Agenda Packets - 1987/12/14 - Laserfiche WebLink

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(d) The City's purchase of the Redevelopment Property shall also be conditioned upon the Redeveloper having obtained all necessary zoning, subdivlrlon and environmental permits and approvals for construction of the Minimum improvements from the City, State and other regional and federal agencies. Section 3.2. Acquisition of Redevelopment Property. Subject to the provisions of this Article iii, on or before a date thirty (30) days after the Redeveloper gives the nctice described at Section 4.6 with respect to a Phase, or or: such other date as the Redeveloper and City may agree, the City will purchase the Parcel of the Redevelopment Property upon which the Phase Is to be constructed from the vendors under the Contract for Deed. The purchase price for each Parcel to be paid by the City shall be the amount calculated in the manner set forth in Section 21(c) of the Contract for Deed, but the total purchase price to be paid by the City for the entire Redevelopment Property, except for the Johnson Parcel, shall not exceed $2,535,840. The City shall purchase the Redevelopment Property as provided herein in consideration of the covenants of the Redeveloper to cause the Redevelopment Property to be developed in accordauee with the provisluns of this Agreement and as at,. inducement to the Redeveloper to cause the Minimum Improvements to be constructed thereon after the purchase date as provided herein. The Purchase Price shall be payable by the City at the time and In the manner described in Section 3.7. The City shall not qualify ary Parcel of the Redevelopment Property as exempt from ad valorem taxes during the perlvl it holds such property. The Redeveloper shall, and hereby agrees to, pay all ad valorem taxes and installments of special assessments, if any, on the Redevelopment Property or any portion thereof which are due and payable during �^ the period the City owns such Redevelopment Property or portion thereof. Section 3.3. Conveyance of the Redevelopment Property. The City shall convey title to and possession of each Parcel of the Redevelopment Property to the Redeveloper under a deed (which deed shall be substantially in the form of the Redevelopment Property Deed contained in Schedule B of this Agreement). The conveyance of title to the Redevelooment Property pursuant to the Redevelopment Property Deeds and the Redeveloper's use of the Redevelopment Property shall be subject to all of the conditions, covenants, restrictions and limitations imposed by the Plan, the Developer's Agreement, this Agreement, and the Redevelopment Property Deed, and shall also to subject to Permitted Encumbrances, and building and zoning laws and crdlnances and all other applicable locai, state and federal laws and regulations. Section 3.4. Time of Conveyance. ;<) It no Event of Default has occurred (or if an Event of Defaull has occurred but has been cured), the City shall execute and deliver to Redeveloper the Redevelopment Property Deed for each Parcel on the date that the City acquires title to and possession of the Parcel or on such other date as the City and the Redeveloper shall mutually agree in writing. The Redeveloper shall take possession of each Parcel of the Redevelopment Property the day of execution and delivery of the Redevelopment Property Deed for such Parcel by the City. (b) Unless otherwise mutually agreed by. the City and the Redeveloper, the execution and delivery of all deeds and the payment of any Purchase Price shall be made at the principal offices of the City. The price to be paid by the Redeveloper for the conveyance of each Parcel of the Redevelopment Property by the City shall be One Dollar ($1.00). 11