09-04-01 - Laserfiche WebLink

Home Browse Search

(c) The Developer has received no notice or communication from any local, state or federal official that the activities of the Developer or the City in the Project Area may be or will be in violation of any environmental law or regulation. The Developer, to the best of the Developer's knowledge, is aware of no facts the existence of which would cause the Developer to be in violation of any local, state or federal environmental law, regulation or review procedure. In the event that the City is required to take any action to obtain any necessary permits or approvals with respect to the Property under any local, state or federal environmental law or regulation,the Developer will cooperate with the City in connection with such action. (d) The Developer has or will obtain, in a timely manner, 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 Improvements may be lawfully constructed and operated. All representations set forth in Section 2.1 and 2.2. of this Agreement shall be true and correct in all material respects as of the date of closing on conveyance of the Property to the Developer. ARTICLE III Conveyance of Property Section 3.1. Status of Property. The City owns fee title to the Property. The City acquired the Property as part of an industrial park and developed the industrial park through the installation of infrastructure in order to provide readily available sites for businesses seeking industrial space. The public improvements to the industrial park benefited all parcels of property in the industrial park. The City is willing to initially convey the Property to the Developer for a purchase price less than the value of the Property and the costs that the City has incurred in developing the Property in consideration of the Developer's covenants and obligations under this Agreement. The Developer and the City have agreed that the value of the Property and public improvements that have been installed by the City that is in excess of the purchase price may be assessed against the Property and may be repayable in accordance with Section 3.8 of this Agreement. 3.2 Agreement to Sell. (a) The City and the Developer agree that the value of the Property in its current improved state is at least $43,560.00. However, the Developer has stated that it is unable to pay more than a nominal amount for the purchase of the Property. Therefore, the City agrees that it will sell the Property to the Developer in consideration for the Developer's payment of a purchase price of $1.00 per acre ($1.00 total) and the performance of the Developer's other covenants under this Agreement. The Developer agrees that it will purchase the Property for the purchase price of$1.00 and that it will fulfill all of the other obligations of the Developer set forth herein. (b) The purchase price to be paid by the Developer to acquire the Property shall be payable by means of cash or certified funds on the date of closing on the sale of the Property to the Developer. 5