Common use of Development Budget Clause in Contracts

Development Budget. Prior to March 1, 2022, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than twenty-million ($20,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.

Development Budget. Prior to March September 1, 20222019, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than twenty-sixteen million ($20,000,000.0016,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.

Development Budget. Prior to March 1October 31, 20222018, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than twenty-million five million, five hundred thousand dollars ($20,000,000.005,500,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III. B. 2.

Development Budget. Prior to March 1, 2022commencement of construction, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than twenty-five million dollars ($20,000,000.005,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III. B. 7.

Development Budget. Prior to March 1November 30, 20222018, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than twenty-two million dollars ($20,000,000.002,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.

Development Budget. Prior to March 1October 31, 20222018, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than twenty-two million five hundred thousand dollars ($20,000,000.002,500,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten five percent (105%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III. B. 2.

Development Budget. Prior to March 1September 30, 20222018, Developer shall submit a preliminary Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than twenty-three hundred million ($20,000,000.00300,000,000.00) in “hard” construction costs investments for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.