R2008-154 AUTHORIZING AGREEMENT - Laserfiche WebLink

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, . Book : 3941 �age : 148 facade restoration from funding available through the Community Development Block Grant (CDBG) program of the United States Department of Housing and Urban Development, and; Whereas, Owner has offered to demonstrate to City's satisfaction that it is vested in fee simple ownership of the property on or before October 3, 2008, and Whereas, City agrees, conditioned upon Owner demonstrating fee interest in the property, to provide funds for renovation work to the exterior design and facade of the building, as described on the Statement of the Work attached hereto as Exhibit A and incorporated by reference, subject to the financial limitations set forth herein and the CDBG Program guidelines established by HUD, and; Whereas, Owner agrees to renovate the exterior design and facade of the building in accordance with the terms of this agreement, CDBG guidelines and Owner's contract for facade renovation as the same shall have been reviewed and approved by City, and; Whereas, it is the Parties' intent that this agreement bind the current owner of the property as well as all subsequent owners, for a period of ten years commencing from the City's approval of the completed exterior design and facade improvements; Now, therefore, in consideration of the sums of money to be paid by City for restoration of the exterior design and facade of the building, and Owner's covenants to renovate and maintain the exterior design and facade, the parties agree as follows: 1. On or before October 3, 2008, Owner shall demonstrate to City's satisfaction that Owner has a vested fee simple interest in the property. The parties recognize and acknowledge that time is of the essence in the City's Facade Grant award process. Timely demonstration by Owner of the required interest in the property is a condition precedent to the City's obligation to award funds under the program. Failure by Owner to timely demonstrate the required 2 Updated 9/2008