Agmt03 BHV Innisfree Ven... (4) - Laserfiche WebLink

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9, 2001, the parties have determined that the City, rather than the Agency should be responsible for acquiring the Acquisition Parcels, as defined in the DDA. Because the Acquisition Parcels are all required for the development and construction of the Public Parking Facility, as defined in the DDA, which Public Parking Facility is to be owned by the City, the City has the legal authority to acquire the Acquisition Parcels for such purpose. Based on the foregoing, the Agency, City and Developer agree that all references in the DDA which provide that the Agency is to acquire the Acquisition Parcels are hereby revised to provide that the City rather than the Agency may acquire the Acquisition Parcels, and take such steps as City deems necessary for such acquisition, including, but not limited to, the hiring of appraisers, conducting a hearing, adoption of a resolution of necessity, and initiation of an action in eminent domain, after all proper procedures required by law have been followed. In addition, any of the Developer's rights against or obligations to the Agency under the DDA arising out of the acquisition of the Acquisition Parcels shall be deemed to run against or in favor of the City if the City acquires the Acquisition Parcels. Section $. Force and Effect The effective date of this First Implementation Agreement shall be the date set forth hereinabove. Except as modified and amended by this Implementation Agreement, all other provisions of the DDA shall remain unchanged and in full force and effect. The parties hereto have entered into this First Implementation Agreement as of the date first above written. AGENCY: REDEVELOPMENT AGENCY OF THE CITY By.~.~ .~ ~ Michael Church, Executive Director Attest: Patricia Howe, Agency Secretary -AND- [SIGNATURES TO FOLLOVV] F:AttyAgr/Agr.099 021903 2