86-85 Downtown Redevelopment Project

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(b) It is agreed by the Developer and the City that the cost of the Project Feasibility Study mentioned in Section 2(a) above shall be paid equally by the City and the Developer. Developer shall submit its recommended consultant along with a set of speci- fications and a proposed contract to the Hayor for~ritten approval prior to couaaencement of the study. The City shall have no liability for the costs of the consultant and such study unless and until the Hayor has approved the consultant, and the Developer and the Hayor (on behalf of the City) have executed the Contract for the consultanto This Project Feasibility Study shall be presented to the City no later than 90 days after execution of the contract for the Project Feasibility Study. Either the Developer or the City may terminate this Preliminary Agreement upon review of said study and upon giving the other party to this agreement witten notice at the aforementioned address within 30 days after receipt of the Project Feasibility, Study. Developer will present the Preliminary Schematic Design to the City for review within 180 days from execution of the contract for the Project Feasibility Study. (c) In connection with this Preliminary Agreement and in connection with any meetings, discussions and negotiations with respect to the Project Feasibility Study and any proposed Develop- ment Agreement, the City reserves the right to secure the services of such consultants, including Special Project Counsel and Bond Counsel, as it may determine necessary to provide services and to render opinions with respect to any proposed Development Agreement, and the City will pay all fees, expenses and costs of its officials, employees or consultants, including the Special Project Counsel and Bond Counsel (to the extent that Bond Counsel's services or advice is related to public improvements that may be provided within the Project Area or areas adjacent thereto), and the Developer shall not be required to pay such fees, expenses or costs. (d) It is understood and agreed by the City and the Developer that upon a successful negotiation of the matters to be included in the Development Agreement, the City will present to the Developer a preliminary draft of the proposed Development Agreement. The Developer will review that draft and propose any amendments thereto. The amended Development Agreement must be executed on behalf of the Developer by a duly authorized official of the Developer. In order to bind the City, it is a requirement that the amended Development Agreement must be executed by the Hayor, after its approval by the City's Council (acting by ordinance) and approved as to form, substance and content by the Director of Law. Before the Develop- ment Agreement shall be binding on the parties, the Director of Finance must, pursuant to the Charter, certify that funds are available to meet any financial obligations imposed on the City.