22-2021 - TIF for W. 117 Development LLC Fieldhouse

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new or additional liens or encumbrances on the Development Site. During the period in which City owns the Development Site, Developers, their employees, and their agents are permitted to enter upon the Development Site for the purpose of conducting activities associated with the Project at no cost to the City, provided that such entry shall be at the sole risk of Developers, their employees, and their agents, and provided, further that the activities described in this Section are subject to the indemnification provision of Section XV of this Agreement. On the Initial Conveyance Date, or as early as is practicable following the Initial Conveyance Date, but in any event no later than two business days following the Initial Conveyance Date, the City shall re -convey the Development Site to Developers or the Existing Owner, as applicable (the "Re -conveyance"), for $1.00, by Quitclaim Deed. Developers shall pay all customary closing costs relating to the Re -conveyance. VIII. CONVEYANCE OF ACCESS DRIVE AND PARKING PERMITS A. Access Drive. Upon approval of the engineering and architectural drawings by the City ensuring among other things, existing easement rights are maintained (unless and until otherwise extinguished), the City shall present to Council for approval the conveyance to Developers (or their nominee) the portion of the access drive (PPN 312-33-008) located behind PPN 312-33-014 and 312-33-015, as identified as the "Alley" on Exhibit E for $1. Conveyance of the access drive shall take place within ten (10) days after such approval and the completion of any required lot split, which the City and Developer shall endeavor to complete as soon as reasonably practicable thereafter. Developers shall pay all customary closing costs relating to the conveyance of the access drive. B. Parking Permits. The City shall issue to Developers and/or their designees thirty- six (36) parking permits for parking on the real property currently known as PPN 312-33- 008 (the "Parking Lot Parcel"), as depicted on Exhibit F, attached hereto and made a part hereof. If Developers require additional parking spaces, then Developers can apply for additional permits on a first -come, first -served basis. Developers' permit parking spaces shall be the 36 parking spaces in the center section of the parking lot as approximately shown on Exhibit F attached hereto and made a part hereof. Developers and the City shall work together, each acting reasonably and in good faith, to allow Developers to control and enforce its right to limit the use of its permitted parking spaces to Developers and employees and customers of Studio West 117 and the associated businesses therein, which may include, without limitation, parking meters, parking app ' s (whether for a fee or merely validation) and/or signage that clearly indicates that the Developers' permit parking spaces are reserved for customers of Studio West 117 and the associated businesses therein. Unless previously terminated by the City in accordance with this Section VIII(B), Developers' rights under this paragraph shall continue for a term of ten (10) years, which Developers may extend for up to two (2) additional periods of five (5) years each by giving written notice to the City prior to the end of the then current term. Developers shall pay* a fee to the City in the amount of two hundred dollars ($200.00) per parking permit per annum, prorated for any partial year, which amount shall be fixed, without increase, during 7