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<br />Inc., ("Breeden") for the development of the Property for multi-family residential use; <br /> <br />and <br /> <br />WHEREAS, the Purchase and Sale Agreement calls for the proceeds from the <br /> <br />sale of the Property to be placed in an escrow account and contributed to the cost of <br /> <br /> <br />bringing the North Pier to a building-ready condition; and <br /> <br /> <br />WHEREAS, the Purchase and Sale Agreement calls for the EDA to provide a <br /> <br /> <br />Development Grant to Breeden for the remainder ofthe costs related to bringing the <br /> <br /> <br />North Pier to a building-ready condition; and <br /> <br /> <br />WHEREAS, the EDA has requested that the City provide it with the funds to <br /> <br /> <br />satisfy the requirements of the Development Grant as set out in the Purchase and Sale <br /> <br /> <br />Agreement. <br /> <br />NOW THEREFORE IT IS AGREED by the parties hereto to cooperate in the <br />development of the Property as follows: <br />AGREEMENT <br /> <br /> <br />I. The Purchase and Sale Agreement between the EDA and Breeden is <br /> <br />hereby approved and endorsed by the City; provided that said approval and endorsement <br /> <br />does not make the City a party to said instrument, nor does it create any duties or <br /> <br />liabilities on behalf of the City. <br /> <br /> <br />2. The City agrees, subject to annual appropriation, to provide the EDA with <br /> <br /> <br />an annual payment equal to the amount of real estate taxes paid by Breeden during the <br /> <br /> <br />twelve months preceding the City's payment in a total five-year amount not to exceed <br /> <br />$6,300,000 less the Purchase Price of the Property. Said total amount shall be reduced if <br />