Joint Ventures Partners. (1) Notwithstanding anything to the contrary, Redeveloper may enter into relationships with Joint Venture Partners for the undertaking of development, construction, operation, maintenance and/or ownership (or any portion or combination of the foregoing) of the Redevelopment Project on any portion of the Project Site, so long as such entity meets the following requirements (“Qualified Entity”): (a) to the extent that the Qualified Entity is proposed to be responsible for the development, construction, or operation of the Redevelopment Project, such entity shall, in the reasonable judgment of the Director, have the experience and capacity to undertake the development, construction and operation of the Redevelopment Project component in question; (b) to the extent that the Qualified Entity is proposed to be responsible for providing funding and/or financing for the Redevelopment Project component, such entity shall, in the reasonable judgment of the Director, have the capacity to provide funding and/or obtain financing, to provide performance security and to provide an equity contribution if and to the extent required to satisfy its obligations with respect to such Redevelopment Project component; (c) no petition under the Federal bankruptcy laws or any state insolvency law has been filed by or against, nor has a receiver, fiscal agent or similar officer been appointed by a court for the business or property of such Qualified Entity, or any entity in which such Qualified Entity was or is a general partner or member (and, in the case of an involuntary proceeding, such proceeding has not been terminated within sixty (60) days of its commencement) within the five (5) calendar years preceding the date on which a request for consent of the Qualified Entity is filed with the Redevelopment Entity; (d) any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity has not been convicted in a criminal proceeding and is not a named subject in a pending criminal proceeding, (excluding traffic violations or other minor offenses), and, to the best of such individual’s knowledge and belief, is not a target of or a potential witness in a criminal investigation; (e) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been a party to any contract or agreement with the Redevelopment Entity which has been terminated due to a default by such individual, partnership or entity or which is currently the subject of a dispute in which the Redevelopment Entity alleges such default nor is such individual, partnership or entity an adverse party in any currently pending litigation involving the Redevelopment Entity; (f) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been found in any civil or criminal action in or by a court or agency of competent jurisdiction to have violated any Federal or state law or regulation relating to the sale of securities or commodities or been enjoined from engaging in any trade or business for any reason other than the violation of a contractual non-competition provision; and (g) such Qualified Entity, and any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, has not violated any city, state, or federal ethics law and entering into the proposed transaction with Redeveloper will not cause any such violation or result in a conflict of interest. (2) Redeveloper and the proposed Qualified Entity shall submit to the Redevelopment Entity: (a) a written request for approval of the Qualified Entity (a “Qualified Entity Application”) executed by Redeveloper and by the proposed Qualified Entity specifying the component portion of a Redevelopment Project sought to be undertaken by the Qualified Entity, setting forth the full and correct legal name of the proposed Qualified Entity and any assumed names used by such proposed Qualified Entity during the preceding five (5) years, the principal place of business of such proposed Qualified Entity, the name, mailing address, telephone and fax number and email address of the such proposed Qualified Entity’s contact person to whom the Redevelopment Entity should direct communications and enquiries and stating the proposed date of and general terms of the proposed component; (b) an affidavit executed by the proposed Qualified Entity certifying that the statements contained in Section 12.10(1)(a) through (g), inclusive, are true and accurate as applied to the proposed Qualified Entity; (c) references who will confirm the proposed Qualified Entity’s qualifications to undertake the component of the Redevelopment Project in question; and (d) financial statements, including profit and loss and cash flow statements prepared in accordance with generally accepted accounting principles consistently applied for the three (3) fiscal years of the proposed Qualified Entity next preceding the date of submission of the application, or, if the last preceding fiscal year has ended less than one hundred and twenty (120) days prior to the date of application and financial statements for such year have not been completed, for the three fiscal years next preceding that year, which financial statements have been reviewed by an independent certified public accountant and certified by the chief financial officer of such entity to be true and complete. (3) The Redevelopment Entity shall consent to the Qualified Entity Application if such Qualified Entity satisfies the requirements as set forth above in this Section 12.10 within thirty (30) days of submission of the Qualified Entity Application, with such consent deemed given if no response is received from the Redevelopment Entity within such 30 day period. The Parties acknowledge and agree that such consent to any Qualified Entity Application is an administrative action and need not go before the City Council.
Appears in 1 contract
Samples: Redevelopment Agreement
Joint Ventures Partners. (1) Notwithstanding anything to the contrary, Redeveloper may enter into relationships with Joint Venture Partners for the undertaking of development, construction, operation, maintenance and/or ownership (or any portion or combination of the foregoing) of the Redevelopment Project on any portion of the Project Site, so long as such entity meets the following requirements (“Qualified Entity”):
(a) to the extent that the Qualified Entity is proposed to be responsible for the development, construction, or operation of the Redevelopment Project, such entity shall, in the reasonable judgment of the Director, have the experience and capacity to undertake the development, construction and operation of the Redevelopment Project component in question;
(b) to the extent that the Qualified Entity is proposed to be responsible for providing funding and/or financing for the Redevelopment Project component, such entity shall, in the reasonable judgment of the Director, have the capacity to provide funding and/or obtain financing, to provide performance security and to provide an equity contribution if and to the extent required to satisfy its obligations with respect to such Redevelopment Project component;
(c) no petition under the Federal bankruptcy laws or any state insolvency law has been filed by or against, nor has a receiver, fiscal agent or similar officer been appointed by a court for the business or property of such Qualified Entity, or any entity in which such Qualified Entity was or is a general partner or member (and, in the case of an involuntary proceeding, such proceeding has not been terminated within sixty (60) days of its commencement) within the five (5) calendar years preceding the date on which a request for consent of the Qualified Entity is filed with the Redevelopment Entity;
(d) any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity has not been convicted in a criminal proceeding and is not a named subject in a pending criminal proceeding, (excluding traffic violations or other minor offenses), and, to the best of such individual’s knowledge and belief, is not a target of or a potential witness in a criminal investigation;
(e) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been a party to any contract or agreement with the Redevelopment Entity which has been terminated due to a default by such individual, partnership or entity or which is currently the subject of a dispute in which the Redevelopment Entity alleges such default nor is such individual, partnership or entity an adverse party in any currently pending litigation involving the Redevelopment Entity;
(f) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been found in any civil or criminal action in or by a court or agency of competent jurisdiction to have violated any Federal or state law or regulation relating to the sale of securities or commodities or been enjoined from engaging in any trade or business for any reason other than the violation of a contractual non-competition provision; and
(g) such Qualified Entity, and any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, has not violated any city, state, or federal ethics law and entering into the proposed transaction with Redeveloper will not cause any such violation or result in a conflict of interest.
(2) Redeveloper and the proposed Qualified Entity shall submit to the Redevelopment Entity:
(a) a written request for approval of the Qualified Entity (a “Qualified Entity Application”) executed by Redeveloper and by the proposed Qualified Entity specifying the component portion of a Redevelopment Project sought to be undertaken by the Qualified Entity, setting forth the full and correct legal name of the proposed Qualified Entity and any assumed names used by such proposed Qualified Entity during the preceding five (5) years, the principal place of business of such proposed Qualified Entity, the name, mailing address, telephone and fax number and email address of the such proposed Qualified Entity’s contact person to whom the Redevelopment Entity should direct communications and enquiries and stating the proposed date of and general terms of the proposed component;
(b) an affidavit executed by the proposed Qualified Entity certifying that the statements contained in Section 12.10(1)(a) through (g), inclusive, are true and accurate as applied to the proposed Qualified Entity;
(c) references who will confirm the proposed Qualified Entity’s qualifications to undertake the component of the Redevelopment Project in question; and
(d) financial statements, including profit and loss and cash flow statements prepared in accordance with generally accepted accounting principles consistently applied for the three (3) fiscal years of the proposed Qualified Entity next preceding the date of submission of the application, or, if the last preceding fiscal year has ended less than one hundred and twenty (120) days prior to the date of application and financial statements for such year have not been completed, for the three fiscal years next preceding that year, which financial statements have been reviewed by an independent certified public accountant and certified by the chief financial officer of such entity to be true and complete.
(3) The Redevelopment Entity shall consent to the Qualified Entity Application if such Qualified Entity satisfies the requirements as set forth above in this Section 12.10 within thirty (30) days of submission of the Qualified Entity Application, with such consent deemed given if no response is received from the Redevelopment Entity within such 30 day period. The Parties acknowledge and agree that such consent to any Qualified Entity Application is an administrative action and need not go before the City Council.. ¶
Appears in 1 contract
Samples: Redevelopment Agreement
Joint Ventures Partners. (1) Notwithstanding anything to the contrary, Redeveloper may enter into relationships with Joint Venture Partners for the undertaking of development, construction, operation, maintenance and/or ownership (or any portion or combination of the foregoing) of the Redevelopment Project on any portion of the Project Site, so long as such entity meets the following requirements (“Qualified Entity”):
(a) to the extent that the Qualified Entity is proposed to be responsible for the development, construction, or operation of the Redevelopment Project, such entity shall, in the reasonable judgment of the Director, have the experience and capacity to undertake the development, construction and operation of the Redevelopment Project component in question;
(b) to the extent that the Qualified Entity is proposed to be responsible for providing funding and/or financing for the Redevelopment Project component, such entity shall, in the reasonable judgment of the Director, have the capacity to provide funding and/or obtain financing, to provide performance security and to provide an equity contribution if and to the extent required to satisfy its obligations with respect to such Redevelopment Project component;
(c) no petition under the Federal bankruptcy laws or any state insolvency law has been filed by or against, nor has a receiver, fiscal agent or similar officer been appointed by a court for the business or property of such Qualified Entity, or any entity in which such Qualified Entity was or is a general partner or member (and, in the case of an involuntary proceeding, such proceeding has not been terminated within sixty (60) days of its commencement) within the five (5) calendar years preceding the date on which a request for consent of the Qualified Entity is filed with the Redevelopment Entity;
(d) any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity has not been convicted in a criminal proceeding and is not a named subject in a pending criminal proceeding, (excluding traffic violations or other minor offenses), and, to the best of such individual’s knowledge and belief, is not a target of or a potential witness in a criminal investigation;
(e) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been a party to any contract or agreement with the Redevelopment Entity which has been terminated due to a default by such individual, partnership or entity or which is currently the subject of a dispute in which the Redevelopment Entity alleges such default nor is such individual, partnership or entity an adverse party in any currently pending litigation involving the Redevelopment Entity;
(f) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been found in any civil or criminal action in or by a court or agency of competent jurisdiction to have violated any Federal or state law or regulation relating to the sale of securities or commodities or been enjoined from engaging in any trade or business for any reason other than the violation of a contractual non-competition provision; and
(g) such Qualified Entity, and any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, has not violated any city, state, or federal ethics law and entering into the proposed transaction with Redeveloper will not cause any such violation or result in a conflict of interest.
(2) Redeveloper and the proposed Qualified Entity shall submit to the Redevelopment Entity:
(a) a written request for approval of the Qualified Entity (a “Qualified Entity Application”) executed by Redeveloper and by the proposed Qualified Entity specifying the component portion of a Redevelopment Project sought to be undertaken by the Qualified Entity, setting forth the full and correct legal name of the proposed Qualified Entity and any assumed names used by such proposed Qualified Entity during the preceding five (5) years, the principal place of business of such proposed Qualified Entity, the name, mailing address, telephone and fax number and email address of the such proposed Qualified Entity’s contact person to whom the Redevelopment Entity should direct communications and enquiries and stating the proposed date of and general terms of the proposed component;
(b) an affidavit executed by the proposed Qualified Entity certifying that the statements contained in Section 12.10(1)(a) through (g), inclusive, are true and accurate as applied to the proposed Qualified Entity;
(c) references who will confirm the proposed Qualified Entity’s qualifications to undertake the component of the Redevelopment Project in question; and
(d) financial statements, including profit and loss and cash flow statements prepared in accordance with generally accepted accounting principles consistently applied for the three (3) fiscal years of the proposed Qualified Entity next preceding the date of submission of the application, or, if the last preceding fiscal year has ended less than one hundred and twenty (120) days prior to the date of application and financial statements for such year have not been completed, for the three fiscal years next preceding that year, which financial statements have been reviewed by an independent certified public accountant and certified by the chief financial officer of such entity to be true and complete.
(3) The Redevelopment Entity shall consent to the Qualified Entity Application if such Qualified Entity satisfies the requirements as set forth above in this Section 12.10 within thirty (30) days of submission of the Qualified Entity Application, with such consent deemed given if no response is received from the Redevelopment Entity within such 30 day period. The Parties acknowledge and agree that such consent to any Qualified Entity Application is an administrative action and need not go before the City Council.thirty
Appears in 1 contract
Samples: Redevelopment Agreement
Joint Ventures Partners. (1) Notwithstanding anything to the contrary, Redeveloper may enter into relationships with Joint Venture Partners for the undertaking of development, construction, operation, maintenance and/or ownership (or any portion or combination of the foregoing) of the Redevelopment Project on any portion of the Project Site, so long as such entity meets the following requirements (“Qualified Entity”):
(a) to the extent that the Qualified Entity is proposed to be responsible for the development, construction, or operation of the Redevelopment Project, such entity shall, in the reasonable judgment of the Director, have the experience and capacity to undertake the development, construction and operation of the Redevelopment Project component in question;
(b) to the extent that the Qualified Entity is proposed to be responsible for providing funding and/or financing for the Redevelopment Project component, such entity shall, in the reasonable judgment of the Director, have the capacity to provide funding and/or obtain financing, to provide performance security and to provide an equity contribution if and to the extent required to satisfy its obligations with respect to such Redevelopment Project component;
(c) no petition under the Federal bankruptcy laws or any state insolvency law has been filed by or against, nor has a receiver, fiscal agent or similar officer been appointed by a court for the business or property of such Qualified Entity, or any entity in which such Qualified Entity was or is a general partner or member (and, in the case of an involuntary proceeding, such proceeding has not been terminated within sixty (60) days of its commencement) within the five (5) calendar years preceding the date on which a request for consent of the Qualified Entity is filed with the Redevelopment Entity;
(d) any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity has not been convicted in a criminal proceeding and is not a named subject in a pending criminal proceeding, (excluding traffic violations or other minor offenses), and, to the best of such individual’s knowledge and belief, is not a target of or a potential witness in a criminal investigation;
(e) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been a party to any contract or agreement with the Redevelopment Entity which has been terminated due to a default by such individual, partnership or entity or which is currently the subject of a dispute in which the Redevelopment Entity alleges such default nor is such individual, partnership or entity an adverse party in any currently pending litigation involving the Redevelopment Entity;
(f) neither such Qualified Entity, nor any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, nor any entity in which such individual was a manager, officer or holder, directly or indirectly, of an ownership interest in excess of ten (10%) percent, has been found in any civil or criminal action in or by a court or agency of competent jurisdiction to have violated any Federal or state law or regulation relating to the sale of securities or commodities or been enjoined from engaging in any trade or business for any reason other than the violation of a contractual non-competition provision; and
(g) such Qualified Entity, and any individual holding an ownership interest in excess of ten (10%) percent in such Qualified Entity, has not violated any city, state, or federal ethics law and entering into the proposed transaction with Redeveloper will not cause any such violation or result in a conflict of interest.
(2) Redeveloper and the proposed Qualified Entity shall submit to the Redevelopment Entity:
(a) a written request for approval of the Qualified Entity (a “Qualified Entity Application”) executed by Redeveloper and by the proposed Qualified Entity specifying the component portion of a Redevelopment Project sought to be undertaken by the Qualified Entity, setting forth the full and correct legal name of the proposed Qualified Entity and any assumed names used by such proposed Qualified Entity during the preceding five (5) years, the principal place of business of such proposed Qualified Entity, the name, mailing address, telephone and fax number and email address of the such proposed Qualified Entity’s contact person to whom the Redevelopment Entity should direct communications and enquiries and stating the proposed date of and general terms of the proposed component;
(b) an affidavit executed by the proposed Qualified Entity certifying that the statements contained in Section 12.10(1)(a13.11(1)(a) through (g), inclusive, are true and accurate as applied to the proposed Qualified Entity;
(c) references who will confirm the proposed Qualified Entity’s qualifications to undertake the component of the Redevelopment Project in question; and
(d) financial statements, including profit and loss and cash flow statements prepared in accordance with generally accepted accounting principles consistently applied for the three (3) fiscal years of the proposed Qualified Entity next preceding the date of submission of the application, or, if the last preceding fiscal year has ended less than one hundred and twenty (120) days prior to the date of application and financial statements for such year have not been completed, for the three fiscal years next preceding that year, which financial statements have been reviewed by an independent certified public accountant and certified by the chief financial officer of such entity to be true and complete.
(3) The Redevelopment Entity shall consent to the Qualified Entity Application if such Qualified Entity satisfies the requirements as set forth above in this Section 12.10 13.11 within thirty (30) days of submission of the Qualified Entity Application, with such consent deemed given if no response is received from the Redevelopment Entity within such 30 day period. The Parties acknowledge and agree that such consent to any Qualified Entity Application is an administrative action and need not go before the City Council.
Appears in 1 contract
Samples: Redevelopment Agreement
