CARIBOU INDUSTRIES (13) - Laserfiche WebLink

Home Browse Search

Mixed -Use and Hotel Development Located at 201 West Third Street; and, Resolution No. 2020- 090 approving the DDA and authorizing the City Manager to enter into the DDA with Declarant. H. Per the DDA, the City agreed to pay the actual reasonable costs tip to a total of a maximum thirteen million dollars ($13,000,000) for the following improvements (the "City Funded Improvements"): (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 the Public Parking Parcel within the 10-story Parking Structure containing 444 parking spaces; and, (iv) construction of the private street reconnecting Sycamore Street between 3rd Street and 4th Street. I. Pursuant to section 5.10.2 (d) of the DDA "Developer shall personally guarantee the City Financing and said guarantee shall be recorded against the Property. Said guarantee shall prohibit the subdivision of the property until such time as the City Funded Improvements have bean paid in their entirety. Should Developer fail to make a monthly payment, City shall be entitled to Foreclose upon the Property. City shall be entitled to recover the unpaid portion of the City Funded Improvemeats and any costs associated with the Funding. and Foreclosure including but not limited to the time and expenses of the City Attorney's Office, other City staff, any Consultants or experts retained in connection with the Third Party Challenge, attorneys fees of Citys selected outside counsel, and litigation costs shall be fully reimbursed to City by the funds obtained in the Foreclosure." J. The City is willing to utilize City Funds to finance the construction of the City Funded Improvements. K. City and Borrower agree that Borrower shall repay City for any and all costs incurred by City including interest for the Public Improvement Loan. L. Upon close of escrow pursuant to the DDA, Borrower will be the owner of the Property. M. The Project will provide significant public benefit to the City, both by providing additional options for visitors to stay in the City of Santa Ana for both business and pleasure, and by providing significant additional General Fund revenue to the City to provide needed public services. N. City is willing to make the Public Improvement Loan for the City Funded Improvements subject to the terms and conditions set forth herein, provided that Stich Public Improvement Loan is used solely for the construction of the City Funded Improvements that are required for the Project. NOW, THEREFORE, the Parties agree as follows: ARTICLE 1 Section 1.1 Definitions. The following capitalized terms have the meanings set forth in this Section 1.1 wherever used in this Agreement, unless otherwise provided: (a) "Agreement" means this Public Improvement Loan Agreement. 55394.00049140884170.E 2