The preamble hereof is incorporated by this
reference thereto as though fully set forth at length herein.
The City will provide funding in the amount
of $200,000 to be utilized by the City so as to provide consideration
to property owners willing to voluntarily convert existing residential
buildings containing one, two or three year-round residential units
into seasonal use of one or more residential units.
Any property owner allowing the occupancy of
a converted residential unit which has been the subject of a conversion
agreement shall be deemed to have violated said conversion agreement
and shall repay to the City all monies received from the City together
with interest in the amount of 10% per annum calculated from the date
of the initial payment to the property owner to that of repayment
of said sum, together with all attorneys' fees and costs incurred
by the City with regard to the enforcement of any provision of the
conversion agreement. This provision shall be binding upon all successors
in interest of the property owner entering into said conversion agreement.
The City reserves the right to accept or reject,
at its sole discretion, any proposed conversion agreement.
The governing body is hereby authorized to enter
into and otherwise bind the City in a conversion agreement with any
owner of property situate in the Northeast Redevelopment Area of the
City of Ventnor City.