Laserfiche WebLink
<br />8. Developer’s Cooperative Efforts. Developer understands that Beam <br />Development (“Beam”) has also been selected from the RFQ responses, and that a <br />portion of West Broadway may be redeveloped by Beam. URA and Developer <br />understand that Beam and Developer intend to enter into an agreement that will <br />outline a process for cooperation between the separate redevelopment projects. <br />Notwithstanding any agreements that may be reached between Developer and <br />Beam, URA understands that Developer and Beam will work cooperatively and use <br />their best efforts to achieve scheduling and cost efficiencies between the projects <br />during the period of redevelopment. Notwithstanding such goals of cooperation and <br />efficiencies, URA and Developer acknowledge that Developer’s proposed project will <br />be undertaken independently of Beam’s project in that Developer and Beam will <br />enter into separate agreements with URA relating to their respective redevelopment <br />efforts which will create wholly separate obligations, rights and responsibilities of <br />Developer and Beam. Nothing in this Memorandum is intended to create a <br />contractual relationship, partnership or joint venture between Developer and Beam <br />or to make the undertakings of Developer and URA contingent on the <br />redevelopment project proposed by Beam. <br /> <br />9. Conditions Precedent to Developer’s Redevelopment Project. In its response to <br />the RFQ, Developer outlined conditions precedent to redevelopment which included, <br />a) completion of the purchase agreements/extension of options on properties; b) <br />completion of due diligence relating to typical developer issues, including title, <br />environmental, geotechnical matters, and market substantiation; c) letter of intent <br />with a cinema company for multiplex theatre; d) letter of intent with a grocer; and e) <br />completion of land use analysis demonstrating land use entitlements. URA and <br />Developer acknowledge these conditions, and the Parties will use their best efforts <br />to work cooperatively and diligently to satisfy these conditions. <br /> <br />10. URA Option Agreements. URA has signed purchase option agreements on <br />several of the properties within West Broadway. Developer understands that URA is <br />under no obligation to exercise the purchase options. URA will use best efforts to <br />extend the purchase option terms in accordance with the purchase option <br />agreements, and secure purchase options on properties within West Broadway that <br />are not currently owned or controlled by URA. <br /> <br />11. Public Assistance. URA has certain redevelopment programs, tools and <br />incentives generally available to assist in Developer’s redevelopment of West <br />Broadway. URA will use best efforts to initiate the necessary processes and to <br />otherwise assist Developer with respect to such programs, tools and incentives. <br />However, the availability of such programs, tools, and the cooperation of the URA <br />does not obligate the URA to participate in Developer’s project at this time. <br /> <br />12. URA Property – Reports. URA will use its best efforts to make available to <br />developer copies of existing URA Property information including environmental <br />reports, purchase option agreements, title reports and appraisals. Developer <br />understands that URA makes no representation or warranty with respect to the <br /> <br /> <br />