Agmt90 DDA Sequoia Station - Laserfiche WebLink

Browse Search

JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R make only the contributions set forth in Sections 802 through 805 of this article. §802 Agency Advances and Reimbursement The Agency has agreed to advance the reasonable cost of the time of its attorneys and consultants expended prior to the execution of this Agreement, and the Developer agrees to reimburse the Agency such reasonable costs as a part of the Acquisition Costs for which the Developer is responsible under Section 303 of this Agreement. The Agency and the City have agreed to contribute, without the right to reimbursement, the cost of their respective officers and employees expended both prior to and after the execution of this Agreement. §803 City Contribution of Real Property and Abandonment of Easements By agreement with the City and in consideration of the Developer's construction of the Project, the Agency will effect the conveyance of Parcels E (PR 345893) and N (PR 334975) to the Developer and the abandonment by the City of the portions of public streets or easements designated on the Project Site Map for abandonment, on or before the dates shown therefor on the Schedule of Performance, provided that any such abandonment shall be consistent with any evidence introduced as a part of any required hearing. §804 Agency and City Contributions to Acquisition of Project Site To assist the Developer to acquire the Project Site, the Agency and the City will contribute to the Developer, subject to partial recoupment by the City pursuant to Section 805, an amount equal to the total of the following two sums: (1) the Tax Increment from the Project, plus (2) one-half of the Sales and Use Taxes, if any, paid to the City from the Project in any year when the Tax Increment is less than THREE HUNDRED THOUSAND DOLLARS ($300,000), provided that in no single year shall the total payment to the Developer under this section exceed THREE HUNDRED THOUSAND DOLLARS ($300,000), and provided further that there shall be no carry-over of any deficiency below such maximum from one year to any subsequent year. The Agency's and the City's duty to make the payments under this section shall commence nine months after the first occupancy of the Project, or as soon thereafter as the County distributes Tax Increment to the Agency, and will continue for a total of fifteen (15) years, provided that both the Agency's and the City's duty to make any payments under this section shall cease (1) for all years occurring after the year in which the Net Operating Income from the Project equals a fifteen percent (15%) return on Total Project Cost, or (2) upon any sale or sales of the Project from 30