03-2024 - Authorize Development Agreement with LDC Warren LTD, LLC

Home Browse Search

DocuSign Envelope ID: 92860B03-367C-49AA-BA95-OFDE6BFCF177 1. East Rockport School will be developed into an approximately 10,000 gross square feet (GSF) office building (as further described and/or shown on Exhibit E); and 2. Grant School will be developed into an approximately 25,000 GSF residential building with the potential for minor office use on the ground floor (as further described and/or shown on Exhibit E). Developer acknowledges that any material revisions or changes to the aforementioned components of the Site Plan / Project shall be subject to the City's reasonable approval. B. Unless specifically stated otherwise, Developer will be responsible for the entire cost associated with developing the Project, including, but not limited to, real estate acquisition, engineering, construction, fees and deposits. VI. TIF ORDINANCE The City and Developer agree that the implementing Ordinance in support of, without limitation, the TIF and related legislation (the "TIF Ordinance"), shall be submitted for City Council consideration and approval as soon as practicable, but, in any event, by no later than March 31, 2024. VII. CONVEYANCE OF THE DEVELOPMENT SITE Transfer by Developer (or, if applicable, the current fee title owner (the "Existing Owner") of the title to the Development Site to the City (the "Initial Conveyance") shall take place on a date the parties may agree upon (the "Initial Conveyance Date"); provided, however that the Initial Conveyance shall occur prior to the passage of the TIF Ordinance. On the Initial Conveyance Date, Developer shall convey or cause the Existing Owner to convey the Development Site to the City for $1.00, by Limited Warranty Deed. Developer shall pay all customary closing costs relating to the Initial Conveyance, including but not limited to recording fees. The City agrees to neither make, nor permit to be made, any material changes to the condition of the Development Site during the period in which it owns the Development Site. During the period in which City owns the Development Site, Developer, its employees and 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 Developer, and its employees and agents, and provided, further that the activities described in this Section are subject to the indemnification provision of Section XXV 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 Developer or the Existing Owner, as applicable (the "Re -conveyance"), for $1.00, by Quitclaim Deed. Developer shall pay all customary closing costs relating to the Re -conveyance. 7