75A - CREVIER DEVELOPMENT AGMT. - Laserfiche WebLink

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a mortgage, securing money loaned to finance the improvements, or any part thereof Such Certificate of Completion is not a Notice of Completion as referred to in California Civil Code, Section 3093. D. Furthermore, such Certificate of Completion is separate and distinct from any Certificate of Occupancy to be issued by the City pursuant to the Chapter 8 ofthe Santa Ana Municipal Code (incorporating by reference and amending the California Building Code), and referenced in the Section 207 hereto, for the construction required by this DDA or any part thereof No Certificate of Completion shall be issued by the Agency's Executive Director for the construction required by this DDA until after the issuance by the City of all applicable Certificates of Occupancy for such construction. ARTICLE IV - DISPOSITION OF THE AGENCY'S PROPERTY Section 401. Sale of Parcel A and Parcel B. A. In accordance with, and subject to, all of the terms, covenants and conditions of this DDA, Agency agrees to convey Parcel A and Parcel B to Developer through the escrow established pursuant to section 408 hereof at the office of First American Title Insurance Company, I First American Way, Santa Ana California, promptly upon satisfaction of the terms and conditions specified in this DDA for the "Purchase Price" of THREE MILLION SIX HUNDRED NINETY ONE THOUSAND NINE HUNDRED FORTY DOLLARS AND 00 CENTS ($3,691,940.00), this being $20.00 per gross square foot for the 184,597 square feet to be transferred (including the 161 square foot Option Area). The parties acknowledge and agree that this escrow shall close separately at different times for Parcel A as opposed to Parcel B and that the Agency may, at its sole option, adjust the purchase price of the initial parcel transferred by up to fifty cents ($0.50) per square foot; provided, however that in no event shall the purchase price for both parcels exceed $20.00 per square foot or $3,688,720.00. B. The parties acknowledge and agree that, as confirmed by the written Report prepared on the Agency's behalf pursuant to California HeaIth & Safety Code § 33433, a true and correct copy of which is on file with the Secretary of the Agency, the Purchase Price represents both the "fair market price" of the City Parcels as that term is used in California Labor Code § 1720(b), and the "fair market value" of the Property as that term is defined in said section and other provisions of California law, and that neither the Purchase Price or any other element of this Agreement provides a subsidy by the Agency to the Developer. Any sums paid by the Agency with respect to acquisition to the Property represents an expenditure of costs that would normally be borne by the public, or provides directly or indirectly a public subsidy to a private development project that is de minimis in the context of the project. ~ C. Simultaneously with Closing on Parcel A, Agency shall also irrevocably assign for' $1.00 to Developer its written option to acquire the Option Area. If Developer acquires the Option Area, pursuant to the terms and conditions ofthis assigned option, it shall integrate the Option Area into the Project. 11