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,~~ <br />without FTA's concurrence, and City agrees to place these covenants ~a} and fib} of record on <br />the title to the real property coincidentally with funding, Agency and City agree to comply with <br />the FTA requirements described in 5.5.3. ~ for the pardon of the project that is directly using <br />FTA funds . <br />5.5.4.2. Nothing in this Agreement shall be construed or interpreted in. a <br />manner which is or would be inconsistent with any laws, rules, orders, ordinances, directions, <br />regulations or requirements of federal, state, county or municipal authorities. <br />5.6 LTD agrees to seek alley vacation approval from the City of Eugene. <br />5.6.1 LTD agrees to purchase from Agency or City the area of the alleys to <br />which Agency would acquire title at the time the alleys are vacated. The purchase price shall <br />be an amount equal to the fair market ~ value, currently estimated at approxunately ONE <br />HUNDRED THOUSAND DOLLARS ~$100,~00}, as established by the City Council at the time <br />that the Council considers the alley vacation. <br />5.6.2 LTD's obligation under Paragraph 5.5 to pay SEVEN HUNDRED S1XTY- <br />T`H'REE THOUSAND DOLLARS x$763,000} is premised upon the parties' belief that the City <br />Council will require LTD to pay to the City for the alleys the sum of QNE HUNDRED <br />THOUSAND DOLLARS x$100,000}. In the event that LTD pays less than ONE HUNDRED <br />THOUSAND DOLLARS x$100,000}, then the SEVEN HUNDRED SIXTY-THREE <br />THOUSAND DOLLARS ~ x$763,040} shall be increased by the difference between ONE <br />HUNDRED THOUSAND DOLLARS x$100,000} and the amount LTD pays for the alleys. In <br />the event that LTD pays more than ONE HUNDRED THOUSAND DOLLARS x$140,400},then <br />the SEVEN HUNDRED SIXTY-THREE THOUSAND DOLLARS x$763,000} shall be <br />decreased by the difference between ONE HUNDRED THOUSAND DOLLARS x$140,000}and <br />the amount LTD pays for the alleys. In the event that LTD is~ unable ~ to have the alleys vacated, <br />then the amount of LTD's obligation under Paragraph 5.5 shall be EIGHT HUNDRED SIXTY- <br />THREETHOUSAND DOLLARS ~$$~~ , ~~ . <br />5.6.3 If LTD demonstrates to the City's satisfac~on that LTD is unable to secure <br />the legally required consent of adjacent property owners to initiate vacation of the alleys, City <br />agrees tv .initiate vacatian. proceedings or to discuss with LTD other possible mechanisms for <br />addressing LTD's needs related to the alley space. <br />5.'T LTD agrees to a future contribution of ONE HUNDRED FIFTY THOUSAND <br />DOLLARS x$154,000} in STP funds, or such other funding sources designated by LTD, far the <br />Toth Avenue Corrmdor Project. LTD's obligation under this Paragraph 5.$ is conditioned upon <br />City providing matching funds. <br />5.8 LTD agrees to make a good faith effort to increase site density at such time as <br />substantial remade ~ of the Sta~.on occurs. - .. :: ~ ~ ~.. :, ~ ..a.- -~ a,-..:~.;~ - <br />~~ 'T• .. <br />5.9 LTD agrees to consider in good faith the City's acquisition of an option to <br />purchase and. develop LTD's air rights over the northwest corner of the. site, taking into <br />consideration LTD's needs and purposes for the site and the City's interest in civic development <br />Page 5 - INTERCrG'VERNMENTAL AGREEMENT <br />