Special Provision Regarding Property 1 Sample Clauses

Special Provision Regarding Property 1. LRPMP Revised Part II indicates that the first priority plan for disposition of Property 1 is through a sale by the Successor Agency pursuant to Health and Safety Code Section 34191.5(c)(2)(B) ("Plan One"); and only if the Successor Agency determines that Plan One cannot be timely accomplished will the Successor Agency transfer Property 1 to the City for future redevelopment in accordance with Section 2 of this Agreement. If the Successor Agency does sell Property 1 pursuant to Plan One, then the proceeds of that sale will be distributed to the Taxing Entities directly pursuant to Health and Safety Code Section 34191.5(c)(2)(B); this Agreement shall not apply to Property 1; as used in this Agreement, the term "Properties" shall thereafter refer only to Property 2 and Property 3; and the Successor Agency and the City shall promptly notify the Taxing Entities of this outcome and effect.
Sample 1
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