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R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC
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R2006-94 APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC
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Last modified
11/3/2015 8:20:50 AM
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11/3/2015 8:20:48 AM
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Resolution/Ordinance
Res Ord Num
R2006-94
Res Ord Title
APPROVING REDEVELOPMENT AGREEMENT WITH IP PLAZA LLC - KMART SHOPPING PLAZA
Approved Date
7/3/2006
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. , � , � r <br /> .. <br /> �� � � � � P� iag <br /> 2. Any terms which are not defined in this Agreement shall have the same meaning <br /> as they do in the Act, unless indicated to the contrary. <br /> ARTICLE III <br /> REDEVELOPMENT PROJECT <br /> 1. The Developer will purchase approximately 8.9 acres of land currently owned by I <br /> Glad Tidings Assembly of God and intends to invest up to $10 million in these projects, <br /> including an investment of approximately$1.7 million in acquisition of the land. <br /> 2. The Developer estimates that: <br /> a. the total costs of such projects would exceed $10 million; and <br /> b. such projects would when completed according to plans, create <br /> approximately 20 jobs. <br /> 3. Phase I. The Phase I project shall consist of acquisition of the Glad Tidings <br /> Assembly of God parcel and improvement of the premises to include new <br /> development or redevelopment. <br /> 4. Phase II. <br /> a. Upor� acquisition of the Phase II tract by the Developer, the City shall, <br /> within 90 days, amend this Agreement and the Redevelopment Plan as <br /> appropriate to include the Phase II project to include applicable costs. <br /> b. The Phase II project shall consist of redevelopment/rehabilitation of the <br /> parcel to include new commercial and/or outlot development. <br /> 5. In furtherance of the objectives of and in reliance on the Redevelopment Plan, <br /> Developer will acquire and develop the site substantially in accordance with the objectives of the <br /> Plan. The Developer will commence and begin construction of Phase I of the development as <br /> soon as practicable after the date of this Agreement, but in no event later than July 1, 2007. <br /> Developers will use their best efforts to develop the pre- ises for the potential and intended uses <br /> set forth in Exhibit I(A) of this Agreement consistent with and to the extent of market demand <br /> for said uses. <br /> 6. Developer shall have the right to develop, use and operate the Property in phases <br /> as Developer elects in its sole discretion and shall not be obligated to undertake to construct any <br /> Phase(s) of the Project in order to satisfy Developer's obligations under this Agreement or to be <br /> Page 4 of 29 <br />
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