Agmt00 Irvine Apartment Communi - Laserfiche WebLink

Browse Search

Acquisition Parcel is to be acquired by eminent domain, the Agency will acquire such Acquisition Pazcel, and sell and convey the Acquisition Parcel to IAC and IAC will purchase and accept the conveyance of the Acquisition Pazcel from the Agency. Subject to Section 505 and the other terms and conditions set forth in this Agreement, IAC agrees to diligently develop and build the IAC Project for the uses and subject to the terms and conditions of this Agreement. §302 Intentionally Deleted §303 Site Feasibility Assessment Prior to the Agency's appraiser's completion of the Appraisals to be used in the Agency's offers to owners pursuant to Government Code Section 7267.2 for acquisition of any portion of the IAC Project Site, IAC shall conduct at IAC's expense a"Phase I"hazardous materials assessment and such other studies and assessments, including, but not limited to, environmental studies and investigations, soils and geotechnical investigations, economic, cultural resources surveys, and investigations of the structural integrity of existing buildings, as IAC determines are necessary for the Acquisition Pazcels(the"Site Feasibility Assessment")prior to the making of such offers. For this purpose, the Agency agrees to promptly provide access to the Acquisition Pazcels as set forth in the Schedule of Performance consistent with the Agency's acquisition of such rights of access under Section 1245.010 of the Code of Civil Procedure, and to assist IAC in obtaining from the City rights of access to public rights-of-way and publicly-owned pazcels within and abutting the Franklin Street Project Site, if any, required for development of the IAC Project Site. §304 Pre-Acquisition Investigations A. Development of Pre-Acquisition Budget. No later than seven(7) days following the Effective Date, the Agency and IAC shall develop, and at its option, IAC may deposit with the Agency funds in an amount equal to,the pre-acquisition budget for the payment of the costs of the Agency's activities listed below(the "Pre-Acquisition Budget"). The funds so deposited shall be placed in an interest-bearing account. In the event that the Pre-Acquisition Budget exceeds IAC's projected pre-acquisition costs, IAC may elect in writing to terminate this Agreement in accordance with Section 809 of this Agreement with respect to the IAC Project Site, or subject to Section 801, with the Agency's prior written concurrence a portion thereof, or engage in a Meet and Confer session pursuant to Section 304(c) of this Agreement. If IAC funds the Pre-Acquisition Budget and total Pre-Acquisition Costs, as defined below, exceed the amount of the Pre-Acquisition Budget,the Agency shall notify IAC in writing of such insufficiency and IAC, within ten(10) days of receipt of such notice (the"Notification Date"), shall have the option to supplement the Pre-Acquisition Budget with additional funds necessary to cover such insufficiency ("Supplemental Pre-Acquisition Costs"). As of the Notification Date, the Agency shall not incur costs for a Pre-Acquisition Budget line item that exceeds the amount allocated for such line item without the written consent of IAC. In the event that IAC chooses riot to advance requested Supplemental Pre-Acquisition Costs, IAC shall notify the Agency of such decision within the ten(10) day period after the Notification Date, and the parties shall meet and confer within ten (10) days after IAC's notification to the Agency to reach a resolution. If within seven (7) days after such Meet and Confer date (the "Resolution Deadline Date") IAC and the Agency agree on an amount of the Supplemental Pre-Acquisition Costs to be paid by IAC, then IAC shall fund such amount within five (5) days after the Resolution Deadline Date. If IAC and the � — 9627:83976.25