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• A three story office building of at least 54,000 square feet; <br /> and <br /> • A one-story building of at least 9,000 square feet. <br /> The Minimum Improvements will be constructed in substantial <br /> accordance with the Site Plan attached as Exhibit A. Construction costs <br /> shall be no less than $150/square foot. <br /> Timing: Redeveloper will have the option but not the obligation to proceed with <br /> construction of the Minimum Improvements until March 1, 2007. On or <br /> before this date,the Redeveloper will notify the City of its intent to <br /> proceed with the project. Construction would begin on both buildings on <br /> or about April 30, 2007 and be substantially complete on or before <br /> February 1, 2008. If the Redeveloper notifies the city that it will not be <br /> proceeding with the project,the City has no further obligations to the <br /> Redeveloper. <br /> Taxes: Prorated as of closing; City to pay prior,Redeveloper to pay future. <br /> Assessments: City to pay pending and levied. <br /> Due Diligence: Redeveloper shall have the right to enter the site and perform any <br /> environmental or soil testing and other due diligence Redeveloper deems <br /> necessary for a period of 60 days following execution of a contract for <br /> private redevelopment. Redeveloper shall hold the City harmless from <br /> any liability resulting from entering upon the site for such purposes. <br /> Remedy Upon <br /> Redeveloper's Default: The deed transferring the site to the Redeveloper will contain a right of <br /> reverter which will be superior to the rights of any liens, except that the <br /> City will subordinate its right of reverter to the Redeveloper's <br /> construction mortgage. The right of reverter shall be released upon the <br /> issuance of the first certificate of occupancy for the building. <br /> Prohibition on Tax <br /> Exemption: Once acquired by the Redeveloper,the Redevelopment Property and <br /> Minimum Improvements will not become exempt from ad valorem <br /> property taxes until termination of the TIF District. This covenant <br /> will be contained in a declaration of restrictive covenants to be signed <br /> by the Redeveloper and recorded against the Redevelopment <br /> Property. Under current law,the Redeveloper's leasing of a portion <br /> of the Redevelopment Property to a tax-exempt entity would not <br /> result in such portion of the Redevelopment Property becoming tax- <br /> exempt, and so such a lease would not violate this covenant and <br /> declaration. <br /> Effect of Term Sheet: This Term Sheet outlines the terms under which the parties are willing to <br /> enter into a contract for private redevelopment, but does not constitute an <br /> offer or acceptance on either party's part. All rights and obligations with <br /> 3 <br />