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.-�� . <br /> . , <br /> 2. The City hereby waives any requirement otherwise applicable that Owner pays to the <br /> City any fee for filing the petition referred to in paragraph 1 hereof. <br /> 3. Upon receipt of said annexation petition, the City shall annex the temtory described <br /> therein to the City as provided by law. , <br /> 4. U on annexation of the Premises the Ci shall zone the followin ortions thereof as 'I <br /> P , tY 8 P <br /> shown herein, pursuant to Ordinance No. 3512, as amended (the "Zoning Ordinance"): <br /> The westerly 23.97 acres, more or less, of the Premises, being that part <br /> lyin�West of the cre�k, <br /> shall be zoned B-2 Commercial District; and, <br /> The easterly 14.24 acres, more or less, of the Premises lying East of the <br /> creek, <br /> shall be zoned R-6 Multiple Dwelling District. <br /> 5. The City and the Owner fwther agree on the following terms and conditions: <br /> a) Consensus between Developer and City Manager by February 15, <br /> 1997 on the terms of a redevelopment ageement for presentation to and <br />' approval by the City Council, provided that, failure to agree by either party <br />' shall not be considered r h li <br /> a b eac of any�mp ed covenant of good fa�th; <br /> b) Subject to consensus as provided in subparagraph (a), the Owner <br /> shall file an annexation petition, as provided in paragraph 1 hereof, not later <br /> than February 21, 1997; and, <br /> c) Subject to approval by the City Council of the redevelopment <br /> ageement referred to in subparagraph (a), the City sha11 approve tax <br /> increment financing for the Premises, pursuant to 65 II.CS 5/11-74.4-1 et <br /> seq., not later than May 1, 1997, with any Public Hearing timely authorized <br /> by the City Council to pernut such approval. <br /> If any of the above conditions are not met by the dates set out herein, neither party hereto <br /> shall have any further duties or obligations hereunder, and the City shall disconnect the Premises <br />