2020-090 -Approving a Disposition and Development Agreement

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limits for bodily injury and property damage of ONE MILLION DOLLARS ($1,000,000) each occurrence and TWO MILLION DOLLARS ($2,000,000) aggregate. Such insurance shall be provided by a business or commercial vehicle policy. 2.1.4 `Bankruptcy Law" means Title 11, United States Code, and any other or successor State or Federal statute relating to assignment for the benefit of creditors, appointment of a receiver or trustee, bankruptcy, composition, insolvency, moratorium, reorganization, or similar matters. 2.1.5 `Bankruptcy Proceeding" means any proceeding, whether voluntary or involuntary, under any Bankruptcy Law. 2.1.6 `Builder's Risk Insurance" means "All Risk" builder's risk insurance on a completed value (non -reporting) basis, in an amount sufficient to prevent coinsurance, but. in any event not less than 100% of replacement value, including cost of debris removal, but excluding foundation and excavations, naming The City and The Developer, as their interests may appear. Such insurance shall also: (a) contain a waiver of subrogation against subcontractors; (b) state that "permission is granted to complete and occupy"; (c) cover, for replacement value, all materials and equipment on or about any offsite storage location intended for use for the Project; and (d) provide for a deductible not exceeding Ten Thousand Dollars ($10,000). 2.1.7 "CEOA" means the California Environmental Quality Act, Public Resources Code Sections 21000, et seq. 2.1.8 "CEOA Document" means any Addendum, Negative Declaration (mitigated or otherwise) or any Environmental Impact Report (including any addendum, amendment, subsequent or supplemental document) required by any Government to issue any discretionary Approval required for the Project. 2.1.9 "City Deed" means the deed in substantially the form of Exhibit "C" to this Agreement, conveying all of the City's interest in the Property to the Developer and containing a right of the City retake the Property under certain circumstances. 2.1.10 "City Funded Improvements" means the funding by the City of the actual reasonable costs up to a total of a maximum thirteen million dollars ($13,000,000) for the (i) the demolition of the existing three (3) level parking structure located on the Property, (ii) the preparation of the Project site for construction to a rough grade condition; (iii) the construction of Parcel A ("Public Parking Parcel") containing 211 public parking Spaces within the 10-story Parking Structure containing 444 parking spaces; (iv) construction of the private street reconnecting Sycamore Street between 3rd Street and 4th Street). 2.1.11 "City Manager' means the City Manager of the City or his or her designee or successor in function. 2.1.12 "City Parties" means, collectively, the City, its governing body, elected officials, employees, agents and attorneys. El 55394.00049\33239203.12