2017.03.01 EDC - Laserfiche WebLink

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Redeveloper and City acknowledge the noted cost estimates above are indeed estimates at this time and may increase or decrease as the redevelopment process proceeds. It is further acknowledge by both parties that actual incurred expenses will be reimbursable through the escrow and in no event shall the City be required to reimburse Redeveloper in excess of the Purchase Price for the noted environmental costs and construction enhancements. Development Parcel: A single story office/testing/certification building of no less than 36,500 gross square feet and associated surface parking, utility, and landscaping improvements. Construction and site costs shall be no less than $100/square foot. Feasibility Period: The Feasibility Period shall begin on the effective date of the Term Sheet and shall end on June 15, 2017. City shall provide Redeveloper with any documents, including correspondence with any environmental agency, affecting the Redevelopment Property. During the Feasibility Period, Redeveloper shall perform its due diligence, which shall include, but are not limited to: Review of Title. City shall furnish to Redeveloper a Title Commitment within 30 days after the effective date of the Redevelopment Agreement. Redeveloper will have 15 days after receipt of the Title Commitment and Survey (described below) to give City written objections to the Title Commitment and/or Survey, if any. City will pay of the cost of the Title Commitment, and Redeveloper shall pay the cost for the Title Policy and any endorsements, which shall be available at closing in the form of the Title Commitment, previously approved by Redeveloper. Redeveloper may, at its expense, update the Title Commitment five days prior to the Closing. Redeveloper may object to any exceptions on the updated Title Commitment that did not appear on the original Title Commitment. Survey Review. City will deliver to Redeveloper the most recent survey of the Redevelopment Property in City's possession within 30 days after the effective date of the Redevelopment Agreement. Redeveloper may, at Redeveloper’s expense, obtain an updated or new survey of the Redevelopment Property. Environmental Testing/Right of Entry: After the effective date of the Redevelopment Agreement, Redeveloper shall have the right to enter the Redevelopment Property at reasonable times for the purpose of inspection. The Redeveloper shall cause all studies, investigations and inspections performed at the Redevelopment Property to be performed in a manner that does not impair the Redevelopment Property, and that the Redevelopment Property shall be returned to its original condition after Redeveloper's entry, provided that Redeveloper shall not be responsible for any existing conditions on the Redevelopment Property or for any environmental remediation or response actions required as a result of such investigations and inspections. Except for soil borings, Redeveloper shall not conduct or cause to be conducted any physically intrusive investigation, examination or study of the Redevelopment Property (any such investigation, examination or study hereinafter an "Intrusive Investigation") as part of its inspection or otherwise without obtaining the prior written consent of City. "Intrusive Investigation" shall mean any investigation, examination or study that disturbs or disrupts the Redevelopment Property, including, but not limited to, grading, but not including soil borings. Redeveloper and Redeveloper's representatives shall, in performing its inspection, comply with any and all applicable laws, ordinances, rules, and regulations. Except to the extent required by any applicable statute, law,