2010-05-17 Regular City Council Agenda

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(f) If the Developer elects to abandon condemnation proceedings instituted under this Agreement and any such condemnation proceeding is abandoned thereafter by the City, the Developer shall indemnify, defend and hold the City harmless of and from any claims, including statutory awards of interest, costs and attorney fees that the City is compelled by the Court to pay. (g) Upon any termination of this Agreement, the City shall retain all rights of eminent domain against the Property pursuant to the TIF Act and the Redevelopment Plan notwithstanding and without regard to any limitations on such right contained in Section 99.810.1(3) of the TIF Act or any provision of this Agreement, it being understood and agreed by the parties that upon default by the Developer hereunder and termination of this Agreement by the City, the Developer shall be deemed to waive such defense to the City’s right to acquire all or any part of the Property pursuant to the City’s right of eminent domain. Project Construction Schedule. 3. Section 3.3.1of theRedevelopment Agreement is hereby deleted in its entirety and the following inserted in its place: 3.3.1 Project Construction Schedule . The Developer shall commence and complete each of its obligations under this Agreement with respect to the Redevelopment Project in accordance with the following schedule, unless such date for performance of an activity is Section 7.6 delayed by reason of force majeure, as provided in : ActivityRPA-1 Time for PerformanceRPA-2 Time for Performance Acquire all Property and close on September 30, 2010 if 2 years from the date of the private financing condemnation litigation is not ordinance approving the First initiated or within 60 days of a Amendment to Redevelopment final commissioners award or Agreement. other settlement of condemnation litigation if condemnation litigation is initiated. Secure demolition permits and Within 90 days after Kings Day N/A commence demolition of existing Care has vacated its property buildings Commence construction (as Within 210 days after Kings Within 60 days after closing on evidenced by expenditure of at Day Care has vacated its private financing least $250,000 of hard property construction costs) Substantially complete Within 24 months following Within 24 months following construction (as evidenced by commencement of construction commencement of construction City’s acceptance of Certificate of Substantial Completion) Ratification and Approval. 4. Except as amended hereby, the Redevelopment Agreement is and shall remain in full force and effect in accordance with the provisions thereof. Counterparts. 5. This First Amendment may be executed in multiple counterparts, each of which shall constitute one and the same instrument.