Joint or Shared Responsibilities of the City and the BPC Clause Samples

Joint or Shared Responsibilities of the City and the BPC. A. Cooperative Funding 1. Capital and Expense: City and BPC continue to fulfill their respective cooperative funding commitments to approved and permitted Bay Park development projects, and to ongoing management, operating and maintenance expense.Development and Improvements
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Joint or Shared Responsibilities of the City and the BPC. A. Cooperative Funding 1. Capital Development and Improvements a. Tax Increment Financing (TIF): An Interlocal Agreement to provide cooperative local City and County Funding of Capital Improvements to The Bay Park, using tax increment methodology to determine shared revenue contribution toward Park capital improvements, was approved by the City Commission on October 19, 2020, and the Sarasota County Board of Commissioners on November 4, 2020. The Bay Park Improvement Board (BPIB) was established in 2021 to assist with administration of these revenues, consistent with the Interlocal Agreement. TIF financing should provide significant capital funding in the future for The Bay Park (and for a new Sarasota Performing Arts Center if/ when one is approved). b. To date, the vast majority of capital funding has been raised by BPC from private sources, foundations, philanthropists, and more than one thousand individuals and businesses in the community. BPC has secured more than $25 million in cash, more than enough to cover the capital cost of the park now under development that will open in Summer 2022. c. City has contributed/ committed $3 million in capital per year from its 2019, 2020, and 2021 operating budgets. d. In addition, BPC has received grants from Federal, State, and other government agencies totaling $1 million, with an additional $3.5 million in expected grants in the next few months. In addition, we have applied for $11.5 million in future grants. 2. Operating Expense for BPC and The Bay Park BPC has raised funds to cover the vast majority of annual operating and maintenance expenses for the park to date (about $850K per year) from private sources, including annual gifts from BPC Board members, annual Friends of The Bay/ Giving Challenge campaigns, and unrestricted gifts from other donors. 3. Future funding sources include all of the above private and public sources and, in addition, may possibly include: a Future Tourist Development Tax/ ▇▇▇▇▇ Sales); net revenues generated from concessions to third parties to operate food and beverage and other park-related retail in the park; and net revenues generated by events in the park. This Agreement shall not obligate BPC to raise a specific sum of money within a specific period of time. This Agreement shall not obligate the City to undertake any financial obligations, except for the direct or indirect costs of the obligations enumerated in Section 5. The financial obligations of City with respect to oper...
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Related to Joint or Shared Responsibilities of the City and the BPC

  • Responsibilities of the City The City’s Contract Manager will be responsible for exercising general oversight of the Contractor’s activities in completing the Scope of Work. Specifically, the Contract Manager will represent the City’s interests in resolving day-to-day issues that may arise during the term of this Contract, shall participate regularly in conference calls or meetings for status reporting, shall promptly review any written reports submitted by the Contractor, and shall approve all invoices for payment, as appropriate. The City’s Contract Manager shall give the Contractor timely feedback on the acceptability of progress and task reports.

  • Responsibilities of the Company 3.3.1 The Company shall provide participants of CopyTrade with a complete package of services according to the Customer Agreement. The Company is liable for proper performance of technological solutions according to the Customer Agreement. 3.3.2 The Company bears no liability to participants of CopyTrade for lost profit or losses, which may directly or indirectly occur as a result of trading operations performed or not performed by an Investor or a Trader. 3.3.3 The Company bears no liability to participants of CopyTrade for lost profit or losses, which may be directly or indirectly occur as a result of their ignorance of regulatory documents or cooperation scheme. 3.3.4 The Company doesn’t evaluate Traders’ professional skills and suitability not on a single stage of their activity and bears no responsibility to Investors for any losses or lost profit they may incur. 3.3.5 The Company is not liable for:

  • Responsibilities of the Contractor The Contractor shall provide all technical and professional expertise, knowledge, management, and other resources required for accomplishing all aspects of the tasks and associated activities identified in the Scope of Work. In the event that the need arises for the Contractor to perform services beyond those stated in the Scope of Work, the Contractor and the City shall negotiate mutually agreeable terms and compensation for completing the additional services.

  • GENERAL RESPONSIBILITIES OF THE PARTIES 1. The Parties will work together in a spirit of cooperation and partnership, with the responsibilities and accountabilities set out in this Agreement, to implement the Programme Documents in full in a timely, efficient, and effective, manner. 2. The Parties agree to carry out their respective responsibilities in accordance with the provisions of this Agreement, including the Programme Documents. 3. The Parties shall keep each other informed of all relevant activities pertaining to the implementation of the Programme Documents, and shall hold consultations when either Party considers it appropriate, including any circumstance that may affect the achievement of the results of the Programme and the Programme Documents. 4. The Parties shall fulfill their commitments with the fullest regard for the terms and conditions of this Agreement and the principles of the United Nations.

  • Respective Liabilities of the Company and the Master Servicer The Company and the Master Servicer shall each be liable in accordance herewith only to the extent of the obligations specifically and respectively imposed upon and undertaken by the Company and the Master Servicer herein. By way of illustration and not limitation, the Company is not liable for the servicing and administration of the Mortgage Loans, nor is it obligated by Section 7.01 or Section 10.01 to assume any obligations of the Master Servicer or to appoint a designee to assume such obligations, nor is it liable for any other obligation hereunder that it may, but is not obligated to, assume unless it elects to assume such obligation in accordance herewith.