RES 00011 - Laserfiche WebLink

Francisco's 50% shall be added to the $100 million in net cash paid to San Francisco at the closing. 3.4 Processing of Application. Beginning immediately upon San Francisco's selection of the successful bidder, Pleasanton shall expeditiously process a formal project variant to San Francisco's existing development application incorporating the successful bidder's proposal. Pleasanton shall complete formal project review with final City Council action to be taken no later than May 30, 2000. 3.5 Environmental Investigations. San Francisco will allow the successful bidder to have access to the 72 acres before the closing for environmental due diligence investigations, pursuant to San Francisco's standard form of perrnit. 3.6 Development Approvals. It shall be Pleasanton's sole risk and responsibility to (1) negotiate with the successful bidder to reach entitlements that will allow the successful bidder to pay not less than its bid amount on the June 30, 2000 closing date, and (2) ensure that the successful bidder pays its bid amount on that date. If Pleasanton and the bidder fail for any reason to reach agreement on such entitlements, or if the successful bidder fails to close for any reason, with the result that the purchase price orS100 million, plus 50% of the bid over $50 million for the 72 acre developable parc~els, is not paid to San Francisco on the closing date, the Purchase and Sale Agreement will terminate. Associated Agreements. In connection with the sale of the Bemal Property pursuant to the terms of this Term Sheet, San Francisco and Pleasanton will not enter into any of the collateral agreements contemplated under San Francisco's pending development application, including, without limitation, the Bemal Bridge and Consultant Fee Reimbursement Agreement or the agreement respecting San Francisco's property on Verona Road, and San Francisco shall have no liability for any of the obligations described in such agreements. Notwithstanding the above, San Francisco, on the closing of the purchase and sale of the B emal Property: (1) will pay to Pleasanton the consultant's fee for preparation of San Francisco's existing EIR and (2) will present to Pleasanton a letter outlining its plans for the Verona Road site. Processing of San Francisco's Development Applica~;ion. Upon San Francisco's request at any time prior to the closing of the purchase and sale of the Bemal Property, Pleasanton's City Council will take final action on San Francisco's pending development application for the entire Bemal Property, as it may be modified at San Francisco 's discretion, and place the project on the next available ballot for voter approval. Termination 0fThis Term Sheet. In the event that (1) the bond measure fails to pass on March 7, 2000; or (2) Pleasanton fails to certify San Francisco's EIR on or before February 15, 2000; or (3) the initial bid described in Subsection 3.3 fails to result in a minimum purchase offer of at least $50 million; or (4) Pleasanton's City Council fails to take final action to entitle the successful bidder's proposal on or before May 30, 2000; or (5) San Francisco and Pleasanton fail to reach agreement on a Purchase and Sale Agreement; or (6) the closing of the purchase and sale of the Bemal Property fails to 4 BRNLTRM8.D97