5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOT? MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:35/ST, 9:28/NO, 4261218754 P 16 • Section 3.3 Land Acquisition and Costs. Development of the Shopping Center Project requires the acquisition of land from four property owners,which shall be acquired as follows: (a) The Hohlen Property. Associated Investors has acquired and is the fee owner of the Hohien Property subject to a mortgage held by the Seller. Authority agrees that it will reimburse Associated Investors for a portion of Associated Investors' costs for acquisition of the Hohlen Property, all of which is located within TIF District No. 19. Reimbursement shall be in the principal amount of up to $2,811,000, pursuant to the terms of this Agreement and the Note, which shall be in the form attached hereto as Exhibit B. Before any payment is made pursuant to the Note or this Agreement, Associated Investors shall provide evidence satisfactory to Authority that Associated Investors has made payments for the I•lohlen property in an amount equal to or greater than the cumulative amount of all payments made on the Note, including the payment then due. There shall be no reimbursement for any land acquisition costs until such evidence is submitted and approved by Authority. (b) The Ebner Property. Associated Investors has acquired and transferred to City the Ebner Property. Most of the Ebner Property will be necessary for right-of-way purposes for new Tyler Street, which will serve the Development. Any portion of the Ebner Property located westerly of the right-of-way for new Tyler Street which is unnecessary for right-of-way purposes shall be returned by City to Associated Investors, upon Associates Investors payment of all costs related to City's ownership and transfer of the Ebner Property. • (c) The Warden and Mevisson Properties. (i) These properties, located south of County Road 12, are necessary for development of the Shopping Center Project. Associated Investors has been unable to acquire the Warden and Mevisson Properties by negotiation, and has requested Authority's assistance in acquiring these properties. (ii) Authority has adopted Resolution No.99 authorizing City staff to assist in the acquisition of the Mevisson and Warden parcels and, if necessary, to commence eminent domain proceedings to acquire these properties. Authority has completed an appraisal of each property,has made an offer to each of the property owners and, having had no response from the property owners,has commenced eminent domain proceedings against these properties. (iii) Associated Investors hereby agrees to reimburse Authority for all of Authority's costs related to the acquisition of the Mevisson and Warden parcels including land costs, relocation costs, appraisal fees, legal fees, staff time and all other costs related to these acquisitions, whether or not title to these parcels ever vests in Authority. Authority shall invoice Associated .Investors on a monthly basis for such costs, and Associated Investors shall reimburse Authority within twenty (20)days of receipt of such invoice. Failure to do so shall be a default under the terms of this Agreement. (iv) If Authority is required in the eminent domain proceedings to pay its estimated value of one or both of the properties into Court or to the owner, Associated -12-