5.2. SR 02-06-2006 - Laserfiche WebLink

Home Browse Search

ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1 Construction of Proiect and Reimbursement of Tax Abatement Property Cost. (1) The costs of the construction of the Project shall be paid by the Developer. The Developer will construct the Project in accordance with the approved construction plans and at all times prior to the termination of this Agreement will operate and maintain, preserve and keep the Project or cause the Project to be maintained, preserved and kept with the appurtenances and every part and parcel thereof, in good repair and condition. (2) Upon submission to the City of invoices relating to the costs of construction of the Project which exceed the costs of constructing a comparable new building as a result of the shape, size and downtown location of the Tax Abatement Property in an amount not less than the Reimbursement Amount, the City shall reimburse the Developer for such costs of the Project actually incurred in an amount not to exceed $300,000 (the "Reimbursement Amount") pursuant to the Abatement Program as provided in Section 3.9. Section 3.2 Limitations on Undertaking of the City. Notwithstanding the provisions of Section 3.1, the City shall have no obligation to reimburse the Developer for the costs of the Project, if the City, at the time or times such payment is to be made, is entitled under Section 4.2 to exercise any of the remedies set forth therein as a result of an Event of Default which has not been cured. Section 3.3 Commencement and Completion of Construction. The Developer shall complete the Project by March 31, 2007. All work with respect to the Project to be constructed or provided by the Developer shall be in conformity with the construction plans as submitted by the Developer and approved by the City. Nothing in this Agreement shall be deemed to impair or limit any of the City's rights or responsibilities under its zoning laws or construction permit processes. Section 3.4 Damage and Destruction. In the event of damage or destruction of the Project the Developer shall repair or rebuild the Project. Section 3.5 Change in Use ofProiect. The City's obligations pursuant to this Agreement shall be subject to the continued operation of the Project by the Developer. Section 3.6 Prohibition Against Transfer of Proiect and Assignment of Agreement. The Developer represents and agrees that prior to the termination date of this Agreement the Developer shall not transfer the Project or any part thereof or any interest therein, without the prior written approval of the City. The City shall be entitled to require as conditions to any such approval that: 1865057v3 5