RES 85505 - Laserfiche WebLink

NOW, THEREFORE, in consideration of the faithful performance of the terms, conditions, covenants and promises set forth herein, the parties hereto agree as follows: 1. Developable Parcel. City agrees to exercise due diligence to negotiate with SPTCo for a land trade and tail track configuration which leaves Madden with a developable parcel in conjunction with the Valley Avenue Extension Project. 2. Landowner Acceptance. Landowner agrees that if such a land trade as described in Section 1 is negotiated, Landowner will indicate the acceptability or nonacceptability of the proposed land trade within twenty-four (24) hours in writing. Landowner will then exercise due diligence to implement that land trade by submitting a lot consolidation and resubdivision application and tendering the exchange of deeds with SPTCo. 3. Assessment District. City reserves the right to include the Property 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. 4. Support for Assessment District. Landowner 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. 5. Right to Protest Allocation of Assessments. Landowner 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 assessments on the Property - 2 -