Daylighting and the Riverwalk Sample Clauses

Daylighting and the Riverwalk. (a) Subject to receipt of the DASNY Grant, the City shall cause NMSDC or YIDA to acquire the NMSDC Parcels. The portions of the NMSDC Parcels that constitute the Retained Unit(s) on which the Daylighting and Riverwalk will occur shall be conveyed to the YIDA Affiliate. The Company shall as agent of the YIDA Affiliate cause to be constructed and/or installed all improvements that are necessary for the Daylighting and the Riverwalk. Upon Substantial Completion of the Daylighting and Riverwalk, the YIDA Affiliate shall retain its interests in the Retained Unit(s) on which the Daylighting and Riverwalk have been constructed, the bed/channel of the Saw Mill River and all structural and non-structural improvements that constitute the channel of the river and the Riverwalk. (b) The Daylighting and Riverwalk confer significant public benefits. In recognition of these significant public benefits, the parties acknowledge and agree that the Retained Unit(s) on which the Daylighting and Riverwalk will be constructed shall be retained by the YIDA Affiliate unless the City or City Entity requests ownership in which event the requesting party shall receive ownership; in all events subject to the Public Access Easement Agreement substantially in form acceptable to City Corporation Counsel and in consultation with the City Council, pursuant to which an easement of public access to, and use of, the Riverwalk is granted, subject to the conditions and restrictions that are set forth in the agreement, it being the intent of the parties that, among other things, the use and operation of the Riverwalk shall be subject to reasonable limitations consistent with the operation of the RPC Commercial Building, and shall not be public parkland. (c) The costs to acquire title to and xxxxxxxx the NMSDC Parcels for the Daylighting and Riverwalk shall be the responsibility of the City, to the extent of the DASNY Grant and any other Public Funding which may be received; provided that the portions of such NMSDC Parcels on which commercial components of the Project (and not the Daylighting and Riverwalk) are to be constructed, if any, shall be sold to the Company for market value consideration; and further provided that such consideration shall be used solely to defray costs of Daylighting and construction of the Riverwalk. The remaining costs of Daylighting and the costs of the Riverwalk improvements shall be the responsibility of the Company. The City and the Company agree in good faith to ...
Sample 1
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Related to Daylighting and the Riverwalk

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