Common use of Acquisition and Construction of Project Clause in Contracts

Acquisition and Construction of Project. The Company agrees to acquire the Project Site and the Company shall be responsible for the construction, equipping and operation of the Project as an approximately 880,254 square foot omni channel distribution and fulfillment center, containing approximately 60,000 square feet of office space, and including land, buildings, structures, improvements and fixtures, all generally located on approximately 65 acres southeast of the intersection of State Avenue and Speedway Boulevard, as generally set forth on Exhibit C hereto, at an estimated total cost to the Company of $403,000,000. Any material modifications to the construction or operation of the Project, including decreasing the size of the facility to less than 704,000 square feet or affecting the general use of the Project as described herein, shall require the prior written consent of the governing body of the Issuer, and the Issuer reserves the right to declare an Event of Default pursuant to Section 5.1 hereof if such modifications are made by the Company without such prior written consent. The Company will not be deemed to be in default of this Agreement if the actual costs of the Project deviate from the figures listed above. Company and Issuer acknowledge that, before the Project Site may be acquired by Company, the Issuer must approve a subdivision to create the Project Site as a legally separate parcel that may be conveyed by Kansas International Speedway Corporation (“Seller”) to Company (the “Subdivision Approval”). If the ordinance approving the Subdivision Approval is not adopted by Issuer not later than December 22, 2020 (the “Outside Approval Date”), Company shall have the right to terminate this Agreement by written notice to Issuer given to Issuer after the Outside Approval Date.

Appears in 1 contract

Sources: Development Agreement

Acquisition and Construction of Project. The Company agrees to acquire the Project Site and the Company shall be responsible for the construction, equipping and operation of the Project as an approximately 880,254 square foot omni channel distribution and fulfillment center, containing approximately 60,000 square feet of office space, and including land, buildings, structures, improvements and fixtures, all generally located on approximately 65 acres southeast of the intersection of State Avenue and Speedway Boulevard, as generally set forth on Exhibit C hereto, at an estimated total cost to the Company of $403,000,000. Any material modifications to the construction or operation of the Project, including decreasing the size of the facility to less than 704,000 792,000 square feet or affecting the general use of the Project as described herein, shall require the prior written consent of the governing body of the Issuer, and the Issuer reserves the right to declare an Event of Default pursuant to Section 5.1 hereof if such modifications are made by the Company without such prior written consent. The Company will not be deemed to be in default of this Agreement if the actual costs of the Project deviate from the figures listed above. Company and Issuer acknowledge that, before the Project Site may be acquired by Company, the Issuer must approve a subdivision to create the Project Site as a legally separate parcel that may be conveyed by Kansas International Speedway Corporation (“Seller”) to Company (the “Subdivision Approval”). If the ordinance approving the Subdivision Approval is not adopted by Issuer not later than December 22[November 30, 2020 2020] (the “Outside Approval Date”), Company shall have the right to terminate this Agreement by written notice to Issuer given to Issuer after the Outside Approval Date.

Appears in 1 contract

Sources: Development Agreement