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e. Description of 10% good faith deposit requirement; <br /> f. Closing date, location and conditions precedent to closing; <br /> g. A description of the City's and Developer's relative acquisition responsibilities if the City <br /> does not own the Property at the time the Redevelopment Contract is signed; <br /> h. Title evidence, closing costs and fees, and prorations for taxes, special assessments and <br /> utilities; <br /> i. Terms and plans regarding construction or rehabilitation of proposed improvements, <br /> including time frame for construction; <br /> j. Description of the certificate of completion process; <br /> k. Payment and performance bonds, insurance, condemnation and indemnification and hold <br /> harmless requirements (Note that payment and performance bonds are generally required <br /> as standard practice, but when not required by law, may be waived through a Director's <br /> report after weighing the cost of such bonds against the risk to the City's interest. Some <br /> relevant considerations are the reputation of the general contractor, the primary lender's <br /> disbursement process and the reputation of the developer); <br /> I. "As is sale," environmental condition: The City will provide the Purchaser with access to <br /> whatever environmental reports it has. The Purchaser is usually responsible for <br /> conducting and paying for further environmental investigations or geotechnical studies. <br /> The City will not provide any environmental indemnifications unless specifically approved <br /> by the City Council; <br /> m. Soil Correction and Escrow: Where it can be demonstrated that the Development Property <br /> contains substantial amounts of unsuitable soils, the Purchaser may be given a Soil <br /> Correction Allowance. The CPED Director may approve a Soil Correction Allowance of <br /> $100,000 or less. The Council must approve any Soil Correction Allowance that exceeds <br /> $100,000. The amount of the Soil Correction Allowance, along with any Writedowns and <br /> other City deductible costs, shall not reduce the Purchase Price to less than $1.00. If the <br /> Purchase Price has already been adjusted for known unsuitable soils and the <br /> Development Property is being sold on an "as is" basis, the Purchaser shall not receive a <br /> Soil Correction Allowance; <br /> n. Well Disclosure Statement; <br /> o. A statement that the Purchaser/Developer will be required to obtain all permits and <br /> comply with all laws. (The Project Coordinator should inform the Developer that it must <br /> meet with the City's Planning Department and the City Regulatory Services Department to <br /> determine all local permit requirements.) <br /> p. Competitive bidding, ethics, affirmative action, apprenticeship program, prevailing wages, <br /> small and underutilized business enterprise program, State business subsidy act and <br /> living wage and job linkage policies; <br /> q. Project financing and encumbrance of the Development Property; <br /> Updated as of 10/6/04 16 <br />