Common use of City Commitments Clause in Contracts

City Commitments. a) City will make the following public improvements in the area (subject to the expected funding): i. Repair the retaining wall along Lincoln St. ii. Make (or have made) road improvements on Main St. iii. Make road improvements on Lincoln St. iv. Make modifications at the ▇▇▇▇▇▇▇, ▇▇▇▇ and Main St. intersection v. Rebuild the sidewalks on Lincoln St b) The City will amend the ground lease agreement dated June 12, 2015 by modifying the dates in order to accommodate the new construction schedule. The significant business terms in the agreement will not change unless both Parties agree. c) City will actively work with LHL, and assist it as needed, during the permit modification and construction period. d) City will provide a Credit Enhancement to LHL in the amount of seven hundred fifty thousand ($750,000.00). The amount will be paid in five (5) annual increments of one hundred fifty thousand ($150,000.00) beginning during the City’s first fiscal year following the substantial completion of the Project . The City shall make the annual incremental payments to LHL within 30 days following each tax payment date or the date payment is actually received by the City from LHL, whichever is later.