Courthouse Square Agreements (compiled notebook)

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7. Share the expense of operating and maintaining the condominium; and ~ 8. Hold the land area on the north side of the Senator Block as a flexible unit for future development. The condominium bylaws commit the county and the district to: 1. Hold regular meetings, adopt a budget, manage and operate the condominium by unanimous consent; 2. Appoint directors for management of the condominium; 3. Pay assessments; 4. Use the condominium for specified uses, included government offices and operations, and leased office space; and 5. Insure the office building. The ground lease commits the county and the district to: ~ l. Lease the ground to the county; 2. Execute the condominium declaration and bylaws; 3. Provide for ground rents; 4. Protect the ground from liens and encumbrances; 5. Compel insurance of any improvements on the premises; 6. Construct the contemplated improvements known as Courthouse Square; and ., ~. 7. Exercise rights as landowners to compel compliance with all of the above agreements. FISCAL IMPACT: Variable. The county is committed to this project. However, the county has retained control over the determination of final design and final budget. The county will be obligated to seek a revenue bond or other financing to build and operate the facility if the district and the county proceed. These costs have been anticipated by the county. Financing will not involve any new taxes or fees to be paid by the public. If the project does not proceed, the county will be obligated to buy back the district's interest in ~ the property for the sums paid by the district.