Alternative Development Plan B Sample Clauses

Alternative Development Plan B. If the City approves both the Phase 1A Rezoning and the Phases 1B and 2 Rezoning but sufficient funding for the New City Hall has not been secured, then the following alternative development plan (“Alternative Development Plan B”) will be pursued: 1. The Developer will construct and own Building A consisting of between 14,000 and 17,000 square feet for retail and rental uses, the construction of which shall Commence when commercial financing can be obtained therefor. 2. The City will enter into a lease/purchase agreement for the contemporaneous construction by the Developer of a one story building ultimately to be owned by the City, Building C, consisting of 6,000 gross square feet without interior build out, to include a library and such other uses as the City intends. The financing for such lease/purchase agreement shall also include the cost for the Public Infrastructure (as defined below). 3. Except as provided below in Subsection III.A.4, the Developer will construct Building B in accordance with Principal Development Plan A. 4. Alternatively, the Developer will have the option, in its sole discretion, to construct the Anchor Business Space as a standalone structure, in which case, in lieu of constructing the office and retail component of Building B, Building A will be constructed as a three story building consisting of approximately 51,000 square feet of retail and/or office space, with at least 6,000 square feet devoted to retail uses (which can include restaurants) abutting the Public Plaza. 5. Subject to approval of the necessary plans and issuance of the necessary permits by the City, the Developer will construct up to 314 Two-over-Two residential units under the same terms and conditions as are provided in Principal Development Plan A; provided, however, that: a. The Developer will not be permitted to Commence construction on more than a total of one hundred seventy-four (174) residential units prior to Completion of both Building A and Building C nor more than a total of two hundred forty-four (244) residential units prior to Completion of Building B; or b. If the Developer has elected the option in Subsection III.A.4. and (i) has Completed Building A and Building C and has prepared the Building B Pad Site as a pad ready site, then it may construct all 314 of the aforesaid residential units in Phase 2 of the Project, unless (ii) a contract with the Anchor Business has been executed, in which case the Developer must Commence construction of Bui...