Agenda - Council - 03/08/2005 - Laserfiche WebLink

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(f) (g) (h) The Dev¢lopmen~ ~roPerty i}s Pt:b~¢rly zoned for the developer's intended use and the Minimum lmProvemen'ts;cohtemplated by the Construction Plans are in conformity with th~ er°grani: anal TIF Plan. The City has received no notice lot communication from any local, state or federal official that the activities of ihe Developer or the City in the Development District may be, Or will be,!in vi°tati~r~ of;my environmental law or regulation (other than those notices or cOmmunicatior/s of which the Developer is aware). The City is aware of no facts, the existehee ;o~f, which would cause it to be in violation of, or give any person a Valid china, under any local, state or federal environmental law, regulation or review, pr0eedUrei ; The City will provide the l~inanCial Assistance to the Developer determined as follows: i ~. . . Value: of DevelOpment property $100,000 TIF Assistance (the ,Finan. cial Assistance") $100,000 Net I)evelopm~llt property !cost for Developer $0 Section 2.3 Title. City, a[ ~citY's expense; Shall promptly obtain and deliver to Developer a commitment for an owner's title jnsufaneelp01icy (ALTA Owner's Form Policy 1992) issued by a title insurance company acceptable to D¢¢elOPCr ("Title Company"), naming Developer as the proposed owner-insured of the!!Develop~tmt~.Property in the amount of $100,000 (the "Commitment"), together with c6Pies Of ~il?°~CUments referred to in the Commitment. The Commitment shall commit to ins~e fe~ titl~ ..h Developer, free and clear of all mechanic's lien claims, questions of survey, um~cordedI interests, rights of parties in possession, or other exceptions. The City shall be obiigated to ~dbliver only those abstracts of title which are in its Developer will be allowea ten (10)i business days after receipt of the Commitment, the copies of the documents referred to in the Gommitment for examination thereof, and for making any objections to the marketabilitY of the l~itle t0!the Development Property, said objections to be made by written notice or to bp; decreed, WaiVed. Developer need not object to mortgages or other monetary liens. If any obj~{ctio~i a,re~ 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 !Obj¢Ctiofls, including, but not limited to, the institution of "quick take" eminent domain pr0~eedingg,!and Shall be allowed until the Closing Date to cure such objections and make the titl~ito the-D{eve!opment Property good and marketable of record in City and to obtain an~ delivert~O D~v~loi0~r appropriate endorsements to the Commitment. If not sooner satisfied, city shall iSatis~' ady:!mortgages or other monetary liens against the Development Property at the clos!hg, If th~ l~itle i.to the Development Property, as evidenced by the Commitment together with '.any iUpd,Sting~ Of the Commitment, is not made good and marketable of record in City on the ClosingDat~, Developer, at its option, may terminate this Agreement by giving written not[Ce to Cit~ ;in which event this Agreement shall become null and void, and neither party shall have any f~her'fights, obligations, or liability hereunder.