2019.04.03 EDC Packet - Laserfiche WebLink

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11 (c) Subject to the conditions contained in Article IV below, the Redeveloper will purchase the Redevelopment Property from the City pursuant to Article IV and, if the Redevelopment Property is conveyed to the Redeveloper, the Redeveloper will construct and maintain the Minimum Improvements in accordance with the terms of this Agreement and all applicable local, State and federal laws and regulations (including, but not limited to, environmental, zoning, building code and public health laws and regulations). (d) The Redeveloper will obtain all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state and federal laws and regulations which must be obtained or met before the Minimum Improvements may be lawfully constructed. (e) The Redeveloper will reasonably cooperate with the City with respect to any litigation commenced by third parties in connection with this Agreement and any litigation commenced by the City against third parties in connection with this Agreement. (f) Either the Redeveloper’s financial wherewithal or the financing arrangements which the Redeveloper has obtained or will obtain to finance the acquisition of the Redevelopment Property and the construction of the Minimum Improvements will be sufficient to enable the Redeveloper to successfully complete the Minimum Improvements as contemplated in this Agreement. (g) The Redeveloper will not assign or convey any interest in the Redevelopment Property, Minimum Improvements or any portion thereof, or this Agreement or any portion thereof, to any tax-exempt entity or take any other action which would result in the Redevelopment Property or Minimum Improvements becoming exempt from the levy of ad valorem property taxes, or any statutorily authorized alternative, until after the dissolution or other termination of the Tax Increment District, without the prior written approval of the City, whose approval shall be conditioned upon the Redeveloper executing a payment in lieu of tax agreement reasonably satisfactory to the City. The Redeveloper will execute and record a Declaration of Restrictive Covenants and Prohibition Against Tax Exemption in substantially the form attached hereto as Exhibit H in connection with the conveyance of the Redevelopment Property to the Redeveloper. (h) There are no pending or threatened legal proceedings of which the Redeveloper has knowledge which seek to restrain or enjoin the transactions contemplated by the Agreement or which question the authority of the Redeveloper to execute and deliver this Agreement or the validity of this Agreement. ARTICLE III LAND USE AND DEVELOPMENT CONTROLS Section 3.1. Zoning and Land Use Approvals. City approval for the Project will be processed as part of a Planned Residential Development (“PRD”) as defined under Chapter 7, Article 1 of the City Zoning Ordinance. The Redeveloper shall submit the appropriate application materials as required under such Chapter. The staff of the City shall reasonably