(A) Agreements must include a provision allowing the City Council to terminate the agreement if, after a public hearing, it finds any one of the following:
(1) The owner breached the agreement;
(2) The property subject to the agreement no longer meets the definition of a qualified historical property set forth in this chapter; or
(3) The owner failed to pay reasonable inspection fees or otherwise failed to cooperate in allowing periodic inspections of the property as required by this chapter or the agreement.
(B) Should an agreement be terminated in accordance with this chapter, the owner must pay a cancellation fee of 12.5% of the full value of the property at the time of cancellation as determined by the Ventura County Assessor, or such other percentage or amount provided by applicable law, without regard to the agreement.
(C) Should a qualified historical property be acquired through eminent domain or in lieu of eminent domain, and the City Council determines that such acquisition frustrates the purpose of the agreement; the agreement will be terminated without a cancellation fee.
(D) The City Council's authority to terminate any agreement pursuant to this chapter is not exclusive and is cumulative with all other remedies available in law or equity.
(Ord. 1219, passed 11-16-09)