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<br />Agreement with American Hot <br />Foods Systems <br />January 3, 2006 <br />Page 2 <br /> <br />. <br /> <br />Steadfast to demolish and clear all building improvements <br />structures on its existing property north of the Museum, <br />provide the City with a clean, rough graded site. Ci ty will <br />access rights to inspect the site prior to close of escrow. <br /> <br />and <br />and <br />have <br /> <br />· Steadfast to pay the sum of $750,000.00 toward the costs incurred <br />by City in constructing the Museum's north parking lot. <br /> <br />· City responsible for additional costs of constructing north parking <br />lot. <br /> <br />· Simultaneous escrow closing and delivery of possession of City and <br />Steadfast properties. <br /> <br />· Immediately following escrow closing, City will lease back its <br />former 20th Street parking lot from Steadfast for a 90 day period <br />for the sum of one dollar, and will allow Bowers Museum to continue <br />to use the lot for parking during construction of the new lot. <br /> <br />Commencement of construction of the museum's new improvements has begun <br />and is scheduled for completion in October 2006. Development of <br />Steadfast's condominium proj ect is anticipated to begin in September <br />2006. <br /> <br />FISCAL IMPACT <br /> <br />Upon approval of the appropriation adjustment, funds will be available in <br />the Bowers Museum Improvement Other than Buildings account (account no. <br />11-221-6631, Project 06-7214). <br /> <br />APPROVED AS TO FUNDS AND ACCOUNTS <br /> <br />v2e e will; <br /> <br />Patricia C. Whitaker <br />Executive Director <br />Community Development Agency <br /> <br />~\\.~"'<\.~~~A) ~~ L... <br />Francisco Gutierrez <br />Executive Director ~ <br />Finance & Management Services Agency <br /> <br />PCW/JLQ/mlr <br />H:\ACTIONS\2006 4-17-06 CC Bowers-Steadfast agmts.doc <br /> <br />20A-2 <br />