Common use of Management of Development Clause in Contracts

Management of Development. i. Conditioned on the County’s completion of the Demolition and Site Preparation, the City shall be responsible for facilitating the redevelopment of the Development Property, including: A. The City shall actively market the Development Property and solicit Development Proposals consistent with the Master Plan and this Agreement, and present any Development Proposals to the JDC for review. B. The City shall take those actions consistent with this Agreement and the law that it deems appropriate, in its sole discretion, to facilitate the completion of Development Proposals approved by the JDC, and shall ensure that the Proposals are completed in a manner consistent with this Agreement and the Master Plan. ii. Conditioned upon the County’s completion of the Demolition and Site Preparation: A. The City shall, on or before July 1, 2023, certify to the County (and substantiate such certification upon reasonable request of the County) that the City’s has available debt capacity or available funds in the amount of not less than $3,500,000, which debt capacity and funds are available for use for the financing of the Infrastructure Improvements (“Initial Infrastructure Contribution”). B. Conditioned upon the County providing the City with all necessary construction easements for the Development Property, the City shall complete the Infrastructure Improvements consistent with the Master Plan and this Agreement. The City shall initiate the Infrastructure Improvements as is reasonably required by the Master Plan, and the Parties intend that construction of the Infrastructure Improvements will commence by no later than September 1, 2023. The City will proceed with due diligence to complete the Infrastructure Improvements in one or more phases as is reasonably necessary to carry out the Master Plan. The Parties currently contemplate that the Infrastructure Improvements will be completed by September 1, 2024, such completion contingent upon any updates or revisions to the Master Plan. The City shall not unreasonably delay the completion of the Infrastructure Improvements due to the City’s inability or refusal to finance the Infrastructure Improvements or due to the City’s failure to proceed in good faith and with due diligence to redevelop the Development Property; provided, however, the Parties acknowledge that the timing and final completion of the Infrastructure Improvements shall be subject to and completed in conjunction with Development Proposals, which may require the adjustment to the timing, scope and financing of the Infrastructure Improvements. C. The City shall be responsible for retaining appropriate insurance and bonding during the construction of the Infrastructure Improvements, and shall be responsible for insuring, maintaining, and operating all of the completed Infrastructure Improvements. D. The City is responsible for financing or arranging for the financing of the Infrastructure Improvements; provided however, the Parties acknowledge that the final cost and scope of the Infrastructure Improvements is uncertain as of the date of this Agreement. The Parties agree to cooperate in good faith to find financing solutions in the event the City is unable to finance the costs of the Infrastructure Improvements, beyond the Initial Infrastructure Contribution, through conventional means and at market rates. iii. If the City fails to comply with the provisions of this Section 3(e), then after the notice and cure process outlined in Section 12, and in addition to any other available remedies, the County may exercise one or more of the following remedies: A. Upon providing written notice to the City, the County may assume the City’s role in managing the development process as set forth in Section 3(e)(i). B. Upon providing written notice to the City, the County shall be entitled to, and the City shall pay to the County, 100% of the Tax Increment (minus any portion of the Tax Increment that is committed to a third party developer pursuant to a development agreement previously approved as set forth in this Agreement and for such period as that commitment continues under the terms of the development agreement) until such time as the Debt Service is retired.

Management of Development. i. Conditioned on In consideration of the County’s completion of the Demolition and Site Preparation, the City shall be responsible for facilitating the redevelopment of the Development Property, including: A. The City shall actively market the Development Property and solicit Development Proposals consistent with the Master Plan and this Agreement, and present any Development Proposals to the JDC for review. B. The City shall take those actions consistent with this Agreement and the law that it deems appropriate, in its sole discretion, to facilitate the completion of Development Proposals approved by the JDC, and shall ensure that the Proposals are completed in a manner consistent with this Agreement and the Master Plan. ii. Conditioned upon In consideration of the County’s completion of the Demolition and Site Preparation: A. The City shall, on or before July 1, 2023, certify to the County (and substantiate such certification upon reasonable request of the County) that the City’s has available debt capacity or available funds in the amount of not less than $3,500,000, which debt capacity and funds are available for use for the financing of the Infrastructure Improvements (“Initial Infrastructure Contribution”). B. Conditioned upon the County providing the City with all necessary construction easements for the Development PropertyProperty or transferring the necessary right-of-way to the City pursuant to Section 3(f)(ii), the City shall complete the Infrastructure Improvements consistent with the Master Plan and this Agreement. The City shall initiate the Infrastructure Improvements as is reasonably required by the Master Plan, and the Parties intend that construction of the Infrastructure Improvements will commence by no later than September 1, 2023. The City will proceed with due diligence to complete the Infrastructure Improvements in one or more phases as is reasonably necessary to carry out the Master Plan. The Parties currently contemplate that the Infrastructure Improvements will be completed by September 1, 2024, such completion contingent upon any updates or revisions to the Master Plan. The City shall not unreasonably delay the completion of the Infrastructure Improvements due to the City’s inability or refusal to finance the Infrastructure Improvements or due to the City’s failure to proceed in good faith and with due diligence to redevelop the Development Property; provided, however, the Parties acknowledge that the timing and final completion of the Infrastructure Improvements shall be subject to and completed in conjunction with Development Proposals, which may require the adjustment to the timing, scope and financing of the Infrastructure Improvements. C. The City shall be responsible for retaining appropriate insurance and bonding during the construction of the Infrastructure Improvements, and shall be responsible for insuring, maintaining, and operating all of the completed Infrastructure Improvements. D. The City is responsible for financing or arranging for the financing of the Infrastructure Improvements; provided however, the Parties acknowledge that the final cost and scope of the Infrastructure Improvements is uncertain as of the date of this Agreement. The Parties agree to cooperate in good faith to find financing solutions in the event the City is unable to finance the costs of the Infrastructure Improvements, beyond the Initial Infrastructure Contribution, through conventional means and at market rates. iii. If the City fails to comply with the provisions of this Section 3(e), then after the notice and cure process outlined in Section 12, and in addition to any other available remedies, the County may exercise one or more of the following remedies: A. Upon providing written notice to the City, the County may assume the City’s role in managing the development process as set forth in Section 3(e)(i). B. Upon providing written notice to the City, the County shall be entitled to, and the City shall pay to the County, 100% of the Tax Increment (minus any portion of the Tax Increment that is committed to a third party developer pursuant to a development agreement previously approved as set forth in this Agreement and for such period as that commitment continues under the terms of the development agreement) until such time as the Debt Service is retired.