Agenda - Council Work Session - 08/03/1998

Home

(k) The Developer will escrow the purchase price of the Development Property with the City and will be able to draw on those funds for approved improvements to the School House Number 28 and its site. Any remaining funds from the escrow shall be retained by the City. (1) The Developer will provide for the transfer of the lot encompassing School House Number 28 (Lot 2, Block 1, Old School House No. 28 Addition) to the City upon the project's completion. (m) The Developer shall provide for the refurbishing of School House Number 28 to a standard that will be mutually agreeable to both the City and Developer. At a minimum, the improvements shall bring the structure up to Uniform Building Code standards for a general use. (n) The Developer shall provide the City with itemized invoices for the expenditure of the fmancial assistance provided by the City. Draws on the escrow will be allowed for the following: survey, environmental testing, soil corrections, architectural, engineering, legal fees, site work and building rehabilitation. (0) The City shall enter into an agreement with the Developer authorizing the Developer to provide the services of a general contractor/administrator for the completion of the restoration project Section 2.2 By the City. The City makes the following representations as the basis for the undertaking on its part herein contained: (a) The City is authorized by law to enter into this Agreement and to carry out its obligations hereunder; (b) The City will, in a timely manner, subject to all notification requirements, review and act upon all submittals and applications of the Developer, and will cooperate with the efforts of . the Developer to secure the granting of any permit, license, or other approval required to allow the construction of the Minimum Improvements; provided, however, that nothing contained in this subparagraph shall be construed to limit in any way the reasonable and legitimate exercise of the City's discretion in considering any submittal or application; (c) The activities of the City are undertaken for the purpose of fostering the redevelopment of certain real property which, for a variety of reasons, is presently unutilized and underutilized and for the purpose of promoting economic development and the creation of employment opportunities. (d) The City will cooperate with the Developer with respect to any litigation, other than litigation in which the City and the Developer are adverse parties, commenced with respect to the TIP Plan, Program, or Minimum Improvements. (e) The proposed property is properly zoned for the developer's intended use and the Minimum Improvements contemplated by the construction Plans are in conformity with the Program and TIF Plan. Page 6