CC WORKSESSION 04022002 - Laserfiche WebLink

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8. Contingencies. It is expected that any redevelopment contract will address the following items,which the parties acknowledge may be material to the Project: a. Creation of a tax increment financing district,and determination of the portion of tax increment,which will be made available to the Redeveloper; b. The acquisition of all or part of the Redevelopment Property by direct purchase or condemnation, on such terms and conditions acceptable to the City and as determined by the City in its sole and absolute discretion. c. Acceptance by the Redeveloper of a Phase I and, if requested, Phase II environmental assessment and all other environmental and wetland reports and surveys certified to the Redeveloper and its lender,deemed necessary by the City and the Redeveloper for all of the property located within the Project,which reports and surveys must be satisfactory to the City and the Redeveloper; d. The City and the Redeveloper have obtained all necessary approvals for the Project from any participating governmental City including but not limited to any necessary watershed district; e. All zoning modifications, rezoning approvals and conditional use permits necessary to allow the Project to move forward have been granted; f. The title commitment for the Redevelopment Property shall have been found acceptable to the Redeveloper in its sole discretion; g. Testing results are satisfactory to the Redeveloper including,but not limited to, soils,well,engineering,hazardous waste,and environmental reviews; h. Financing acceptable to the Redeveloper; L The City agrees to cooperate with the Redeveloper=s lender and agrees to execute any and all reasonable documents including typical subordination documents with respect to said lenders or any replacement lenders,provided that the City may refuse to enter into any such documents if it, in its reasonable discretion determines that to do so would create an unreasonable risk to it,jeopardize any of its security,or make it less likely that the Project would be developed as contemplated. j. The City agrees to cooperate with Redeveloper's effort to obtain assistance from appropriate State and Federal agencies to the extent that the assistance provided is consistent with the approved plans. 9. Termination. This agreement may be terminated prior to its expiration by the City as to all or a portion of the Redevelopment Property upon the giving of written notice to the Redeveloper that the Redeveloper is not diligently pursuing the redevelopment of the portions of the Redevelopment Property.The Redeveloper shall have a reasonable time,but in no event less than 30 days to affect a cure of such default, or to demonstrate that it is Page 3