PL PACKET 08012000 - Laserfiche WebLink

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, The Applicant's proposal will utilize the Apache Plaza parking on the Apache Plaza Property, and will include a greatly needed update of the building fagade, and increased landscaping. Under either the Preferred Plan or Fallback Plan, there will be no detrimental impact on the surrounding property with respect to parking, increased traffic; or noxious uses. The Applicant's proposed redevelopment of Apache Plaza provides great benefit to the City, a benefit that is required of all PUDs. The benefit is the redevelopment and utilization of an underutilized property. The change in use is necessitated by years of declining retail, and a recent failed attempt to jump start the retail uses at Apache Plaza (e.g., the development of the Cub Foods in approximately 1996). The Applicant believes that through its vast experience with similar redevelopment projects, that Apache Plaza provides a phenomenal opportunity for mixed use commercial tenants. The successful redevelopment of Apache Plaza should result in higher or stabilized property values and may result in revitalization of other surrounding land in need of redevelopment. It is the Applicant's intent to redevelop Apache Plaza and the New Market Site under the Preferred Plan. While the Applicant will aggressively pursue all commercially reasonable efforts to lease Apache Plaza under the Preferred Plan, the Applicant will lease space in the Building for the other uses if Office tenants cannot be procured. Any light industrial and/or warehouse uses will be low impact uses which produce little or no noise, odor, vibration, glare or other objectionable influences, and which will have little or no adverse impact on surrounding properties. Said uses will not include the heavy processing of raw materials or heavy production of primary materials. Office tenants must primarily occupy the Property for the project to be economically viable. Since entering into the Purchase Agreement to buy the Property in January 2000, the Applicant has aggressively marketed the Property to achieve the Preferred Plan. In furtherance of the Applicant's representations to the City and as insurance that efforts are pursued to achieve the Preferred Plan for Apache Plaza, the Applicant agrees to and/or acknowledges the following: • The Applicant will continue to aggressively market Apache Plaza under the Preferred Plan; • Uses of the Apache Property less than the Preferred Plan fails to produce the TIF Proceeds; • The Applicant will provide to the City periodic updates as to its marketing efforts , signed leases and build-out schedule; • No non-Office tenants will occupy Apache Plaza until after February 1, 2001; 4