Commitment Regarding Sale Price For Right Of Way Land Owned By a Developer Party Specified In NITM Program Sample Clauses

Commitment Regarding Sale Price For Right Of Way Land Owned By a Developer Party Specified In NITM Program. The NITM Program as adopted by the City specifies and refers to certain real property which is contemplated to be acquired by the City to construct the specified NITM traffic improvements. The City has indicated to the Developer Parties that if the City cannot acquire such real property through a voluntary sale from a Developer Party at a price acceptable to the City, the City’s management would recommend to the City Council the adoption of a resolution of necessity for the acquisition of such real property by eminent domain; however the City is willing to enter into a negotiated sale of the land to avoid the necessity for formal condemnation of the land. Under this threat of condemnation by the City, each of the Developer Parties agrees to sell this specified land to the City upon reasonable terms and conditions at a sale price specified in the NITM Program, with the 5% escalation factor in the sale price as defined in the NITM Program.
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