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CARIBOU INDUSTRIES, INC.-2017
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CARIBOU INDUSTRIES, INC.-2017
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Last modified
5/18/2017 11:47:36 AM
Creation date
5/11/2017 1:53:53 PM
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Contracts
Company Name
CARIBOU INDUSTRIES, INC.
Contract #
A-2017-058
Agency
Planning & Building
Council Approval Date
3/21/2017
Destruction Year
0
Document Relationships
CARIBOU INDUSTRIES (2)-2017
(Amended By)
Path:
\Contracts / Agreements\C
CARIBOU INDUSTRIES-2017
(Amended By)
Path:
\Contracts / Agreements\C
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1. Incorporation. of Recitals. The Recitals of fact set forth above are true and <br />correct and are incorporated into this Agreement, in their entirety, by this reference. <br />2. 'Term of Agreement. <br />(a) The rights and duties of the City and the Developer established by this <br />Agreement shall commence on the first date on which all of the following have occurred <br />("Effective Date"): (1) execution of this Agreement by the authorized representative(s) of the <br />Developer and delivery of such executed Agreement to the City, and (2) approval of this <br />Agreement by the City's execution of this Agreement by their respective authorized <br />representatives and delivery of such executed Agreement to the Developer. The City shall each <br />deliver a fully executed counterpart original of this Agreement to the Developer, within ten (10) <br />calendar days after the governing bodies of the City have approved. this Agreement, and their <br />authorized representatives have executed this Agreement. This Agreement shall continue in <br />effect for the period of sixty (60) consecutive calendar days immediately following the Effective <br />Date ("Negotiation Period"). <br />(b) This Agreement shall automatically expire and be of no further force or <br />effect at the end of the Negotiation Period, unless, prior to that time, the City and the Developer <br />approve and execute a separate DDA acceptable to the two Parties, in their respective sole and <br />absolute discretion, in which case this Agreement will terminate on the effective date of such <br />DDA. <br />3. Obligations of Developer. During the Negotiation Period, the Developer shall <br />proceed diligently and in good faith to develop and present to City staff for review, all of the <br />following: <br />(a) A complete development application, together with the payment of all <br />applicable review fees for the Project on the Property that describes and depicts: (1) the location <br />and placement of proposed buildings and (2) the architecture and elevations of the proposed. <br />buildings; <br />(b) Proposed zoning change or changes to the City's General Plan, if any, <br />necessary to accommodate the Project on the Property; <br />(c) A written commitment from an agent of a recognized hotel chain which <br />written commitment must reflect the exact class and quality of the hotel brand; A proposed time <br />schedule and cost estimates for the development of the Project on the Property; <br />(d) A proposed financing plan identifying financing sources for all private and <br />public improvements proposed for the Project; and <br />(e) A preliminary financial analysis demonstrating the costs and benefits to <br />the City regarding all construction, maintenance and operations of all proposed public <br />improvements, the costs of additional or increased levels of public services and any new public <br />revenues anticipated to be generated by the Project. <br />-2- <br />
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