Laserfiche WebLink
supplement the mitigation measures and conditions of approval imposed by the City of their <br />respective developments. Those improvements aze set forth in Exhibit A, attached hereto and made <br />apart hereof by this reference ("Improvements"}. <br />F. The Agency is willing to assist in the funding of the improvements but only from a <br />portion of the tax increment actually generated by the Nexus and Geneva Commons Projects and to <br />fund specified improvements that would reduce blight and benefit the Project Area. <br />G. The City's participation in this Agreement is limited to coordination of funding <br />and/or construction of certain, herein specified publicly owned improvements. <br />H. Nexus has agreed to construct some of the improvements, and pay for the <br />construction of others, as more fully set forth below ("Nexus Improvements"). <br />I. Geneva Commons has agreed to pay for a portion of the Nexus Improvements. <br />NOW, THEREFORE, the parties hereto do mutually agree as follows: <br />SCOPE OF WORK <br />A. Nexus shall construct and/or fund the improvements identified as "Nexus <br />Improvements" in Exhibit A hereto according to the schedule set forth in Exhibit B to this <br />Agreement, attached hereto and incorporated herein by this reference. Nexus shall be entitled to full <br />use of the funds deposited in the Nexus Escrow to undertake the Nexus Improvements. <br />B. In consideration for Nexus' agreement to construct and/or fund the Nexus <br />Improvement, Geneva Commons agrees to contribute a sum equal to its pro-rata shaze of residential <br />units between itself and Nexus (which is currently twenty-five percent (25%) pursuant to those <br />numbers set forth in sections A and B of the Recitals above) of the cost of the Nexus Improvements, <br />towards the cost thereof payable at the time called for below. Notwithstanding the foregoing, if <br />Nexus has not executed this Agreement prior to the date this Agreement becomes binding on <br />Geneva Commons (which the parties agree shall conclusively deemed to be the first day upon which <br />this Agreement has been executed by Geneva Commons, the City, the Agency and Sandpointe), then <br />Geneva Commons pro-rata share contribution to the Nexus Escrow shall be conclusively fixed at <br />twenty-five (25%) regardless of the actual number of residential units approved far it and Nexus. <br />C. If the entire Nexus and Geneva Commons Projects are constructed, Agency shall <br />cause the construction of the improvements identified as "Publicly-Owned Improvements" in <br />Exhibit A hereto according to the schedule set forth in Exhibit C to this Agreement, attached hereto <br />and incorporated herein by this reference. The parties acknowledge and agree that the total cost of <br />the publicly owned improvements, including studies, design and overhead ,shall not exceed Five <br />Million Dollars ($5,000,000.00). <br />2 <br />7 5A-44 <br />