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RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
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RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT
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3/25/2021 2:41:48 PM
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3/25/2021 12:50:15 PM
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<br />TABLE OF CONTENTS <br />ARTICLE 1 DEFINITIONS ....................................................................................................... 2 <br /> Definitions ........................................................................................................... 2 <br />ARTICLE 2 REPRESENTATIONS AND WARRANTIES ........................................................ 4 <br /> HRA Representations ........................................................................................... 4 <br /> Developer Representations ................................................................................... 5 <br /> Use, Ownership of Development Property; Restrictions; Use of <br />Development Property ......................................................................................... 6 <br /> Ownership of Development Property ................................................................... 6 <br /> Declaration of Restrictive Covenants ................................................................... 6 <br /> Damage or Destruction......................................................................................... 6 <br /> Relocation Costs .................................................................................................. 6 <br /> Assessment Agreement ........................................................................................ 6 <br /> Affordability. ....................................................................................................... 6 <br />ARTICLE 3 CONSTRUCTION OF PROJECT ........................................................................... 9 <br /> Reserved. ............................................................................................................. 9 <br /> Restrictions on Development; Conditions of City/HRA Approval. ....................... 9 <br /> Construction Plans ............................................................................................... 9 <br /> Undertaking of Project ......................................................................................... 9 <br /> Certificate of Occupancy; Certificate of Completion .......................................... 10 <br /> Progress Reports ................................................................................................ 10 <br /> Access to Development Property ........................................................................ 10 <br /> Modification; Subordination .............................................................................. 10 <br />ARTICLE 4 DEFENSE OF CLAIMS; INSURANCE ............................................................... 11 <br /> Defense of Claims .............................................................................................. 11 <br /> Insurance ........................................................................................................... 12 <br />ARTICLE 5 PUBLIC ASSISTANCE ....................................................................................... 13 <br /> Development Costs ............................................................................................ 13 <br /> Reimbursement for Qualified Costs. ................................................................... 13 <br /> Conditions Precedent to Provision of Public Assistance. .................................... 14 <br /> Satisfaction of Conditions Precedent .................................................................. 14 <br /> Notice of Default ............................................................................................... 15 <br /> Real Property Taxes ........................................................................................... 15 <br />ARTICLE 6 PROHIBITIONS AGAINST ASSIGNMENT AND TRANSFER ......................... 16 <br /> Transfer of Property and Assignment ................................................................. 16 <br />i <br /> <br />
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