7.3 SR 05-15-2023 - Laserfiche WebLink

Home Browse Search

ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1 Construction of Project and Reimbursement of Project Cost. (1) The costs of the Project shall be paid by the Developer. The Developer will cause the Project to be constructed in accordance with the construction plans by the City (the "Construction Plans") and at all times prior to the Termination Date will operate and maintain, preserve and keep the Project or cause the Project to be maintained, preserved and kept with the appurtenances and every part and parcel thereof, in good repair and condition. (2) Upon completion of the Project in accordance with the Construction Plans as confirmed by the City in its sole discretion, the City shall reimburse the Developer (over the term of this Agreement) pursuant to the terms of the Tax Abatement Program as provided in Section 3.8 for the costs of the construction of the Project actually incurred in an amount not to exceed the lesser of (i) the actual Eligible Costs as evidenced by paid invoices or other documentation submitted and satisfactory to the City or (ii) a sum not to exceed $138,204 (the "Reimbursement Amount"). Section 3.2 Limitations on Undertaking of the City. Notwithstanding the provisions of Sections 3.1 and 3.8, the City shall have no obligation to the Developer under this Agreement to reimburse the Developer for Eligible Costs of the construction of the Project, if the City, at the time or times such payment is to be made, is entitled under Section 4.2 to exercise any of the remedies set forth therein as a result of an Event of Default unless and until such time as the Event of Default has been cured to the reasonable satisfaction of the City. Notwithstanding any other provisions of this Agreement, the City shall have no obligation to the Developer under this Agreement to reimburse the Developer for Eligible Costs in an amount greater than $138,204. Section 3.3 Commencement and Completion of Construction. The Developer shall commence construction of the Project no later than December 31, 2023 and, barring Unavoidable Delays, shall complete the Project by December 31, 2024. All work with respect to the Project to be constructed or provided by the Developer shall be in conformity with the Construction Plans. Nothing in this Agreement shall be deemed to impair or limit any of the City's procedures, rights or responsibilities under its zoning laws or construction permit processes and policies. Section 3.4 Damage and Destruction. In the event of damage or destruction of the Project the Developer shall repair or rebuild the Project or cause the Project to be repaired or rebuilt. Alternatively, the Developer may refund all Tax Abatements received from the City prior to the event of damage or destruction, and thereafter, this Agreement shall terminate. Section 3.5 Change in Use of Project. The City's obligations pursuant to this Agreement shall be subject to the continued operation of the Project by the Developer, the Tenant, or an 6 EL 185\74\870137.v5