Common use of Obligations of Developer Clause in Contracts

Obligations of Developer. (1) The Developer shall design and construct the Infrastructure in accordance with the standards set forth in the City’s land development ordinances. The Developer covenants and agrees through the exercise of commercially reasonable efforts to submit to FEDC invoices, receipts or other documentation acceptable to FEDC for Infrastructure Improvements made to the Property. (2) The Developer shall contribute no less than One Million One Hundred Thousand Dollars ($1,100,000.00) for onsite Infrastructure Improvements. Any monies including any allocated contingency funds not spent from the combined contributions of FEDC and Developer shall be to the benefit of FEDC. (3) The Developer covenants and agrees through the exercise of commercially reasonable efforts to obtain or cause to be obtained by February 1, 2019, a Certificate of Occupancy(s) from the City for a minimum of 7,500 gross square feet of retail, restaurant or commercial space on the Property; by August 1, 2020, a Certificate of Occupancy(s) from the City for an additional minimum of 7,500 gross square feet of retail, restaurant or commercial space on the Property; by February 1, 2022, a Certificate of Occupancy(s) from the City for an additional minimum of 7,500 gross square feet of retail, restaurant or commercial space on the Property. (4) The Developer covenants and agrees to use commercially reasonable efforts to cause the employ and maintenance of a minimum of thirty (30) Full-Time Employment Positions based on a minimum schedule of ten (10) positions by February 1, 2019, an additional ten (10) position by August 1, 2020, and an additional ten (10) positions by February 1, 2022. (5) The Developer covenants and agrees to use commercially reasonable efforts to deliver to FEDC a written verification that shall certify a minimum number of Full- Time Employment Positions working at the Property, by December 31st of each year, (the “Compliance Verification”). The Compliance Verification may include quarterly IRS 941 returns, or Texas Workforce Commission Employer Quarterly Reports. (6) The Developer expressly acknowledges that by entering into this Agreement, the Developer, its successors, assigns, vendors, grantees, and/or trustees, shall not construe any language contained herein or in any Exhibits attached hereto as waiving any of the requirements of the Zoning Ordinance or Subdivision Ordinance applicable to the Project at the time of development. (7) The Developer shall plat all or portions of the Property with the City and commence construction of the Project on or before October 1, 2018.