Agmt90 DDA Sequoia Station - Laserfiche WebLink

Browse Search

In the event the contingency described in Section 804.5 occurs, the THREE HUNDRED THOUSAND DOLLARS ($300,000) limitation described in the first sentence of this section shall be increased to the extent provided in Section 804.5." (n) Section 804.5. Section 804.5 of the DDA is hereby amended to read in its entirety as follows: "§804.5 Same: Conditional Contribution The limitation on the amount of the annual payment to the Developer of THREE HUNDRED THOUSAND DOLLARS ($300,000) established in Section 804, shall be increased in the event that (a) the total cost of the Enhancement Project to be constructed on property presently owned by the City located at Main Street and Bradford Street along Redwood Creek, exceeds $165,000, or (b) the total actual expenditures for both (1) relocation costs and (2) goodwill (collectively "Intangible Costs") exceed the total of the estimates for each of such costs heretofore agreed upon by the Developer and the Agency; provided that, in such event, the amount of the Agency's and City's respective responsibilities for any such excess payments of Intangible Costs under this Section 804.5 shall be limited to 20% of the amount by which such total actual expenditures exceed such total estimates. The Agency's and City's respective responsibilities for the payment of excess Enchancement Project costs and 20% of excess payments of Intangible Costs shall cease upon payment in full, or upon the expiration of the fifteen (15) year period established in the second sentence of Section 804, or the twelve (12) year period established in Section 501, whichever is applicable." (o) Section 805. Section 805 of the DDA, entitled "Sales and Use Taxes - Recoupment by the City," is hereby deleted in its entirety and intentionally left blank. (p) Section 902. Section 902 of the DDA is hereby amended to delete the reference to "The Law Offices of Phillip E. Handin," and to insert the following sentence in place thereof: "In addition, a courtesy copy of any notice to the Developer shall also be delivered to Gary Scott, Safeway Inc., 201 Fourth Street, Oakland, California 94607, and to Jack E. Ferguson, Orrick, Herrington & Sutcliffe, 400 Sansome Street, San Francisco, California 94111." (q) Section 1007. Section 1007 of the DDA is hereby amended to delete Section 1007F and to insert the following in its place: 10 6407L