Ordinance No. 20055 - Laserfiche WebLink

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':~ ,r •d~ submitted for approval to City. Such plans and specifications shall be reviewed by Agency for compliance with the Plan. LTD shall further provide Agency with copies of all documents received or produced by LTD which in any way relate to the feasibility of the construction or operation of the Station within three ~3} days of LTD's receipt or production. 5.4 LTD agrees to reconvey the Property, free of encumbrances suffered or created by LTD, in the event the requirements of Paragraphs S .2 and 5.3 are not satisfied, and in the event Agency requests reconveyance. -The agreement to reconvey shall include provision for payment by Agency to LTD of an amount equal to the Fair Market Value consistent with FTA regulations} of the Prapert~r at the time of reconveyance. For purposes of reconveyance, Fair Market Value of the Property shall be as established by the same appraiser who established the original purchase price hereunder, or in the event of impossibility thereof, the repurchase price shall be established by arbitration conducted in accordance with the rules ai the American Arbitration Association. In the event of arbitration, LTD and Agency shall each pay one-half ~I/~} of the fees and costs of the Association dnd the arbitrator. 0n or before the Closing Date, LTD shall execute such document or documents in recordable form that Agency may require to make this covenant a matter of record with Lane County Deeds, and Records. 5.4.1 LTD shall provide Agency the first right to purchase the Property at such time as LTD decides to sell the Property. ~n the event LTD makes such a deternc~ination to sell the Property, it shall give Agency written notification of LTD's safe decision and Agency shall have sixty ~~0} days after receiving notification of LTD's intent to sell to inform LTD as to whether or not Agency intends to purchase the Property. Should Agency choose to purchase the Property, the purchase price shall be equal its Fair Market Value, as determined in accordance with the provisions of Paragraph 5.4. Cn or before the Closing Date, LTD shall execute such. document or documents in recordable farm that Agency may require to make this covenant a matter of record with Lane County Deeds and Records. 5.5 LTD agrees to provide, in addition to the $71o,~0a purchase price for the property, ~a} SEVEN HUNDRED STY-THREE THOUSAND DOLLARS ~$7b3,04o}for replacement parking ~n Garage Project"}, and fib} Surface Transportation Project ~"STP "} funds to the City or Agency in the amount of TwO HUNDRED FORTY-TwD THOUSAND DOLLARS ~$242,o~a}, which the City ar Agency will convert, not later than June 3a, 199G, to gas tax funds in the amount of TwO HUNDRED TWENTY-SEVEN THOUSAND DOLLARS 5.5.1 LTD's obligation to provide the SEVEN HUNDRED SLATY-THREE THOUSAND DOLLARS ~$?63,40} in replacement parking funds is conditioned upon ~a} the completion of the Garage Project, fib} the elimination of surface parking at the Station site, ~c} commencement of construction of the Station and ~d} LTD having reasonable expectation that a f"~nal building permit for station construction will be issued by City. Commencement of construction of the Station shall be defrned as when the Hammer Building is demolished and LTD determines that the Sta~.an site: is - suitable far construction to begin. - ..,.-,=: ~ :. ~ ,'_ 5.5.1.1 ~n the event LTD does not construct the Station, LTD nevertheless agrees to support and advocate in favor of the ~ transfer of THREE HUNDRED THOUSAND DOLLARS ~$3a4,4oa} in STP funds to the City far street improvement use. These street Page 3 -INTERGOVERNMENTAL AGREEMENT