Contracts & Agreements_33-1967 - Laserfiche WebLink

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vided under the law to implement the property owners' re- quest for the creation of a mall on State Street between Orange and Fourth Streets; provided, however, that City shall not be obligated to expend public funds therefor. Second: Within fifteen (15) days after vacation of the vacated property, Security will commence construction of Town Square and will diligently proceed to complete Town Square in accord with the approved Town Square plans. Third: Following commencement of construction of Town Square, Authority will take such steps and procedures as will allow it to submit for bid a bond issue in an amount sufficient to purchase the property required for the Eureka Lot and to construct said lot, but not to exceed $600,000. Fourth: Authority shall acquire all property required for the Eureka Lot and complete construction of said lot not later than the date of completion of the department store, which date shall be furnished to Authority by Security, in writing, not less than six (6) months prior to the anticipated date of completion. In acquiring the property required for the Eureka Lot, Authority shall pay to the owners of said lots all sums expended by them in acquiring and holding said property, plus interest at the rate of six percent (6%) per annum, except that in the case of property acquired from Security and City no interest shall be paid. Fifth: Upon completion of the department store, Harris agrees to occupy said store and operate said store for a period of not less than thirty (30) years, and during said period Harris agrees to pay for customer parking on a valida- tion basis at the same rate which is then charged on other public parking lots. Sixth: Security agrees that in the event revenues SURR 8: HELLYER ATTORN4YS AT LAW to the City from parking fees from the Eureka Lot, and from SAN 8ERNARb1NO, CALIFORNIA -4 -