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Agmt90 DDA Sequoia Station
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Agmt90 DDA Sequoia Station
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Last modified
10/19/2017 12:13:32 PM
Creation date
9/13/2017 4:36:22 PM
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Agreement
Contractor Name
Sequoia Station Developers, Inc
PROJECT NAME
Sequoia Station
RMP File Number
405
Date
4/10/1990
Amendment
Yes
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(1) Section 513. The first paragraph of Section <br />513 of the DDA is hereby deleted in its entirety and replaced <br />by the following paragraph: <br />"Prior to the issuance by the Agency of a Certificate of <br />Completion, the Developer shall not (except as expressly <br />permitted by Section 514 of this Agreement), without the prior <br />written approval of the Agency, make any total or partial <br />sale, transfer, conveyance or assignment of the whole or any <br />part of the Project Site or of the buildings or structures on <br />the Project Site or of this Agreement. This prohibition shall <br />not be deemed to prevent the granting of temporary or <br />permanent easements or permits to facilitate the development <br />of the Project Site or to prohibit or restrict the leasing of <br />all or any part of a building or structure, and the Agency's <br />consent shall not be required for any such acts." <br />(m) Section 804. Section 804 of the DDA is hereby <br />amended to read in its entirety as follows: <br />"§804 Aaencv and Citv Contributions to Acouisition <br />of Proiect Site <br />To assist the Developer to acquire the Project Site, the <br />Agency and the City will contribute to the Developer an amount <br />equal to the total of the following two sums: (1) the Tax <br />Increment from the Project, plus (2) one-half of the Sales and <br />Use Taxes, if any, paid to the City from the Project in any <br />year when the Tax Increment is less than THREE HUNDRED <br />THOUSAND DOLLARS ($300,000), provided that in no single year <br />shall the total payment to the Developer under this section <br />exceed THREE HUNDRED THOUSAND DOLLARS ($300,000), and provided <br />further that there shall be no carry-over of any deficiency <br />below such maximum from one year to any subsequent year. The <br />Agency's and the City's duty to make the payments under this <br />section shall commence nine months after the first occupancy <br />of the Project, or as soon thereafter as the County <br />distributes Tax Increment to the Agency, and will continue for <br />a total of fifteen (15) years, except as such period may be <br />reduced pursuant to Section 501. <br />The right to receive the payments provided under this <br />Section 804 and, if applicable, Section 804.5, shall be <br />assignable but only as an incident of an assignment of this <br />Agreement that has received the prior written approval of the <br />Agency, which approval the Agency will not unreasonably <br />withhold; provided, however, that any such assignee shall be <br />subject to all conditions and defenses the Agency could have <br />asserted against the Developer under this Agreement. <br />9 <br />6407L <br />
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