5.1. HRSR 12-06-2004 - Laserfiche WebLink

Home Browse Search

Ai alter the total amount set forth in the Sworn Construction Cost Statement for such Phase M. delivered pursuant to Section 4.1 hereof by a decrease of more than five (5) percent. In no event may any changes affect the quality, exterior design or materials included in the Construction Plans unless such changes are approved by City. The City agrees that its approval will not be unreasonably withheld or delayed. Section 4.3 Commencement and Completion of Construction. (a) Subject to the terms and conditions of this Agreement and to Unavoidable Delays, the Developer will commence construction of each project of the Minimum Improvements by the dates set forth on Exhibit H and will cause each project of the Minimum Improvements to be substantially completed not later than the dates set forth on Exhibit H. (b) Prior to commencement of construction of the Jackson Block Development the Developer shall have: (i) delivered to the City evidence acceptable to the City that the Developer has fee title to all of the Bluff Block Property; (ii) entered into a demolition contract for all existing improvements on the Bluff Block Property and, other than the building on the U.S. Bank Parcel, will have demolished any existing improvements and completed any necessary environmental remediation with respect to such improvements; 41) (iii) closed on the Construction Loan for the Bluff Block Development; (iv) entered into a construction contract for construction of the Bluff Block Development; and (v) paid the Parking Lot Cost to the City or deposited the Parking Lot Cost into escrow pursuant to an escrow agreement executed by the City, the Developer and an escrow agent providing the terms of disbursement of the escrowed funds to pay the costs of constructing the Parking Lot and related costs; provided, the Developer shall pay any costs of establishing the escrow account and any escrow fees. (c) The Developer shall demolish the building on the U.S. Bank Parcel and commence construction of the Bluff Block Development within 60 days of U.S. Bank, National Association vacating the U.S. Bank Parcel. (d) The Minimum Improvements will be constructed by the Developer on the Development Property in substantial conformity with the Construction Plans approved by the City. Prior to delivery of the Certificate of Completion referred to in Section 4.7 hereof, upon the request of the City, the Developer will provide the City reasonable access to the Development Property. "Reasonable access" means at least one site inspection per week during regular business hours. During construction, marketing, leasing and sales of the Minimum Improvements, the Developer will deliver quarterly progress reports to the City. III 1674205v8 23