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5781
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5781
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Last modified
12/6/2004 2:48:05 PM
Creation date
11/5/2014 12:19:24 PM
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City Ordinances
Passed
12/10/1990
Ordinance Number
5781
Bill Number
7991
Introdate
11/19/1990
Description
Adopting TIF funding for financing improvements within Olive Boulevard central tax increment finance district, approving the financing, providing for a subaccount to finance improvements in Westover,
Introduced By
Schoomer
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the other harmless against any claims for real estate commissions <br />made by anyone claiming representation of such party in this <br />transaction. Such obligations to indemnify and hold harmless <br />shall include, without limitation, all costs and attorney's fees <br />relating to litigation and other proceedings. <br /> <br /> Section 8. Risk of Loss. Risk of loss or damage through <br />fire or other casualty to the Acquired Property shall be borne by <br />Developer until delivery of deed at time of Closing, and risk of <br />loss thereafter shall be borne by Commission. <br /> <br /> Section 9. Termination of Acquisition. In the event any of <br />the Commission's conditions precedent to the acquisition by it of <br />the Acquired Property is not satisfied or waived by the <br />Commission, the Commission shall, by notice to Developer and <br />City, declare its obligation to purchase the Acquired Property <br />terminated. Within ten days after such termination, Developer <br />and Commission shall meet to determine a means by which Developer <br />may secure the benefits of tax increment financing for <br />development of the Property. If no such agreement is reached <br />within thirty days after such meeting, this Agreement shall <br />terminate and shall immediately thereupon be null, void and of no <br />further effect, except as specifically otherwise set forth <br />herein. <br /> <br /> Section 10. Costs and Expenses. Developer hereby <br />acknowledges and agrees that in the event that Closing shall not <br />occur or this Agreement shall be terminated for any reason <br />whatsoever, Developer shall reimburse the Commission and the City <br />on demand for all expenses incurred by the Commission and the <br />City in connection with this Agreement, the consummation of the <br />transactions contemplated hereby and any enforcement hereof <br />(including without limitation, legal fees and expenses, <br />publication costs, and title search, environmental investigation, <br />surveying, and other out-of-pocket expenses). This obligation <br />shall survive the termination of this Agreement. <br /> <br /> Sectieh 11. Issuance of Note. The City hereby agrees to <br />issue at Closing, its Tax Increment Anticipation Note in an <br />amount equal to the sum of $190,000.00, which note will be in <br />substantially the form of Exhibit C hereto, which is incorporated <br />herein by reference (the "Note"). On issuance of the Note, <br />Developer shall cause the Note to be purchased by a third party <br />at such Note's full face value. The City shall donate the <br />proceeds of the sale of the Note to the Commission, which shall <br />use such proceeds to purchase the Acquired Property and to pay <br />the Costs incurred herewith. The Note shall be secured by and <br />payable solely from the funds in the Westover Subaccount of the <br />Special Allocation Fund created pursuant to the Act by Ordinance <br />Number , which funds will be pledged to the holder of the <br />Note. City agrees to cause its Director of Finance to deposit <br /> <br />STL-6313 <br /> - ? - <br /> <br /> <br />
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