Agenda - Council - 03/13/2001 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I (i) The City will provide the following financial assistance to the Developer of the Development Property. This assistance will be a total of $948,419. The financial assistance from the City shall be based upon the following calculations: Site (Phase I Project) Site (Phase II Project) Sewer and Water Trunk Fees Storm Water Management Fee Capitalized Interest for 2 years ~ 8.5% Total $ 300,000.00 $ 375,000.00 $ 93,94O.0O $ 36,700.00 $142,779.00 $ 948,419.00 The financial assistance in the amount of $375,000 for the Phase II Project will be provided to the Developer on a pro-rated basis related to the level of total estimated market value attained by the building(s). The numerator is defined as the amount of estimated market value created by the Phase II Project. The denominator is $3,000,000 in Phase II estimated market value. The financial assistance for the Phase II Project shall be a special and limited obligation of the City and not a general obligation of the City. Only tax increment generated by the Phase II Project shall be used to pay the financial assistance associated with the Phase II Project. The financial assistance shall be limited to $375,000 and shall be paid on an installment basis, if and only if, tax increments are received by the City from the Phase II Project. Section 2.3 Title and Survey. City, at City's expense, shall promptly obtain and deliver to Developer a commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) issued by a title insurance company acceptable to Developer ("Title Company"), naming Developer as the proposed owner-insured of the Development Property in the amount of $375,000 (the "Commitment"), together with copies of all documents referred to in the Commitment. The Commitment shall commit to insure fee title in Developer, free and clear of all mechanic's lien claims, questions of survey, unrecorded interests, rights of parties in possession, or other exceptions. Developer will be allowed ten (10) business days after receipt of the Commitment, the copies of the documents referred to in the Commitment and the Survey (as hereinafter defined) for examination thereof, and for making any objections to the marketability of the title to the Development Property, said objections to be made by written notice or to be deemed waived. Developer need not object to mortgages or other monetary liens. If any objections are so made to the marketability of the title to the Development Property, City shall immediately commence and diligently endeavor to complete all actions necessary to cure the objections, including, but not limited to~ the institution of "quick take" eminent domain proceedings, and shall be allowed until the Closing Date to cure such objections and make the title to the Development Property good and marketable of record in City and to obtain and deliver to Developer appropriate endorsements to the Commitment and an updated Survey indicating that any such objections have been cured. If not sooner satisfied, City shall satisfy any mortgages or other monetary liens against the Development Property at the closing. If the title to the Development Property, as evidenced by the Commitment and Survey together with any updating of the Commitment and Survey, is not made good and marketable of record in City on the Closing Date, Developer, at its option, may terminate this Agreement by giving written notice to City in which event this -147-