2008-09-22 Regular Council Session Agenda

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expenses paid by the City and copies of the consultant’s invoices for the work performed. The City shall use reasonable care in ascertaining that all amounts charged to the City pursuant to each Disbursement Request are fair and reasonable amounts for the work represented on each Disbursement Request. 3.Copies of Disbursement Requests. Copies of all Disbursement Requests will be available for review by the Company during normal business hours in the office of the City Clerk. 4.Repayment of Preliminary Funds Expended . (a) The Preliminary Funds disbursed by the City pursuant to the terms hereof shall only be repaid to the Company from the proceeds of Obligations (as that term is defined in the Act) issued by the City, if any, in connection with any redevelopment plan for the Proposed Redevelopment Area adopted within one year after the date of this Agreement. (b)If the City for any reason fails to approve TIF for the Proposed Redevelopment Area, this Agreement shall be deemed terminated and any unexpended Preliminary Funds shall be refunded to Company as set forth in Section 8 hereof. 5. Preparation of Blight Study and Redevelopment Plan; Negotiation of Redevelopment Agreement. The City agrees (a) to prepare (or cause to be prepared) a study relating to the qualification of the Proposed Redevelopment Area under the Act, (b) if the study indicates that the Proposed Redevelopment Area is likely to meet the criteria set forth in the Act for the establishment of a “redevelopment area”, to prepare (or cause to be prepared) a redevelopment plan for the Proposed Redevelopment Area, and (c) if a redevelopment plan is prepared, (i) to request that the tax increment financing commission conduct a public hearing pursuant to the Act, and (ii) to the extent within its control, to take all other actions precedent to the consideration by the City Council of the approval of the redevelopment plan and the adoption of tax increment financing; provided, that nothing herein shall obligate the City to approve such redevelopment plan or adopt tax increment financing. 6. Company’s Right of Termination. The Company may terminate this Agreement at any time in its sole discretion upon giving the City 10 days’ written notice; whereupon 10 days following Company’s delivery of said notice this Agreement shall be deemed terminated. The City shall pay to the Company, within 60 days after the Company delivers notice of its termination under this Section, all Preliminary Funds remaining after the City’s payment of any Disbursement Requests submitted pursuant to this Agreement for work performed by any of the parties specified in Paragraph 1 hereof through the date of termination. 7. City’s Right of Termination. The City may terminate this Agreement upon giving the Company 10 days’ written notice if (a) a redevelopment agreement is not executed within a reasonable time (as determined by the City in its reasonable discretion), or (b) all of the initial Preliminary Funds advanced hereunder have been spent and the Company does not provide additional Preliminary Funds to the City. The City shall pay to the Company, within 60 days after the City delivers notice of its termination of this Agreement under this Section, all Preliminary Funds remaining after the City’s payment of any Disbursement Requests submitted pursuant to this Agreement for work performed by any of the parties specified in Paragraph 1 hereof through the date of termination. 8. Excess Preliminary Funds . If the City does not expend all of the Preliminary Funds as provided herein, the City shall immediately return the remainder of the Preliminary Funds to the Company. 9. No Third Party Beneficiaries . This Agreement constitutes a contract solely between the