Res 2015-147/Trace PID Fire Station Agreement

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(d) The City shall have provided to Owner conceptual drawings and a site layout for the Fire Station. (e) The City shall have provided cost estimates in form reasonably acceptable to Owner demonstrating that the cost of the Fire Station, excluding land but including equipment, will be at least $4,000,000. (f) The City has certified to Owner in writing that (a) any funds or land provided by Owner as part of the Owner Contribution will be used only for the Fire Station, and (b) the Fire Station will be completed within 18 months after the City's receipt of the cash contribution provided under Section 2(b)(ii) below. 2. Owner's Contribution. Provided the conditions described in Section 1 above are met, Owner Contribution will be provided as follows: (a) Land. Owner will dedicate to the City a site that is no less than 3.0 acres, but not more than 3.3 acres, , in the approximate location shown on Exhibit "B" and identified in the PDD, that is acceptable to the City Manager. The site shall be dedicated by a metes and bounds description on or before the date of the City's issuance of the first "Major Public Improvement PID Bonds. The parties acknowledge that the deemed value of the site is $500,000. (b) Funds. Owner shall pay to the City $1,500,000 in cash as a contribution towards the design and construction of the Fire Station. Provided the conditions in Section 1 have been met, the funds shall be paid as follows: (i) $750,000 shall be paid within 2 years after the 1st certificate of occupancy has been issued for a single family residence in the Project, and (ii) $750,000 shall be paid within 4 years after the 1st certificate of occupancy has been issued for a single family residence. (c) PID Proceeds. Owner hereby agrees to set aside $500,000 from the Major Public Improvement PID Bonds as further provided in the PID Finance Agreement for design and construction of the Fire Station. 3. Miscellaneous. (a) Time is of Essence. Time is of the essence with respect to this Agreement. (b) Attorneys' Fees. In the event that either party seeks enforcement of this Agreement in any legal or equitable proceeding, the prevailing party in such proceeding shall be entitled to recover from the other party all expenses attributable to such proceeding, including interest, court costs and attorneys' fees. 2