Common use of New Improvements Clause in Contracts

New Improvements. The City will contribute up to $6 million dollars toward the cost of the New Improvements scope of work (Exhibit B). The Club will contribute $1 million dollars toward the cost of the new Improvements scope of work. If the total cost of the Improvements is less than $7 million, the City and Club will reduce each party’s respective contributions to the Improvements in accordance with their Improvements percentage. If the Cost of the Improvements is greater than $7 million dollars, and IF, Deferred Maintenance savings exist, then the City and Club will jointly contribute to any costs that exceed $7 million in accordance with their improvements percentage until such time as the Deferred Maintenance Savings is exhausted. Club will pay for any costs of Improvements that exceed the Adjusted Improvements Budget, as defined in the agreement. The City will not be required to contribute any funds in excess of $6 Million to the Cost of the Improvements except to the extent of Deferred Maintenance savings. In any event, the City’s total contribution is capped at $12 million dollars for the deferred maintenance and new improvements capital projects. Club intends to perform certain improvements to the ballpark at the same time as the City intends to perform the Deferred Maintenance and New Improvements scope of work. Club intends to purchase and install signage in the outfield area and to procure and install concessions and retail facilities equipment in several areas of the ballpark. Club expects the cost of these items to be between $1 Million and $2 Million dollars. Club will pay for all costs of the Club work. Club will execute its own construction and procurement contract for these items. Club will make a minimum private investment of at least $2 million dollars and upon completion of the Project, Club will provide evidence of its costs and investment as described in the Development Agreement. RND has provided design services pursuant to agreement with the Club. Pursuant to the Development Agreement, the City will execute the attached Architect Contract with RND for project design services in an amount not to exceed $725,580.00. Lend Lease has provided preliminary preconstruction services pursuant to agreement with the Club and proposes to perform required preconstruction and construction management at risk services. Pursuant to the Development Agreement, the City will execute the attached ▇▇▇▇ agreement with Lend Lease for preconstruction and construction services. The ▇▇▇▇ contract shall be capped at an amount that will not cause the City to exceed its total financial obligations for the deferred maintenance and new improvements pursuant to the Development Agreement.