Obligations of the Developer. Section 4.01 Construction of Project Developer will acquire land and construct an 11,000.00 square foot commercial building and associated improvements, as described in Exhibit B. Improvements in excess of $480,000.00 will be constructed upon the property within 24 months of taking possession, and that such improvements are a material element of this Agreement. The Developer shall be solely responsible for obtaining all permits and approvals necessary to acquire, construct and equip the Project. Until construction of the Project has been completed, the Developer shall make reports in such detail and at such times as may be reasonably requested by the Agency (not to exceed one report per month) as to the actual progress of the Developer with respect to construction of the Project. Promptly after completion by the Developer of the Project, the Developer shall furnish to the Agency a certificate of completion. The certification by the Developer shall be a conclusive determination of satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the obligations of the Developer and its successors and assigns to construct the Project. As used herein, the term "completion" shall mean substantial completion of the Project.
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Sources: Redevelopment Contract, Redevelopment Contract