Agenda Packets - 1987/12/14 - Laserfiche WebLink

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and any assigns or successors in interest to and in the Redevelopment Property, shall revert to the City, but only if the events stated in Section 9.3(a)-(f) have not been cured within the time periods provided above. Notwithstanding anything to the contrary contained in this Section 9.3 of this Agreement, the City shall have no right to reenter or retake title to and possession of a portion of the Redevelopment Property for which a Certificate of Completion has been issued. Section 9.4. Resale of Reacquired Property; Disposition of Proceeds, upon the revesting in the City of title to and/or possession of the Redevelopment Property or any part thereof as provided in Section 9.3, the City shell, pursuant to Its responsibilities under law, use Ita best efforts to Bell the Redevelopment Property or part thereof as soon and In such manner as the City shall find feasible and consisteut with the objectives of such law and of the Program to a qualified' and responsible party or parties (ei determined by the City) who will assume the obligation of making or completing the Minimum Improvements or such other improvements in their st•>_ad as shall be satisfactory to the City and in accordance with the uses specified for such Redevelopment Property or part thereof in the Program. Upon such resale of the Redevelopment Property, the proceeds thereof shall be appiied: (a) First, to reimburse the City for all costs and expenses incurred by the City, including but not limited to salaries of personnel, In connection with the recapture, management, and eesale of the Redevelopment Property or part thereof _ (but less any Income derived by the City from the property or part thereof in connection with s,,ch management); all taxes, assessments, and water end sewer charges with respect to the Redevelopment Property or part thereof (or, in the event the Redevelopment Property is exempt from taxation or assessment �r such charge during the period of ownership thereof by the City, an amount, if paid, equal to such taxes, assessments, or charges (as determined by the City assessing official) as would have been payable if the Redevelopment Property were not so exempt); any payments made or necessary to he made to discharge any encumbrances or liens existing on the Redevelopment Property or part thereof at the time of revesting of title thereto in the City or to discharge or prevent from attaching or being made any subsequent encumbrances or liens due to obligations, defaults or acts of the Redeveloper, its successors or transferees; any expenditures made or obligations Incurred with respect to the making or completion of the Minimum Improvements or any part thereof on the Redevelopment Property or part thereof; any projected loss of tax increment from the Redevelopment Property due to the delay In development or redevelopment of the Redevelopment Property caused by the default of the Redeveloper; and any amounts otherwise owing the City by the Redeveloper and its successor or transferee; and (b) Second, to reimburse the Redeveloper, its successor or transferee, up to the amount equal to (1) the sum of the purchase price paid by It for the Redevelopment Property (or allocable to the part thereof) and the cash actually invested by it in making any of the Mini-Xin Improvements on the Redevelopment Property or part thereof, less (2) any gains or income withdrawn or made by It from the Agreement or the Redevelopment Property. Any balance remaining after such reimbursements shall be retained by the City as its property. 38