Reso 1997-101 to 105 - Laserfiche WebLink

Home

1. The Agency will sell the Corporation Yard site ("Property") to the Developer for the agreed upon price in the DDA, recognizing that the Developer is required to spend $1,000,000 for architectural and site plan upgrades over and above what would be spent on a typical neighborhood shopping center. The cash payment is paid in two stages - The land price will be paid by the Developer to the Agency in installments, as detailed in the DDA, with $1,500,000 due upon close of escrow; ■ The final payment, if any, is triggered when the Project's net income divided by 11% exceeds the total project cost including the initial $1.5 million land payments. The formula for calculation of this ratio is contained within the DDA and must occur by the end of the fifth year of operation. 2. The Agency will use best efforts to expedite City permit processing for the Project. 3. The Agency will be required to approve every aspect of architectural design, site development, signage, and creek enhancements. Other City approvals required include approvals from the City Traffic Engineer, Fire Department, and Engineering Division. 4. The Agency vrill be required to approve all tenants and leases for the Project, as well as any subsequent changes in the tenant mix for five years. Agency approval is also required for assignment of any leases to a new owner or operator. 5. The Agency and Developer will agree on detailed sets of standards for all required maintenance and a top quality security operation for the Project. 6. The Agency will approve the Management Company for the Project (not to be unreasonably withheld). 7. The Agency will complete an environmental review as required by CEQA prior to execution of the DDA. 162 KEYSER MARSTON ASSOCIATES I N C. 1 �100/0001-001.doc Pape 4