RES 85505 - Laserfiche WebLink

2, provided that City shall notify SPTCo in writing at least thirty (30) days prior to commencement of Stage 2 of the date on which such conveyance will be necessary. City will pay One Hundred Fifty-one Thousand Three Hundred Twenty-three Dollars ($151,323.00) to SPTCo in complete consideration of conveyance of SPTCo's interest in said Parcels A-1 and A-2. In view of the fact that the City has the power of eminent domain to carry out the project, SPTCo is making conveyances pursuant to this Agreement under threat of condemnation. 16. Subdivision of Radum Wye. It is the intention of SPTCo and City that the Radum Wye be divided to create various separate parcels, which shall include parcels for operating railroad right of way in part and shall also include two SPTCo developable parcels within the Radum Wye on either side of the proposed Valley Avenue (Parcels B and C on Exhibit A). It is further understood that Parcels B and C shall be provided with right turn in-right turn out access only to Valley Avenue. 17. Assessment District. a. City reserves the right to include Parcels B, C and D on Exhibit A, in an Assessment District or Benefit District which may be established by City to finance the project described in Application 83-12-29, as finally approved. City agrees that no other property now owned by SPTCo shall be included in said assessment or benefit district. b. SPTCo agrees to either 1) not protest establishment of the District, or 2) affirmatively vote for creation of the District or other mechanism, depending on the manner of creation of the funding mechanism. c. SPTCo retains the right to protest the costs and their allocation among various properties as to equitableness under any of the above-mentioned funding mechanisms if said assessments exceed an average of $20,000.00 per acre. This Agreement shall run with the land and be binding upon any and all heirs, assigns, and successors in interest of SPTCo having an interest in Parcels B, C and D. d. In addition, City agrees to pay SPTCo assessments on Parcels B, C and D to the extent that the levied assessment exceeds an average of $20,000.00 per acre. 18. Madden Parcel. a. To ensure appropriate planning and land development practices in the vicinity and in the mutual interest of all affected parties, it is necessary to provide for reconfiguration of the Madden parcel and the SPTCo remainder parcel from which the tail track will be removed as part of the Valley Avenue Extension project (Parcel D). - 7 -