NS-2031 - Laserfiche WebLink

Home Browse Search

250, magnitude of those development risks and uncertainties, Developer would not have agreed to commit itself to the development, unless the City had entered into this Agreement. G. The City, by electing to enter into contractual agree- ments such as this one, acknowledges that the obligations of the City shall survive beyond the term or terms of the present City Council members, that such action will serve to bind the City and future councils to the obligations hereby undertaken and this Agreement shall limit the future exercise of certain governmental and proprietary powers of the City. By approving this Agreement, the City Council has elected to exercise certain governmental powers at the time of its entering into this Agreement rather than deferring its actions to some undetermined future date. Accordingly, the City and Developer desire to enter into this Agreement in order to vest in Developer certain development rights pursuant to the terms of this Agreement. Such development rights are intended to allow for the development of the real property in accordance with the terms of this Agreement pursuant to the land use ordinances, rules, regulations and policies applicable as of the Effective Date, except as otherwise specified in this Agreement. WHEREFORE, in consideration of the foregoing and of their mutual and respective promises, and subject to the terms and conditions hereinafter set forth, the parties hereto do hereby agree as follows: 1. Property and Phasing. Developer and the City agree that the Property may be developed in one or more phases. The purpose of this Agreement is to form a binding agreement for the development of all such phases of the Property. For the purpose of this Agreement, "Phase I" shall mean the existing development dePicted as Parcel 1 on Exhibit "B", attached hereto and incor- porated herein. It is currently anticipated that the Property will be developed in three (3) subsequent phases, sometimes hereinafter referred to as "Phase II", as depicted on Exhibit "B" as Parcel 2, "Phase III", as depicted on Exhibit "B" as Parcel 3 and "Phase IV" as depicted on Exhibit "B" as Parcel 4. Developer, however, reserves the right to develop the Property in any number of phases, including without limitation, the ability to separately construct as separate phases, retail or restaurant improvements. The phrase "Project(s)" as used herein, shall be deemed to refer to any or all Phases of development. 2. Term. The term of this Agreement (hereinafter "Term") shall commence on the Effective Date of this Agreement, as set forth above, and shall continue for a period of fifteen (15) years from such date, unless sooner terminated pursuant to the provisions hereof. - 3 -