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S Agency Responsibilities <br /> The Agency will convey the Agency Assemblage to the Auto Dealer under terms and conditions <br /> acceptable to the Agency that will be documented in a DDA Specific terms and conditions stated in <br /> the Agreement include: <br /> 1. The Agency has purchased 1066 -1072 Marina Boulevard from its current owners <br /> for $450,000. <br /> 2. The Agency will purchase 1152 Marina Boulevard. The price for this property is <br /> under negotiation. For the purposes of the Section 33433 report, $740,000, the <br /> Agency's current offer to purchase, is used. <br /> 3. The Agency will incur costs for environmental remediation that will be <br /> reimbursed by the Auto Dealer. The Agency has received a bid for $57,000 for <br /> environmental remediation of 1066 Marina Boulevard. This bid includes costs to <br /> remove underground storage tanks and pump islands, installation and monitoring <br /> of wells, soil aeration, and all other environmental remediation actions. There are <br /> no additional clean -up costs for the 1072 and 1152 Marina Boulevard properties. <br /> 4. The Agency funded the costs for the Environmental Site Assessment Phase 1 <br /> audit for 1152 Marina Boulevard as well as a Lead Paint and Asbestos Survey for <br /> 1066 -1072 and 1152 Marina Boulevard. Total costs of $8,569 are expected for <br /> these items. The Agency also will incur costs for environmental review, noise <br /> analysis, and a traffic study. These costs will total $31,310. The Agency is <br /> considering these combined total costs of $39,879 ($40,000 rounded) to be <br /> predevelopment costs that will not be passed on to the Auto Dealer. <br /> 5. The Agency is also expected to incur project management expenses of $300,000 <br /> that will not be passed on to the Auto Dealer. <br /> 6. Agency funds the $10,000 cost for removal of asbestos containing material and lead - <br /> • based paint at 1066 -1072 Marina Boulevard prior to demolition by the Auto Dealer. <br /> 7. In the sale of 1066 -1072 Marina Boulevard to the Agency, closing costs are to be <br /> shared by the Agency and the seller. Agency costs included recording costs, <br /> • <br /> escrow fees and title insurance premiums. The seller of the properties paid <br /> transfer taxes for the sale of the properties to the Agency, and paid off any bond <br /> assessments. <br /> 8. In the sale of 1152 Marina Boulevard to the Agency, the Agency will pay all <br /> closing costs. <br /> K E Y S E R • <br /> M A R S T O N A S S O C I A T E S I N C. <br /> 190961 002.doc Page 4 <br />