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

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J919544v3 -276- to obligate the City to pay any amounts paid to the owner of Parcel I and/or to APT or awarded to the owner of Parcel I and/or to APT in the condemnation proceedings which amounts represent compensation for the fair market value of Parcel 1. . 5.3 Conveyance ofthe Development Property to Muir. The Development Agreement will obligate the City to convey the Parcels the City has acquired to Muir and obligate Muir to acquire the Parcels the City has acquired on or before July 15,2007. Muir's Obligation to Reimburse the City for all of the City's Costs of Acquisition. The Development Agreement will obligate Muir to pay to the City, contemporaneously with the City's conveyance of all or any portion of the Development Property to Muir, an amount equal to the City's cost of acquiring the portion of the Development Property being conveyed to Muir (Exclusive of any amounts the City is obligated to pay under Section 5.2 above). For purposes. of this Section 5.4, the City's costs of acquisition will include all compensation paid to the owner for the property, whether in eminent domain proceedings or for a conveyance in lieu of eminent domain; all statutory required relocation expenses the City has paid or is obligated to pay to the owners of Parcels and to any tenants with leasehold interests in the Parcels (Exclusive of any amounts the City is obligated to pay under Section 5.2 above); and all costs of acquisition including, but not limited to, reasonable attorney's fees, appraisal fees, closing fees, title insurance and expert witness fees. 5.4 5.5 . Security for the Developer's Obligation to Acquire Title from the City. The Development Agreement will obligate Muir to deliver to the City, on or before the date of the first commissioner's award issued in the eminent domain proceedings referenced in Section 5.1 (the "Letter of Credit Delivery Date"), aletter of credit (the "Letter of Credit") from a bank or other financial institution reasonably acceptable to the City, in an amount equal to 100% of the City's appraised value of all of the Parcels exclusive of any Parcels that are subject to a valid purchase agreement in favor of Muir provided: (a) Muir has provided a copy of the purchase agreement to the City; (b) the purchase agreement prohibits the property owner from pursuing a commissioner's award in the condemnation proceedings without Muir's consent; and (c) Muir agrees not to permit the owner of the Parcel to pursue a commissioner's award during the term of the Development Agreement without the City's consent. Notwithstanding the above, the Development Agreement will grant the City the right to require Muir to increase the amount of the Letter of Credit or to provide a supplemental letter of credit to the City if a commissioner's award is made. with respect to property subject to a purchase agreement in favor of Muir. If the. City and Muir have not executed a Development Agreement on or before the Letter of Credit Delivery Date, either the City or Muir may termiI).ate this Agreement by written notice to the other party in which case " . 3