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5990
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5990
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Last modified
12/6/2004 2:48:16 PM
Creation date
11/5/2014 12:20:51 PM
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City Ordinances
Passed
12/12/1994
Ordinance Number
5990
Bill Number
8205
Introdate
11/21/1994
Description
Approving a redevelopement agreement and authorizing tax abatement for the Tivoli Building redevelopment corporation
Introduced By
Schuman
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Time for commencement and completion of the work described <br />herein shall be extended for a reasonable period of time by the <br />Authority upon receipt of Redeveloper's written request. <br />Extensions may be granted only if the delays are occasioned by <br />unfavorable weather conditions, labor disputes or strikes, labor <br />or material shortages or similar causes or circumstances which <br />are unforeseen at the time this Agreement was executed and which <br />are reasonably beyond the control of Redeveloper; provided, <br />however, that the Redeveloper's request is timely made and, <br />further, that the Redeveloper promptly undertake and diligently <br />proceed with reasonable action to commence and complete the work <br />described herein. <br /> <br /> 3. Term of AGreement. The term of this Agreement shall be <br />ten (10) years commencing on the date hereof. <br /> <br /> 4. Enforcement. Redeveloper agrees that this Agreement <br />shall be for the benefit of the Authority. Furthermore, the <br />Authority may enforce any and all rights under this Agreement <br />against the Redeveloper, its heirs, successors, and assigns. <br /> <br /> (a) The Authority shall, in the event of breach by the <br />Redeveloper have the right to enforce this Agreement in equity, <br />it being specifically acknowledged that no adequate remedy at law <br />exists. This remedy is in addition to and not in place of the <br />eminent domain powers belonging to the Authority, which the <br />Authority may exercise against the Property upon breach of the <br />Agreement by Redeveloper. All costs, including reasonable <br />attorney's fees, of any proceeding to enforce this Agreement, <br /> <br />STL-295~9 <br /> - ~ - <br /> <br /> <br />
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