Agenda - Council - 07/25/2006 - Laserfiche WebLink

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. 4. Exclusive Negotiation Agreement. The City agrees that during theterm of this Agreement the City will not seek to negotiate a development agreement with any third parties for the development and redevelopment of the Development Property. 5. Development Agreement. During the term of this Agreement, the City and Muir agree to negotiate with one another in an attempt to reach an agreement on the terms of an agreement for the development and redevelopment of the Development Property (the "Development Agreement"). The City and Muir acknowledge and agree that in the negotiation of the Development Agreement each party is entitled to pursue its own best interests and that neither party shall be liable to the other party in the event that the parties are not able to reach a mutually acceptable Development Agreement prior to the expiration or sooner termination of this Agreement. The City and Muir anticipate that the Development Agreement will include, without limitation, provisions addressing the following: 5.1 . 5.2 . 1919544v3 City's Acquisition of the Development Property. As indicated in Recital 3.2, the City has commenced proceedings in Anoka County District Court to acquire title to the Parcels through the exercise of the City's power of eminent domain. Subject to Section 5.6 below, the Development Agreement will obligate the City to proceed with the eminent domain proceedings and to use commercially reasonable efforts to acquire marketable title to and possession of each of the Parcels on or before July 15, 2007 (the "Acquisition Date"). The Development Agreement will expressly provide that the City is not liable to Muir for the City's failure to acquire title to and possession of all or any portion of the Development Property on or before the Acquisition Date if the City has used commercially reasonable efforts to do so; provided, however, if the City has not been able to obtain title to and possession of all or any part of the Development Property on or before the Acquisition Date, the Development Agreement will obligate the City to continue to use commercially reasonable efforts to acquire title to and possession of the balance of the Development Property as promptly as reasonably possible. APT Lease. The Parcel identified as Parcel I on Exhibit A is subject to a Site Agreement dated June 28, 1996 as amended by a First Amendment to Site Agreement dated , 1997 (the "APT Lease") between KRH Land, LLC, a Minnesota limited liability company and APT Minneapolis Inc., a Delaware corporation ("APT"). The APT Lease grants APT the right to construct, maintain, repair, replace and operate a cellular telephone antenna on a portion of ParcelL The Development Agreement will obligate the ~ity to terminate the APT Lease as apart of the eminent domain proceedings or otherwise. The City will, for its own benefit, attempt to relocate APT's-cellular antennas currently located on Parcel I to City property, and the City agrees that the City will be solely responsible for the payment of any amounts paid to APT or awardee! to APT in the eminent domain proceedings as compensation fo'r the " tennination of the APT Lease and the relocation of APT's improvements to another site; provided, however, the foregoing provision is not intended 2 -275-