Common use of Description of Redevelopment Entity Covenants Clause in Contracts

Description of Redevelopment Entity Covenants. The covenants to be imposed upon the Redevelopment Entity, enforceable by Redeveloper for the term of this Agreement, shall be as follows: (1) The Redevelopment Entity shall consider in good faith any application filed by the Redeveloper seeking to enter into a Financial Agreement with the City in respect to the Project and Project Site, with such terms as Redeveloper and the City would agree fairly provides a substantial economic incentive to Redeveloper to develop the Project Site pursuant to the Redevelopment Plan and as contemplated hereby. In connection therewith, the Redevelopment Entity shall consider in good faith the authorization of $250,000.00 of Redevelopment Area Bonds to finance a portion of the costs of the Infrastructure Improvements consisting of certain infrastructure improvements to Crane Street. In the event the City and the Redeveloper cannot agree as to the terms of the Financial Agreement or Redevelopment Area Bond financing, the Redeveloper may terminate this Agreement without penalty. (2) The Redevelopment Entity shall not repeal, amend, modify or otherwise materially alter any Redevelopment Entity Official Actions or City Official Actions contemplated by this Agreement, and the Redevelopment Entity shall adopt and keep in full force and effect all such other Redevelopment Entity Official Actions as may be needed from time to time to allow Redeveloper to implement the Redevelopment Project on the Project Site as contemplated hereby. (3) If the Project substantially conforms to the Redevelopment Plan, or one or more of the development regulations are at variance, the Redevelopment Entity shall request that the Planning Board and, if required by applicable law, the legislative and/or executive branch of the City, consider amending the Redevelopment Plan in accordance with Redeveloper’s proposed development. Failure by the Planning Board to amend the Redevelopment Plan pursuant to a request by the Redevelopment Entity does not release the Redeveloper of its obligation to perform in accordance with this Agreement.

Description of Redevelopment Entity Covenants. The covenants to be imposed upon the Redevelopment Entity, enforceable by Redeveloper for the term of this Agreement, shall be as follows: (1) The Redevelopment Entity shall consider in good faith any application filed by use its best efforts to cause the Redeveloper seeking City to enter into a Financial Agreement with the City in respect to the Project and Project Site, Site with such terms as Redeveloper and the City would agree fairly provides a substantial economic incentive to Redeveloper to develop the Project Site pursuant to the Redevelopment Plan and as contemplated hereby. In connection therewith, the Redevelopment Entity shall consider in good faith the authorization of $250,000.00 of Redevelopment Area Bonds to finance a portion of the costs of the Infrastructure Improvements consisting of certain infrastructure improvements to Crane Street. In the event the City and the Redeveloper cannot agree as to the terms of the Financial Agreement or Redevelopment Area Bond financingAgreement, the Redeveloper may terminate this Agreement without penalty. (2) The Redevelopment Entity shall not repeal, amend, modify or otherwise materially alter any Redevelopment Entity Official Actions or City Official Actions contemplated by this Agreement, and the Redevelopment Entity shall adopt and keep in full force and effect all such other Redevelopment Entity Official Actions as may be needed from time to time to allow Redeveloper to implement the Redevelopment Project on the Project Site as contemplated hereby. (3) If the Project substantially conforms to the Redevelopment Plan, or one or more of the development regulations are at variance, the Redevelopment Entity shall request that the Planning Board and, if required by applicable law, the legislative and/or executive branch of the City, consider amending the Redevelopment Plan in accordance with Redeveloper’s proposed development. Failure by the Planning Board to amend the Redevelopment Plan pursuant to a request by the Redevelopment Entity does not release the Redeveloper of its obligation to perform in accordance with this Agreement.

Description of Redevelopment Entity Covenants. The covenants to be imposed upon the Redevelopment Entity, enforceable by Redeveloper for the term of this Agreement, shall be as follows: (1) The Redevelopment Entity shall consider in good faith any application filed by use its best efforts to cause the Redeveloper seeking City to enter into a Financial Agreement with the City in respect to the Project and Project Site, Site with such terms as Redeveloper and the City would agree fairly provides a substantial economic incentive to Redeveloper to develop the Project Site pursuant to the Redevelopment Plan and as contemplated hereby. In connection therewith, the Redevelopment Entity shall consider in good faith the authorization of $250,000.00 of Redevelopment Area Bonds to finance a portion of the costs of the Infrastructure Improvements consisting of certain infrastructure improvements to Crane Street. In the event the City and the Redeveloper cannot agree as to the terms of the Financial Agreement or Redevelopment Area Bond financingAgreement, the Redeveloper may terminate this Agreement without penalty, but the Redeveloper shall be responsible to reimburse the City out of the escrow governed by the Escrow Agreement for all Redevelopment Entity Costs incurred through the date of termination of this Agreement and for all Redevelopment Entity Costs necessary to implement the termination of this Agreement. (2) The Redevelopment Entity shall not repeal, amend, modify or otherwise materially alter any Redevelopment Entity Official Actions or City Official Actions contemplated by this Agreement, and the Redevelopment Entity shall adopt and keep in full force and effect all such other Redevelopment Entity Official Actions as may be needed from time to time to allow Redeveloper to implement the Redevelopment Project on the Project Site as contemplated hereby. (3) If the Project substantially conforms to the Redevelopment Plan, or one or more of the development regulations are at variance, the Redevelopment Entity shall request that the Planning Board and, if required by applicable law, the legislative and/or executive branch of the City, consider amending the Redevelopment Plan in accordance with Redeveloper’s proposed development. Failure by the Planning Board to amend the Redevelopment Plan pursuant to a request by the Redevelopment Entity does not release the Redeveloper of its obligation to perform in accordance with this Agreement.