ORD 1398 - Laserfiche WebLink

In addition to opportunities for participa- tion by individual persons and firms, participation shall be available for two or more persons, firms or institutions to join together in partnerships, corporations or other joint entities. Participation opportunities shall necessarily be subject to and limited by such factors as: (1) the' elimination and changing of some land uses; (2) the con- struction, widening or realignment of some streets; (3) the ability of participants to finance acquisition and develop- ment or rehabilitation in accordance with this Plan; (4) the reduction in the total number of individual parcels in the Project Area; and (5) the construction or expansion of pub- lic facilities. 3. [~305] Participation AareementS The Agency may require that, as a condition to participation in redevelopment, each participant shall enter into a binding agreement with the Agency by which the participant agrees to rehabilitate, develop and use and maintain the property in conformance with this Plan and to be subject to the provisions hereof. In such agreements, participants who retain real property shall be required to join in the recordation of such documents as may be neces- sary to make the provisions of this Plan applicable to their properties. Whether or not a participant enters into a participation agreement with the Agency, the provisions of this Plan are applicable to all public and private property in the Project Area. In the event a participant fails or refuses to rehabilitate, develop and use and maintain its real property pursuant to this Plan and a participation agree- ment, the Agency may take appropriate legal action to enforce the provisions of this Plan and such participation agreement. 4. [§306] ConfOrming 0wn~rs The Agency may, at its sole and absolute discretion, determine that certain real property within the Project Area presently meets the requirements of this Plan, and the owner of such property will be permitted to remain as a conforming owner without a participation agreement with the Agency, provided such owner continues to operate, use and maintain the real property within the requirements of this Plan. However, a conforming owner may be required by the Agency'to enter into a participation agreement with the Agency in the event that such owner desires to: (a) con- struct any additional improvements or substantially alter -5-