2007-09-04 Agenda - Laserfiche WebLink

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2. Legal Description. The development area (hereinafter referred to as the Exhibit A “Redevelopment Area”) is as set forth in attached hereto and incorporated herein by reference. 3. Developer Control. Developer shall have complete and exclusive control over the construction of the Development and the management and operation of the Development. 4. Eminent Domain. City hereby agrees to not authorize the use of eminent domain within the Redevelopment Area during the term of this Agreement and the Development Plan. 5. Development Timing. The Development shall be initiated within thirty days (30) days of the execution of Agreement by the City, and shall be completed and all occupancy permits issued for all units within two (2) years after initiation or earlier if permitted by market conditions. 6. Delays/Extensions. Notwithstanding anything to the contrary contained herein, in the Development Plan or in the ordinance approving the Development Plan and of which this Agreement is a part, the times within which development activities are to commence or be completed will automatically be extended appropriately as a result of occurrences, events, actions or inactions not within the reasonable control of Developer, including without limitation construction delays, delays caused by competent legal authority, strikes, lock-outs, labor disputes, riots, fire, or other casualties, tornadoes, acts of God, acts of public enemy, accidents, governmental restrictions, unanticipated or unusual site conditions, priority regarding acquisition of or use of materials, litigation challenging the rights of Developer and/or the City, or other litigation involving Redevelopment Area, delays caused by the City, State or Federal governments or any failure to obtain requisite permits and/or approvals of City Boards, departments and commissions within the projected time frame. 7. Notice of Delay. Developer shall provide written notice to the City of such delay prior to the end of the period, or extension thereof, in which such action was to have been taken or completed. Said notice shall explain in detail the reason for such delay and the estimated date by which such action will be performed or commenced. 8. Extensions. In addition to any extension pursuant to Section 6 of this Agreement, and upon written request, from Developer, the City may grant extensions to time periods in which certain performances are to be undertaken by Developer. 9. Performance for Benefit of City. In the event Developer shall fail to meet any time limits, as extended, for commencement or completion of any activity, or J-3-w September 4, 2007