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d. Approval of construction plans <br /> e. Acquisition of the Triangle Parcel (which shall be a condition to the Authority's <br /> performance as to the Triangle Parcel only) <br /> 9. Closing Date: No later than 100 days after execution of Agreement. However, if <br /> conditions to the Redeveloper's performance have not been satisfied by November 1, <br /> 2004, the Redeveloper shall have the option to extend the closing date to April 15 of the <br /> next year on the following conditions: (i) the Contract for Private Redevelopment shall <br /> unconditionally obligate Redeveloper to close on the Property as of April 15 (except to <br /> the extent the Authority has not acquired the Triangle Parcel and except to the extent <br /> conditions to Redeveloper's performance then remain unsatisfied), (ii) if the closing is <br /> extended due to events not under the control of the Seller, Redeveloper shall increase the <br /> Earnest Money to ten percent. <br /> 10. Redeveloper Covenants: <br /> a. Application for plat approval no later than 60 days after the closing date <br /> b. No less than 69 housing units built in accordance with approved plans upon the <br /> following schedule: 40 units substantially completed by December 31, 2006; <br /> remainder substantially completed by December 31, 2007. The executive director <br /> of the Seller shall have administrative authority to reduce the minimum units to <br /> 65 upon cause shown by Redeveloper (Le. replatting necessitated by design <br /> changes). Such minimum unit requirements shall be adjusted pro rata if the <br /> Triangle Parcel is not acquired as contemplated hereunder. <br /> C. Redeveloper may extend the December 31, 2006 deadline for no longer than one <br /> year on a unit for unit basis at the cost of$1,000 per unit, and may extend the <br /> December 31, 2007 deadline for no longer than one year on a unit for unit basis at <br /> the cost of$2,200 per unit. <br /> d. The townhome units shall be sold for an average price of not less than $170,000 <br /> and the single family units shall be sold for an average price of not less than <br /> $195,000. <br /> 11. Housing_Plans: Housing plans must be agreed to in principal between Redeveloper and <br /> the Seller prior to execution of any binding documents. <br /> 12. Reverter: The Agreement will include a reverter,which will allow the Seller to retake the <br /> Property upon an uncured event of default by Redeveloper. After the property is retaken <br /> by Seller, Seller shall pay to the Redeveloper (i) the price paid by Redeveloper to the <br /> Seller for acquisition of the Property plus (ii) all documented Redeveloper "hard costs" <br /> associated with site preparation (i.e. out-of-pocket reasonable third party costs pursuant <br /> to contracts with unrelated third parties). The foregoing sum to be paid by Seller to <br /> Redeveloper shall be less any unapproved debt or encumbrances on the Property at the <br /> time of the retaking. In that regard, the Seller shall be permitted to withhold payment to <br /> Redeveloper until a date that is 90 days after the date upon which work was last <br /> conducted on the Property by Redeveloper or its agents. <br /> 13. Letter of Credit: Redeveloper will obtain an irrevocable letter of credit from a lending <br /> institution reasonably acceptable to the Authority in a minimum amount necessary to <br />