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R2011-21 AUTHORIZING DEVELOPMENT AGREEMENT
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R2011-21 AUTHORIZING DEVELOPMENT AGREEMENT
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9/1/2015 4:42:25 PM
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Resolution/Ordinance
Res Ord Num
R2011-21
Res Ord Title
AUTHORIZING DEVELOPMENT AGREEMENT - HURWITZ ENTERPRISES, LLC. - MOUND CENTER
Department
Development Services
Approved Date
3/7/2011
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a. On-going Maintenance: To employ or contract for on-going maintenance of the <br /> Development Tract, while owned by the Owner, including but not limited to mowing <br /> and landscaping. <br /> b. Plan Development: To employ professional architects, engineers and surveyors <br /> necessary to prepare all site plans and/or specifications necessary for the development <br /> of the Developer Tract (the "Plans"). Also, to review the Plans to determine that the <br /> Plans are appropriate, and to cause such revision to the Plans as requested by Owner. <br /> c. Marketing: To procure necessary marketing materials for the development of the <br /> Developer Tract, approved by the Owner. <br /> d. Outlot Development: Developer shall have the exclusive authorization to seek offers for <br /> the sale or lease of a portion of the Developer Tract to retailers. Developer shall use its good <br /> faith diligent efforts to obtain offers for the sale or lease of the Developer Tract, and present <br /> such offers to Owner. The acceptance by Owner of any of such offers shall be in Owner's <br /> sole and absolute discretion. <br /> If any of the Developer Tract is sold during the term of this Agreement, then Owner shall pay <br /> to Developer a commission equal to six percent(6%) of the sale price, such payment to be <br /> made at the time of the closing of such sale. If any of the offers for any of the Developer <br /> Tract is for a ground lease or build-to-suit lease which Owner accepts, then at Developer's <br /> election, Owner shall sell such Developer Tract to Developer at a price to be agreed upon, <br /> with no commission due to Owner as a result of such sale(s). If the Developer Tract is leased <br /> pursuant to a ground lease with any party other than Developer, then Owner shall pay to <br /> Developer a commission equal to six percent(6%) of the present value of the rent owed <br /> during the primary term of such ground lease, such payment to be made when all <br /> contingencies in such ground lease have been satisfied or waived. <br /> If within 180 days after the expiration of this Agreement Owner executes an agreement to sell <br /> or lease the Developer Tract to a party that has submitted a written offer to Developer during <br /> the term of this Agreement and thereafter such sale or lease closes,then Owner shall pay to <br /> Developer the applicable commission as described above at the time of the closing of the sale <br /> or waiver of all contingencies in the ground lease. <br /> Article 4 -Compensation to Developer <br /> Upon Developer's receipt of invoices for costs associated with the "Responsibilities of the <br /> Developer" Pursuant to the contracts and professionals employed that are approved by Owner, <br />
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