CC PACKET 10131987 - Laserfiche WebLink

Home Browse Search

(c) If the. HRA -does not convey t'itle :and possession- • of the - Redevelopment Property: to the Redeveloper pursuant to ,the Time Table. (d) If the City does not approve- a Planned Unit .:Development Detailed Plan (as defined in the City' s PUD ordinances)- within 90 days after the date of this Agreement which will permit construction and operation of the Project substantially as described in the Proposal, or as otherwise agreed upon by Redeveloper and the HRA. Termination of this Agreement due to - the occurrence of any of the foregoing must be accomplished. by written notification to the other party of the- intention to terminate, and the party giving such notice shall then have the right to terminate by a second written notice given within 30 days after ,the first notice if such condition has not been met prior to expiration of the 30-day period. If this Agreement is terminated pursuant to item (a) of this Section, the HRA may draw upon the Letter of Credit and may retain the full amount thereof as liquidated damages . If this Agreement is terminated pursuant to items (b) , (c) or (d) of this Section, and Redeveloper is not in default hereunder, the Letter of Credit shall be returned to Redeveloper if it is not in default hereunder, and neither party shall have any • further rights or obligations under this Agreement . Additionally, if this Agreement is terminated pursuant to items (b) or (c) of this Section, the HRA shall reimburse the .Redeveloper, if it is not in default hereunder, for the out of pocket underwriting. fees paid. by the Redeveloper for purposes of the Refunding. Section 10 . 9 . Arbitration. A party aggrieved by any dispute regarding any part of this Agreement shall proceed to arbitration rather than litigation in the Courts . Either party shall have authority ,to appeal said dispute. Said appeal shall be in. writing and shall be addressed to the other party asking for arbitration. The point of dispute of the parties shall be referred to a Board of Arbitration. The Board of Arbitration shall consist of three persons; one to be appointed by the HRA, - one to be appointed by Redeveloper, and the third to be appointed by the two so selected . If the two persons appointed do not appoint the third person within 15 days after their appointment, then the Chief Judge of the District Court of Hennepin County shall have jurisdiction to appoint, upon application of either or both of the two earlier selected, the - third person to the Board- of Arbitration. The arbitrators ' expenses and .fees, together with the other expenses, not including counsel fees , incurred in the conduct of the arbitration shall be divided equally between the parties unless • the Board of Arbitration determines that the matter was not -26-