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<br />WHEREAS, RIAB is willing to provide, at RIAB's cost and expense, for <br />the acquisition of the Street Parcel subject to the terms and conditions hereof; <br /> <br />NOW THEREFORE, the parties hereto agree as follows: <br /> <br />1. Property Interests. The parties acknowledge that RIAB does not <br />possess property rights or interests in the Street Parcel sufficient to allow RIAB <br />to provide for the construction of the Street Improvements, and that RIAB's <br />attempts to acquire said property interests from the current owner thereof have <br />been unsuccessful, notwithstanding RIAB's diligent efforts. Therefore, subject to <br />the funding requirements of paragraph 2, City shall acquire said property <br />interests in furtherance of the public interest and necessity. City shall provide all <br />services necessary or appropriate for the acquisition of an easement and right of <br /> <br />way for street and public utility purposes, including the right to excavate, install, <br />construct, maintain, repair, replace (of the initial or any other size) and use such <br />street and utility facilities, together with appurtenances thereto, as City shall from <br />time to time elect within the Street Parcel. If City is unable to acquire said <br />easement by negotiation, City shall initiate proceedings in eminent domain for <br />the acquisition thereof. City does not, and cannot, guarantee acquisition of said <br />property interests because the acquisition involves uncertainties which pertain <br />virtually to every eminent domain action and related legal proceedings. <br />Nevertheless, upon receipt of the funds to be deposited pursuant to paragraph 2, <br />City shall use its best efforts to acquire the Street Parcel. <br /> <br /> <br />2. Acquisition Costs: Fundina. RIAB shall deposit with City, prior to <br />City's undertaking acquisition of the Street Parcel, all Acquisition Costs <br />necessary or appropriate for acquisition of the Street Parcel. "Acquisition Costs" <br />include, without limitation, the costs, fees, and expenses of appraisers, <br />attorneys, engineers, other consultants, expert witnesses, court costs, the fair <br /> <br />market value of the Street Parcel, as said fair market value is determined by <br />negotiation or by judgment in eminent domain proceedings, and all other costs, <br /> <br />Agmt-147 <br />F /sh/sh/RC/Council <br />DES: jg:rg <br />04/1 0/98R;05/07/98RR <br /> <br />-2- <br />