2020-03 - Authorize sale of 16300-16400 Detroit to Scalish Construction

Home Browse Search

(o) Disco, night club or adult entertainment as a primary use; (p) Stores selling auto parts -exclusively or primarily; (q) "Vape" shops; (r) The Project will not be operated as an "off price" center (i.e. will not be held out by Developer as a "discount center" as such term is recognized in the industry) and will not contain discount stores, including, but not limited to so-called "dollar stores" such as Family Dollar, Dollar General, etc. 3. The improvements to be constructed by Grantee on the Property (the "Improvements") shall be a mixed- use development, shall have been previously approved by Grantor, and shall not be subject to any tax abatement or deferral ("Permitted Use"). 4. Prior to the construction of the Improvements on the Property, the party or parties constructing the initial Improvements shall submit to Grantor a site plan and building layout in connection with the initial Improvements to be constructed on the Property for the review and written approval of the Grantor, which review and approval shall not be unreasonably withheld, conditioned or delayed by Grantor. 5. Repurchase right. The Property and any and all rights and interests appurtenant thereto are subject to the Right to Repurchase (as defined herein) held by Grantor, its successors and assigns, on the following terms and conditions: (a) Grantor has reserved and does hereby reserve unto itself, its successors and assigns, and Grantee does hereby grant and convey to Grantor, its successors and assigns, the right and option, but not the obligation, to repurchase the Property as set forth below from Grantee (hereinafter referred to as the "Right to Repurchase"), for the Repurchase Price (as hereinafter defined) and on the other terms and conditions hereof if (i) Grantee fails to commence construction of the Improvements on or before the expiration of the twelfth full calendar month after the date of the Closing (for purposes of the Right to Repurchase set forth in this Deed the date of Closing shall be deemed the date of this Deed), or (ii) Grantee fails to complete construction of the adaptive re -use of the church structure to a commercial space, provision of a minimum of 6 residential units on the site (or alternative as reasonably agreed to by Seller) and an additional approximately 2,400 sq. feet of commercial retail space fronting Detroit Avenue, improvements to all parking areas and improvements to the existing pocket park/ outdoor spaces on the southwest corner of the site and the greenway between the church and the east retail building on the site not later than the date that is the 36-month anniversary of the date of Closing (any of the deadlines in items (i) and (ii) (hereinafter referred to as the "Commencement Deadline"); provided, however, that in the event of Acts of God, strikes, terrorism, war, unavailability of materials or any other cause outside the reasonable control of Grantee, the Commencement Deadline shall be reasonably extended to reflect the time loss due to the unexpected delay and the time to complete the same using reasonably prompt diligence. Grantor must exercise the Right to Repurchase by written notice to Grantee delivered within six full calendar months after the Commencement Deadline. (b) If Grantor fails to deliver timely the required notice under paragraph (a), then the Right to Repurchase thereupon automatically ceases and terminates and is of no further force and effect without any further action by any of the parties. The Right to Repurchase set forth herein shall automatically cease and terminate upon Grantee's transfer of any portion of the Property to a third -party, but only as to such portion of the Property, without any further action on any part of the parties hereto; provided, however, that then Grantor shall, upon the request of Grantee or its successor -in -title, at Grantee's cost, execute a termination agreement in recordable form terminating the Right to Repurchase as to such property and shall deliver the same to Grantee. (c) If Grantor exercises the Right to Repurchase in accordance with the terms hereof, then the consummation of such transaction (hereinafter referred to as "Repurchase Closing") will occur in the offices of Grantor's counsel on that date which is 60 days after the delivery to Grantee of the exercise notice or such earlier date upon which Grantor and Grantee agree. D