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Last modified
6/5/2018 4:19:37 PM
Creation date
6/5/2018 4:13:23 PM
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Contracts
Company Name
THRIVE
Contract #
A-2018-117
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
5/1/2018
Destruction Year
2023
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(b) Proposed zoning change or changes to the City's General Plan, if any, <br />necessary to accommodate the Project on the Property; <br />(c) A proposed financing plan identifying financing sources for all private and <br />public improvements proposed for the Project; and <br />(d) A preliminary financial analysis demonstrating the costs and benefits to the <br />City regarding all construction, maintenance and operations of all proposed public improvements, <br />the costs of additional or increased levels of public services and any new public revenues <br />anticipated to be generated by the Project. Said information shall be provided in an Economic <br />Development Subsidy Report and/or Community Benefit Report, as determined and requested by <br />the City. <br />4. Negotiation of DDA, During the Negotiation Period, the Parties shall negotiate <br />diligently and in good faith to negotiate a DDA among them. The Parties shall generally cooperate <br />with each other and supply such documents and information as may be reasonably requested by <br />the other to facilitate the conduct of the negotiations. The Parties shall exercise reasonable efforts <br />to complete discussions relating to the terms and conditions of a DDA and such other matters, as <br />may be mutually acceptable to the Parties, in their respective sole discretion. The exact terms and <br />conditions of a DDA, if any, shall be determined during the course of these negotiations. Nothing <br />in this Agreement shall be interpreted or construed to be a representation or agreement by either <br />the City or the Developer that a mutually acceptable DDA will be produced from negotiations <br />under this Agreement. Nothing in this Agreement shall impose any obligation on either Party to <br />agree to a definitive DDA in the future. Nothing in this Agreement shall be interpreted or <br />construed to be a guaranty, warranty or representation that any proposed DDA that may be <br />negotiated by City staff and the Developer will be approved by the governing bodies of the City. <br />The Developer acknowledges and agrees that the City's considerations of any DDA is subject to <br />the sole and absolute discretion of their City Council and all legally required public hearings, <br />public meetings, notices, factual'findings and other determinations required by law. <br />5. Restrictions Against Change in Ownership, Management and Control of <br />Developer and Assignment of Agreement. <br />(a) The qualifications and identity of the Developer and its principals are of <br />particular concern to the City. It is because of these qualifications and identity that the City has <br />entered into this Agreement with the Developer. During the Negotiation Period, no voluntary or <br />involuntary successor -in -interest of the Developer shall acquire any rights or powers under this <br />Agreement, except as provided in Section 5(c). <br />(b) The Developer shall promptly notify the City in writing of any and all <br />changes whatsoever in the identity of the business entities or individuals either comprising or in <br />Control (as defined in Section 5(d)) of the Developer, as well as any and all changes in the interest <br />or the degree of Control of the Developer by any such person, of which information the Developer <br />or any of its shareholders, partners, members, directors, managers or officers are notified or may <br />otherwise have Imowledge or Information. Upon the occurrence of any significant or material <br />change, whether voluntary or involuntary, in ownership, management or Control of the Developer <br />(other than such changes occasioned by the death or incapacity of any individual) that has not been <br />-3- <br />
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