“Prior Notice to the Borough” means written notice of intention to purchase the Property given to the secretary of the Borough at least twoyears prior to the date the District desires to purchase said facility or byJanuary 1, 2020, whichever is earliest. If School District shall fail to givesuch written notice by January 1, 2020, the School District shall lose theright to purchase the Property. b.
“Fair Market Value” means:i.
the current fair market value of the parcel of land andimprovements comprising the Property as determined by aMember of the American Institute Real Estate Appraisers qualifiedto perform commercial appraisals in Pennsylvania as chosen by the parties jointly or as selected pursuant to the dispute resolutionmechanism set forth in paragraph number 3 below, lessii.
the costs of demolition of any buildings or other structures on theProperty as of the date the Property is to be conveyed to theDistrict (“Sale Date”) or the amount of $122,500 (One HundredTwenty Two Thousand and Five Hundred Dollars), whichever isless.c.
“A present intent” to use the Property shall be demonstrated upon ashowing of all of the following, and the right to purchase shall not accrueuntil all conditions are met:i.
School District shall have publicly committed to using the Propertyfor the Intended Use, subject to the outcome of the studies andapprovals listed below, prior to the issuance of the Prior Notice tothe Borough ;ii.
Within one year of the Prior Notice to the Borough, School Districtshall have all necessary engineering studies performed, which shalldemonstrate that the Property can be used for the Intended Useunder existing codes;iii.
Within eighteen months of the Prior Notice to the Borough, SchoolDistrict shall have obtained all necessary approvals of plans, permits and similar matters required by the Borough and any other governmental or quasi-governmental authority having jurisdictionfor the Intended Use, including but not limited to the PennsylvaniaDepartment of Education; provided however, that this time periodmay be extended due to the pendency of any good faith appeals of any denial of a School District’s request for approval by agovernmental or quasi-governmental authority having jurisdictionfor the Intended Use, including but not limited to the Boroughitself.