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Alameda CTC Agreement No. A21-00XX <br />Project No. XXXX <br /> <br />Page 11 of 16 <br />AGREEMENT by ALAMEDA CTC, the PROJECT SPONSOR and ALAMEDA CTC shall execute an amendment <br />to this AGREEMENT which references the revised Policies. <br /> <br />16. For the purposes of the following provisions, “ALAMEDA CTC Share” shall mean the <br />percentage share of the original property purchase price funded by ALAMEDA CTC ADMINISTERED FUNDS <br />(i.e., if the purchase was fully funded by ALAMEDA CTC ADMINISTERED FUNDS, ALAMEDA CTC Share shall <br />equal 100%); any appraisal required under Section III.16(a) and Section III.16(f) only, shall be conducted at <br />no cost to ALAMEDA CTC; “Fair Market Value” of a given property shall mean the net proceeds from the <br />sale of such property if such sale occurs in an open market transaction or by auction, or the value of the <br />property determined by an independent third-party appraisal of the property if some or all of the property is <br />retained by PROJECT SPONSOR or otherwise transferred to any other party without an auction or open market <br />transaction; and “CPI” means the Consumer Price Index, All Items for All Urban Consumers, San Francisco- <br />Oakland, San Jose, CA. <br /> <br />a. If any property is acquired for the PROJECT using ALAMEDA CTC ADMINISTERED FUNDS <br />to finance some or all of the acquisition, and the PROJECT is cancelled or otherwise does not <br />begin construction within three (3) years after the effective date of AGREEMENT (as such <br />deadline may be extended by agreement between the parties hereto), then PROJECT <br />SPONSOR shall, within one (1) year after such cancellation decision or the expiration of such <br />three (3) year period, reimburse ALAMEDA CTC for the greater of the following: ALAMEDA <br />CTC Share of the property’s Fair Market Value or the full amount of ALAMEDA CTC <br />ADMINISTERED FUNDS used to acquire the property, as escalated by the increase in the CPI <br />during the most recent period for which CPI data is available which is equal in length to the <br />period between the date ALAMEDA CTC ADMINISTERED FUNDS were paid to PROJECT <br />SPONSOR and the date reimbursement is made to ALAMEDA CTC. <br /> <br />b. If any property is acquired for the PROJECT using ALAMEDA CTC ADMINISTERED FUNDS <br />to finance some or all of the acquisition and only a portion of the acquired property is <br />required for the PROJECT, and if the PROJECT begins construction within three (3) years <br />after the effective date of this AGREEMENT (as such deadline may be extended by <br />agreement between the parties hereto), then PROJECT SPONSOR shall, within one (1) year <br />after PROJECT completion, reimburse ALAMEDA CTC for ALAMEDA CTC Share of the Fair <br />Market Value of any property determined to be “excess property”. <br /> <br />c. If the PROJECT begins construction within three (3) years after the effective date of this <br />AGREEMENT (as such deadline may be extended by agreement between the parties hereto), <br />then except as provided in subparagraph (d) below, no reimbursement is due with respect to <br />any property interest acquired for the project using ALAMEDA CTC ADMINISTERED FUNDS <br />if the entirety of the acquired property is required for the PROJECT. <br /> <br />d. If PROJECT SPONSOR anticipates receiving net revenues (i.e., rental or other income <br />generated by the property, less reasonable costs for insurance, maintenance and related <br />items) from any property acquired using ALAMEDA CTC ADMINISTERED FUNDS, PROJECT <br />SPONSOR shall notify ALAMEDA CTC on how PROJECT SPONSOR will use such revenue to <br />offset other project costs, and document such revenue separately in project reimbursement <br />requests. <br />158