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45 <br /> 8. Contin eg ncies. It is expected that any redevelopment agreement will address the following items, <br /> which the parties acknowledge may be material to the Project: <br /> a. Creation of a tax increment financing district,and determination of the portion of <br /> tax increment,which will be made available to the Redeveloper; <br /> b. The acquisition of all or part of the Redevelopment Property by direct purchase or <br /> condemnation,on such terms and conditions acceptable to the City and as <br /> determined by the City in its sole and absolute discretion; <br /> C. Preparation by the Redeveloper of a Phase I and,if required,Phase II <br /> environmental assessment and all other environmental and wetland reports and <br /> surveys certified to the Redeveloper and its lender,deemed necessary by the City <br /> and the Redeveloper for all of the property located within the Project,which <br /> reports and surveys must be satisfactory to the City and the Redeveloper; <br /> d. The City and the Redeveloper have obtained all necessary approvals for the <br /> Project from any participating governmental City including but not limited to any <br /> necessary watershed district; <br /> e. All zoning modifications,rezoning approvals and conditional use permits <br /> necessary to allow the Project to move forward have been granted; <br /> f. The title commitment for the Redevelopment Property shall have been found <br /> acceptable to the Redeveloper in its sole discretion; <br /> g. Testing results are satisfactory to the Redeveloper including,but not limited to, <br /> soils,well,engineering,hazardous waste,and environmental reviews; <br /> h. Financing acceptable to the Redeveloper. <br /> 9. Termination. This agreement may be terminated prior to its expiration by the City as to all or a <br /> portion of the Redevelopment Property upon the giving of written notice to the Redeveloper that <br /> the Redeveloper is not diligently pursuing the redevelopment of the portions of the Redevelopment <br /> v a reasonable time but in no event less than 30 days s to affect <br /> Property.The Redeveloper shall have y <br /> . <br /> cure. The City may also <br /> a cure of such default,or to demonstrate that it is.diligently pursuing such c ty y <br /> terminate this agreement for the failure of the Redeveloper to make any payment due in <br /> accordance with Paragraph 1.1 below. <br /> 10. Term. The term of this Agreement shall be effective from the day and year first above written <br /> until the earlier of(a)the date this Agreement is superseded pursuant to a final Redevelopment <br /> Agreement between the City and the Redeveloper,or(b)May 1,2003. <br /> 11. Legislative Judgment. The Redeveloper understands that many of the actions which the City may <br /> be called upon to take require its reasonable discretion,and in some instances, its legislative <br /> judgment. Such actions may only be made following established procedures,and the City cannot <br /> agree, in advance,to any specific decision in such matters. <br /> Page 3 <br />