|
I
<br />
<br /> {}302 Site Feasibility. Assessment
<br />
<br /> Prior to the Agency's approval of fair market value to be used in the Agency's offers to
<br />owners pursuant to Government Code Section 7267.2 for acquisition of any portion of the
<br />Project Site, Agency shall, at Developer's expense (except with respect to the City-Retained
<br />Parcel, which shall be a City expense), cause to be prepared for the entire Project Site by a
<br />consultant or consultants approved by the Developer, a "Phase I" hazardous materials
<br />assessment, and, if the Phase I assessment indicates a need for a "Phase II" assessment, Agency
<br />shall cause the Phase II assessment to be conducted at Developer's expense by consultants, and
<br />at a cost, approved by Developer. Developer shall conduct, at Developer's expense, such other
<br />studies and assessments, including, but not limited to, soils and geotechnical investigations,
<br />economic, cultural resources surveys, and investigations of the structural integrity of existing
<br />buildings, as Developer detei~iiines are reasonably necessary for the development of the Project
<br />(the "Site Feasibility Assessment") and shall have approved, in its sole and absolute discretion,
<br />the condition of the Project Site prior to the making of such offers. For this purpose, the Agency
<br />and the City agree to promptly provide access to the Agency Parcel, the City-Transfer Parcel, the
<br />City-Retained Parcel and the Acquisition Parcels, consistent with the Agency's acquisition of
<br />such rights of access under Section 1245.010 of the Code of Civil Procedure. With respect to
<br />Block Two, if the Agency and/or the City contracts for a "Phase I" assessment or a "Phase II"
<br />assessment on the entirety of Block Two (i.e., including the City-Retained Parcel as well as the
<br />City-Transfer and Acquisition Parcels G and H), the cost of such studies shall be shared between
<br />the City and/or the Agency, on the one hand, and the Developer, on the other hand, in the same
<br />ratio that that square footage contained in the City-Retained Parcel, on the one hand, and the
<br />City-Transfer Parcel and Acquisition Parcels G and H, on the other hand, bears to the total square
<br />footage contained in Block Two.
<br />
<br /> §303 Pre-Acquisition Investigations
<br />
<br /> A. Development of Pre-Acquisition Bu~tget, No later than forty-five (45) days
<br />following the Effective Date, the Agency and Developer shall develop, and at its option,
<br />Developer may deposit with the Agency funds in an amount equal to, the pre-acquisition budget
<br />for the payment of the costs of the Agency's activities listed below (the "Pre-Acquisition
<br />Budget"). The funds so deposited shall be placed in an interest-bearing account. In the event
<br />that the Pre-Acquisition Budget exceeds Developer's projected pre-acquisition costs, Developer
<br />may elect in writing to teisiiinate this Agreement in accordance with Section 809 of this
<br />Agreement, or engage in a Meet and Confer session pursuant to Section 303(C) of this
<br />Agreement. If Developer funds the Pre-Acquisition Budget and total Pre-Acquisition Costs, as
<br />defined below, exceed the amount of the Pre-Acquisition Budget, the Agency shall notify
<br />Developer in writing of such insufficiency and Developer, within ten (10) days of receipt of such
<br />notice (the "Notification Date"), shall have the option to supplement the Pre-Acquisition Budget
<br />with additional funds necessary to cover such insufficiency ("Supplemental Pre-Acquisition
<br />Costs"), either by means of a deposit or a written undertaking. As of the Notification Date, the
<br />Agency shall not incur costs for a Pre-Acquisition Budget line item that exceeds the amount
<br />allocated for such line item without the written consent of Developer. In the event that
<br />Developer chooses not to advance requested Supplemental Pre-Acquisition Costs, Developer
<br />shall notify the Agency of such decision within the ten (10) day period after the Notification
<br />Date, and the parties shall meet and confer within ten (10) days after Developer's notification to
<br />the Agency to reach a resolution. If within seven (7) days after such Meet and Confer date (the
<br />"Resolution Deadline Date") Developer and the Agency agree on an amount of the Supplemental
<br />Pre-Acquisition Costs to be paid by Developer, then Developer shall fund such amount within
<br />five (5) days after the Resolution Deadline Date. If Developer and the Agency do not agree on
<br />an amount of the Supplemental Pre-Acquisition Costs to be paid by Developer by the Resolution
<br />Deadline Date, then either party may teaminate this Agreement pursuant to Section 809. In such
<br />event, or if this Agreement is otherwise terminated pursuant hereto, the Agency shall return to
<br />
<br /> ?
<br />DOCSSF 1:495065.9
<br />9975-5 N~gN
<br />
<br />
<br />
|