§ 2.42.190. Agreements to Effectuate Intent of Negotiated Development.

A.

Any disposition of real property pursuant to this article shall be conditioned on the development and use of the property as negotiated. The City and the purchaser shall enter into a disposition and development agreement, lease disposition or development agreement, or similar agreement governing the transaction. Such agreement shall set forth the terms and conditions of the disposition of the property, the obligations of the purchaser to develop the agreed-upon project, and any long-term restrictions on the use of the property. The agreement may contain covenants or conditions running with the land, and may include rights of reverter, repurchase rights, termination rights, or other provisions securing the satisfactory performance of development covenants and other purchaser obligations.

B.

The City Administrator is authorized to negotiate and execute agreements and to take whatever other action is necessary with respect to the approved development. The City Attorney shall review and approve all documents and agreements related to the transaction as to form and legality, and a copy shall be placed on file with the City Clerk.

(Ord. No. 13287, § 3, 1-6-2015)