Developer Reimbursement. If the Developer fails to complete a portion of the 60 Housing Units contemplated as part of the Minimum Improvements by September 1, 2023, then the Developer shall pay to the City an amount equal to a proportionate percentage of the City’s costs in constructing the Public Improvements, within 30 days of the City’s written demand therefor. For example, if the Developer fails to complete 20 of the 60 Housing Units, which is one third of the proposed Housing Units, then the Developer shall be obligated to pay to the City an amount equal to one-third of the City’s costs in constructing the Public Improvements.
Appears in 2 contracts
Sources: Agreement for Private Development, Agreement for Private Development