if any, necessary for the Development; (ii) satisfactory mortgage and equity financing, or adequate cash resources for the Development can be secured by Developer; and (iii) the feasibility and soundness of the Development and other necessary preconditions have been determined to the satisfaction of the parties. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: 1. Future Negotiations. The parties agree to continue negotiations pursuant to the terms of this Agreement in an attempt to formulate a definitive plan for a development agreement based on the following: (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 the City or the EDA; Mutually-satisfactory development agreements or contracts to be negotiated and agreed upon in accordance with negotiations contemplated by this Agreement; (b) Mutually-satisfactory terms that may be required for the Development (e.g. access and utility easements, allocation of infrastructure costs, etc.); and 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; and (b) will lead to the negotiation and execution of a mutually-satisfactory development agreement or contract prior to the termination date of this Agreement. The development agreement (together with any