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• Mike Morrison -Northwest Quadrant Redevelopment <br /> September 17, 2003 <br /> Page 6 <br /> g. Rental Housing Development. The City and HRA will enter into a separate redevelopment <br /> contract with the Rental Housing Developer. A separate But-For analysis will be <br /> completed for this portion. <br /> h. Condemnation. The Redeveloper will utilize reasonable efforts to acquire all property <br /> privately prior to requesting the City to initiate condemnation, including use, where <br /> appropriate of City sponsored mediation. The City will agree to undertake condemnation <br /> of all real properties located within the Redevelopment District, including any leaseholds, <br /> easements, restrictive covenants or other or other legal or equitable interest that encumber <br /> the Redevelopment District and would restrict redevelopment as contemplated. <br /> Condemnation shall be undertaken on a schedule mutually agreed to between the <br /> Redeveloper and the City. <br /> All costs of condemnation proceedings, including, but not limited to legal fees, filing fees, <br /> costs, appraisal fees and title work, shall be paid by the Redeveloper, subject to <br /> reimbursement of certain costs as a public redevelopment cost from Tax Increment in <br /> accordance with the Redevelopment Agreement. The Redeveloper shall enter into a <br /> Reimbursement Agreement with the City to reimburse the costs of condemnation proceeds, <br /> condemnation awards and relocation as incurred for acquisition of the Phase I property. <br /> • i. Advancement and Reimbursement to Redeveloper. The Redeveloper has reimbursed and <br /> agrees it will in the future continue to promptly reimburse the City and HRA for all costs <br /> of the City and Authority in advancement of the Project, including but not limited to the <br /> costs of the City Consultants, financial analysis of the Project and the Tax Increment Plan, <br /> Redevelopment and TIF District analysis and creation, legal fees, survey and title costs, <br /> environmental review costs, environmental site investigation costs and other similar costs. <br /> The Redeveloper will be reimbursed for these costs and costs associated with acquiring and <br /> holding the Apache Plaza property and other overhead as a qualified Tax Increment cost in <br /> an amount that is currently estimated to be $2,645,000 and individually listed as follows: <br /> Predevelopment Costs(Public/Private): $1,250,000 <br /> Apache Mall Holding Costs $355,000 <br /> Apache Capitalized Interest: $100,000 <br /> Developer Overhead/Administration $590,000 <br /> Redeveloper Capitalized Interest—Project Costs: $350,000 <br /> TOTAL $2,645,000 <br /> The Redeveloper shall cost certify all such private third party costs and expenses of the <br /> developer to the reasonable satisfaction of the City and HRA. Any cost savings will be <br /> considered available Tax Increment for other qualified costs in the Redevelopment District. <br /> j. Redeveloper Incentive Payment. Any costs savings by the Redeveloper on negotiating the <br /> purchase, relocation (only due to non statutory payments) and demolition of the three <br /> commercial properties for the Phase IA For Sale Housing component will be used to first <br /> cover any overruns in any other Redeveloper category and second shall be paid one-half to <br /> the Redeveloper and one-half shall be available to the City and HRA for other public <br />