Resolution 2012-48 - Laserfiche WebLink

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b. Cause the Property to be subdivided along property lines to be agreed between the parties as further described in Section 6 of this Agreement. Such subdivision would create two portions of the Property, one to include land and the Structure (hereinafter "Lot A ") and the other to include land and building known as the NAPA building (hereinafter "Lot B "). c. Stabilize and rehabilitate the Structure. d. Landmark the exterior of the Structure and record against the Property a conservation easement in gross in favor of the City, which easement shall be granted pursuant to Article 30.5, Title 38, C.R.S., for the purpose of preserving and protecting the Structure's historical, architectural, and cultural interest and value. e. Actively market Lot A until a suitable tenant occupies the Structure and provides additional improvements to the Property (renovations and additions as required beyond stabilization of the Structure) in accordance with plans approved by the City, to accommodate the tenant. f. Revitalize Lot B in accordance with plans approved by the City so it does not have a blighting influence on the neighborhood. g. Complete the site improvements needed for future use of both the Lot B building and Grain Elevator Structure portions of the Property, including parking, landscaping, drainage and other improvements provided for in the plans approved by the City and redevelop the remaining portions of the Property, which will include site development, a potential new addition to the Structure, with such redevelopment also including establishment of all infrastructure, utilities, landscaping, parking lot(s) and other improvements. The parties acknowledge and agree that, given the age and current condition of the Structure, any specific redevelopment of the remaining portions of the Property and any specific use of or improvements to be made to the Structure cannot be known until the stabilization, restoration and rehabilitation of the Structure is complete and Owner determines the best possible uses of the Structure and Property. 2. REHABILITATION GRANT - USE OF GRANT FUNDS: Pursuant to the disbursement schedule set forth in section 3 of this Agreement, the City agrees to reimburse and /or disburse to Owner, in compliance with this Agreement, an amount of up to $2,100,000 (the "Grant ") toward the purchase, stabilization, rehabilitation, and redevelopment of the Structure (the "Work "). The City shall not make any disbursements for reimbursement unless elements of the Work are in compliance with all applicable plans, specifications, approvals and requirements. Prior to the commencement of any activities for which Grant funds are requested, the Owner shall submit to the City a detailed Scope of Work with a description of all elements of the Work, professional cost estimates, a timeline for completion of the steps constituting the Work and such other information as the City may require. The Owner shall not commence such activities until the Scope of Work and the 2