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9.3. SR 01-04-2021
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9.3. SR 01-04-2021
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Section 5. Contingencies. It is expressly understood that execution and <br />implementation of the Contract shall be subject to: <br />(a) A determination by the Authority that any public financial assistance for the <br />Redevelopment is feasible based on projected tax increment revenues or other public <br />development revenues designated by the Authority, and that financial assistance is <br />warranted based on the Redeveloper's pro forma and any other information provided <br />to the Authority. <br />(b) A determination by the Developer that the Redevelopment is feasible and in the best <br />interests of the Developer. <br />(c) A determination by the City and the Authority that the Redevelopment is in the best <br />interests of the City and the Authority. <br />(d) The ability of the City and the Authority and the Developer to agree upon terms <br />for the conveyance of the parcels owned by the City and the Authority to the <br />Developer. The Developer understands that this Agreement does not obligate the <br />City or the Authority to sell their respective properties to the Developer. <br />Section 6. Reimbursement of Costs. The Developer shall be solely responsible for all <br />costs incurred by the Developer. In addition, the Developer shall reimburse the City for the <br />following costs: <br />(a) Upon execution of this Agreement, the Developer has deposited with the City <br />funds in the amount of $1,100, receipt of which the City hereby acknowledges. <br />The City may apply such deposit to pay any "Administrative Costs," which <br />means: reasonable and necessary out -of pocket -costs incurred by the City or the <br />Authority from and after the date of submittal of the Proposal, in each case based <br />on actual time spent in connection with rendering assistance and advice to the <br />City and the Authority as evidenced by itemized bills and invoices for (i) the City <br />and the Authority's financial advisor in connection with the City or the <br />Authority's financial participation in redevelopment of the Property, (ii) the <br />City's and the Authority's legal counsel in connection with negotiation and <br />drafting of this Agreement and any related agreements or documents, and any <br />legal services related to the Authority's or City's participation in redevelopment <br />of the Property; and (iii) consultants retained by the City or the Authority for <br />planning, environmental review, and traffic engineering for development of the <br />Property. At the Developer's request, but no more often than monthly, the City <br />and Authority will provide the Developer with a written report on current and <br />anticipated expenditures for Administrative Costs, including invoices or other <br />comparable evidence. <br />(b) If at any time during the term of this Agreement, the City determines that the <br />amount deposited by the Developer is insufficient to pay the Administrative Costs <br />and will exceed $1,100, the City will notify the Developer in writing as what <br />614738v3EL185-54 _4_ <br />
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