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<br />Commission; (6) Within ninety (90) days of the date hereof, Applicant shall demolish <br />and remove from the property the existing structures thereon and parking paving, (7) <br />Within the earlier of ninety (90) days from the date hereof or prior to the withdrawal of <br />any portion of the TDR's transferred hereunder from the TDR Bank, Applicant shall post <br />reasonable security, by bond/s or escrow/s reasonably acceptable to the City Manager and <br />Attorney in the amount of $800,000.00 to secure the cost of construction of the park and <br />public improvements to be located at the Casino Property in the event the City should <br />have to complete construction thereof, and a $5,000 bond/s or escrow/s-reasonably <br />acceptable to the City Manager and Attorney representing the potential cost of <br />environmental remediation or monitoring, as may be required by affected governmental <br />agencies. It is understood and agreed that irrespective of this $5,000 bond, Applicant shall <br />perform environmental remediation, if any, at its own expense, or provide evidence that no <br />further action is required by either DERM or the State of Florida in order to secure <br />environmental permitting to construct the park. In the event environmental permitting is <br />secured and the park can be constructed but remediation is still required said bond and <br />indemnity agreement shall be used to complete resolution of any environmental issue. <br />Applicant shall render final written report to City prior to delivery of completed park and <br />public improvements to City. The security shall be in the form attached hereto as <br />Attachment "C".. (8) City shall submit a plan for the park substantially in accordance <br />with the prior preliminary plan attached hereto as Attachment D, within sixty (60) days of <br />the date of this Resolution or as soon as possible thereafter for City Commission approval <br />and cost estimates shall be done by the Applicant after such plans are reviewed and <br />specifications are completed. Applicant shall then obtain all required permits and construct <br />and deliver said park and public improvements to the City prior to the issuance of any <br />certificate of occupancy for the first receiving site to receive any portion of TDRs <br />transferred hereunder. Upon completion of the improvements and/or the environmental <br />remediation, if any, any security provided by the Applicant for such improvements or <br />remediation, as applicable, shall be returned to the Applicant, or its designee or the bond <br />or escrow shall be released to the Applicant. <br /> <br />Section 3. Mayor Authorized to Execute. The Mayor is hereby authorized to execute <br />such other documents and agreements as may be determined by the City Attorney to be <br />necessary to consummate the conveyance ofthe Casino Property to the City, sever the <br />development rights from the Casino Property and deposit them to the credit of the <br />Applicant in the City TDR Bank and subsequent withdrawal( s) of those development <br />rights from the TDR Bank at the request of and for the benefit of the Applicant and <br />during the five year term commencing with the date of the passage of this Resolution <br />and the recordation of documentation evidencing the transfer, all in accordance with <br />the provisions of the TDR Ordinance, and in a form acceptable to the City Attorney; <br /> <br />Casino - Conveyance Of 17200 Collins <br /> <br />5 <br />