CCP 07-31-2007 sp mtg - Laserfiche WebLink

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Site Improvements: The following Site Improvements to serve the Property and Option Property shall be constructed and paid for by the Redeveloper: • Private utilities, including sewer, water, electricity, natural gas, telephone and cable television. • Grading and import or export of soil (except for additional costs associated with environmental remediation as described above). Tenant: The Minimum Improvements are intended for occupancy by Transoma Medical. Option Property: The Redeveloper shall have the right to purchase the Option Property for occupancy by Transoma until Septeffiber- 1, .August 15, 2010. The Redeveloper may extend the option for two successive one-year periods by paying the City $100,000 on September- 12008 and an each Septembe ! thereafter-, with the last sueh payment payable on September- 1, 2012. August 15, 2010 and $200,000 on August 1„5, 2011. If the Redeveloper exercises the option, it must close on the Option Property by August 15, 20 3.2012. If the Redeveloper closes on the Option Property, the option payments will be credited against the purchase price below without interest. If the Redeveloper does not close on the Option Property, the City shall retain the option payments. The purchase price shall be $6.00/sq. ft. and the Phase II structure shall be not less than 70,000 sq. ft. However, the purchase price shall be reduced $0.50/sq.ft. for each additional 10,000 sq. ft. (or on a prorated basis for increments of less than 10,000 square feet) that the Phase 11 structure exceeds 70,000 sq. ft. or that the Phase I structure is expanded to exceed 120,000 sq. ft. The Redeveloper agrees to pay all fees related to the Option Property shown in Exhibit 1. The purchase price for the Option Property shall be increased by 6% interest per year compounded annually. The inflation adjustment for the Option Property shall take effect on September 1, 2007. The $200,000 expended b_~Redeveloper for the costs of an AUARfor will be the Northwest Quadrant allowed as a credit, without interest, against the purchase price if the Redeveloper closes on the Option Property. If, for any reason, the City is unable to obtain ownership of Parcels C, D and F by the time Redeveloper exercises its right to purchase the Option Property as described above, the following shall occur: 1. The Option Property shall be reduced to include only Parcel E. 2. The City shall fund the cost to construct up to stalls of structured parking on the revised Option Property to