1973 Resolutions - Laserfiche WebLink

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Land From City to Authority - The City agrees to donate to the Authority certain City-owned parcels id the project area for which the Authority agrees to give the City a non-cash grant-in-aid credit equal to the fair · ,mrket value of such property presently estimated to he $25,000. In the event the fair market value in such properties is less than $25,000 the difference between $25,000 andthe lesser fair market value shall be paid im .cash or i~pooling cred~i~'~s -by the City to the Authority on or before June 30, 1979. ~.~nH From Authorfty to Ci,ty -The Authority agrees to dedicate to the City~ at no cost, that land needed for the public rights-of-way and other public. recreational areas i~zdicated in the ConserVation and Redevelopment Plan, as the ~ame~y 1be emended from time to time with the concurrence of the parties to this agreement. There~ are approxfmately 279,721 square feet of land presently contemplated for this use. Street ~acation - The City, in accordance with said Plan, at no cost o~ expense to the Authority and upon its request will, insofar as it can lawfully do so, vacate the streets, roads, alleys, and other public ways /n aceomda~ce with the Boundary and Acquisition Exhibit Map for the Effingham I~r~.eet. l~e City ~ill £~r~her cooperate with the Authority by taking such o, the~lawful actions as may ~be deemed by the City and the Authority to be nee~sary or desirable in connection with the undertaking and carrying out ~x g=e~tit~s - The Authority ag=e~s to give the City a credit presently egtima~d at $%5,0~ ~. ~g~in~ .the City's cash ,grant-in-aid obligation in t~eu of ~pmyi~.g ~a~ ~est~ ~axes on property that the AuthoriMcy acquires p~m~ ~o .this Plan. %hi~ tax credit, whsn given, will satisfy the CiZy~ ~sh -~bl~gation i~ ~a=agraph 1 above.