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1.5.3. Standards for Rehabilitation of Ineligible Properties. The Parties agree
<br />that Properties Nos. 1B, 3C, 8 and 13 will be developed by the Developer
<br />in compliance with the either the "Single Family and Two-Family
<br />Residential Guidelines" or the "Multiple Family Residential Guidelines"
<br />set forth in Chapters 6 and 7, respectively, of the Citywide Design
<br />Guidelines and all other applicable provisions of the Municipal Code. The
<br />Parties agree that FOL may provide information to the Agency in writing
<br />regarding reduced-cost solutions for implementing these rehabilitations,
<br />which the Agency will provide to the Developer, and the Developer will
<br />implement if the Developer reasonably determines that such solutions
<br />have no adverse consequences related to financing, construction and
<br />development of the Revised Station District Project.
<br />1.6. Timing of Rehabilitation. The Developer will initiate rehabilitation of the
<br />properties designated for rehabilitation as part of Phase R-2 of the Revised Station
<br />District Project within one hundred and eighty (180) days of the execution of any
<br />Tax Credit Regulatory Agreement by the Developer as a requirement of receiving
<br />the Tax Credits for Phase R-2 of the Revised Station District Project. Prior to
<br />initiation of rehabilitation, the Agency will continue to maintain the properties
<br />designated for rehabilitation according to current practices, policies and standards.
<br />1.7. Demolition of Specific Properties. As shown on the FOL Settlement Property
<br />Plan and as more specifically described in the FOL Settlement Property
<br />Descriptions, the Parties agree that Properties Nos. 3A, 613, 7, 9, 10, 11, 12, 13A,
<br />14, 15, 16, 17, and 18 may be demolished, as specifically set forth below:
<br />1.7.1. Properties No. 7, 12, 13A, 14, 15, 17, and 18. The Parties agree that
<br />demolition of Properties Nos. 7, 12, 13A, 14, 15, 17, and 18 may occur as
<br />soon as thirty (30) days after the Effective Date of this Agreement, or
<br />upon receipt of a Tax Credit award for Phase R-1, whichever comes first,
<br />or as otherwise needed to clear the parcels to permit receipt of future Tax
<br />Credit awards and/or other financing.
<br />1.7.2. Properties No. 3A and 6B. The Parties agree that demolition of Properties
<br />No. 3A and 6B will occur as part of Phase R-2 of the Revised Station
<br />District Project, and will not occur until the Developer is awarded Tax
<br />Credits for Phase R-2.
<br />1.7.3. Properties No. 9, 10, and 11. The Parties agree that so long as the Agency
<br />and/or the City owns Properties Nos. 9, 10, and 11, those properties, as
<br />well as structures on other parcels that the City or Agency may acquire on
<br />the Potential Park Site, may be demolished if and when the City formally
<br />designates any such parcel, or the entire Potential Park Site, for park/open
<br />space uses. As provided in Section 2, the Parties do not and will not
<br />contest said City approval.
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