7.3. HRSR 10-07-2019 - Laserfiche WebLink

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Section 5. Contingencies. It is expressly understood that execution and implementation of the Contract shall be subject to: (a) A determination by the Authority that any public financial assistance for the Redevelopment is feasible based on projected tax increment revenues or other public development revenues designated by the Authority, and that financial assistance is warranted based on the Redeveloper’s pro forma and any other information provided to the Authority. (b) A determination by the Developer that the Redevelopment is feasible and in the best interests of the Developer. (c) A determination by the City and the Authority that the Redevelopment is in the best interests of the City and the Authority. (d) The ability of the City and the Authority and the Developer to agree upon terms for the conveyance of the parcels owned by the City and the Authority to the Developer. The Developer understands that this Agreement does not obligate the City or the Authority to sell their respective properties to the Developer. Section 6. Reimbursement of Costs. The Developer shall be solely responsible for all costs incurred by the Developer. In addition, the Developer shall reimburse the City for the following costs: (a) Upon execution of this Agreement, the Developer has deposited with the City funds in the amount of $1,100, receipt of which the City hereby acknowledges. The City may apply such deposit to pay any “Administrative Costs,” which means: reasonable and necessary out-of pocket-costs incurred by the City or the Authority from and after the date of submittal of the Proposal, in each case based on actual time spent in connection with rendering assistance and advice to the City and the Authority as evidenced by itemized bills and invoices for (i) the City and the Authority’s financial advisor in connection with the City or the Authority’s financial participation in redevelopment of the Property, (ii) the City’s and the Authority’s legal counsel in connection with negotiation and drafting of this Agreement and any related agreements or documents, and any legal services related to the Authority’s or City’s participation in redevelopment of the Property; and (iii) consultants retained by the City or the Authority for planning, environmental review, and traffic engineering for development of the Property. At the Developer’s request, but no more often than monthly, the City and Authority will provide the Developer with a written report on current and anticipated expenditures for Administrative Costs, including invoices or other comparable evidence. (b) If at any time during the term of this Agreement, the City determines that the amount deposited by the Developer is insufficient to pay the Administrative Costs and will exceed $1,100, the City will notify the Developer in writing as what 614738v3EL185-54 -4-