RDA Agmt 2002 Batarse Family Trust UTA

Home

Developer shall exercise his best efforts to negotiate in good faith with the owners of the former Hudson Lumber property, and the Adjacent Developer as necessary, to provide emergency vehicle access from the former Hudson Lumber property to Marina Boulevard. The Agency shall make an annual payment of tax increment funds to Developer (hereinafter "Annual Payment') until Developer receives $600,000 in financial assistance. The Annual Payment shall be calculated as the amount equal to 50% of the net sales tax generated and received by the City of San Leandro, attributable to the Dealership. The payment shall be calculated and made on July 1 of each year. The payments shall not begin until the first July 1 after the Dealership generates at least $100,000 in sales tax. Should Health and Safety Code Section 33426.7 apply to any dealership located on the Yokota Site, the annual payments shall be reduced by the amount of any costs to the City of any sales tax sharing agreement required by Section 33426.7. Developer currently owns the property at 563 Marina Boulevard. Developer agrees to develop those properties in conjunction with the Yokota Site A into a dealership selling new and used automobiles pursuant to this Agreement. The dealership shall be of the same quality as the dealerships at 1314 Marina Boulevard and 1152 Marina Boulevard. The Agency shall reimburse Developer $100,000 for the cost of widening Marina Boulevard at 563 Marina Boulevard. Section 3. Section 2.05, entitled "Lot Line Adjustment,° of Part Three, entitled "Disposition," of the Agreement is hereby amended by deleting Section 2.05 in its entirety and replacing it to read as follows: 2.05 Lot Line Adjustment The Parties acknowledge that Developer and Adjacent Developer have agreed on the lot line adjustment (the "Lot Line Adjustment ") depicted and described in Exhibit C to this Agreement. If such Lot Line Adjustment is approved by the City Engineer pursuant to Section 7 -1 -560 of the City of San Leandro Municipal Code, as amended, Developer shall pay Agency, pursuant to the terms set forth in this Section 2.05, an amount equal to that dertain amount of square footage transferred to Developer as a result of the Lot Line Adjustment at a rate of $25.30 per square foot (the "Lot Line Payment "). The Lot Line Payment shall be in addition to the Purchase Price and shall be calculated independently of any paymentof property taxes or other assessments required as a result of the Lot Line Adjustment. Developer shall be solely responsible for all applicable federal, state and local taxes applicable to the Lot Line Payment. The Lot Line Pa ent shall be deducted from the total amount of assistance set forth in Section 1.03 of this Agr ement. 2