Common use of Contingency Development Agreement Clause in Contracts

Contingency Development Agreement. A third issue the Council needs to address is the Contingency Development Agreement. The important points in this agreement include: a. An explanation of the need for the public improvements. b. If they get the grant, that SKMR will construct the improvements. c. The particular public benefit of the project and the particular economic development strategy the project achieves. d. A statement that we will reinvest the recaptured revenue into specific economic development activities. e. Number of permanent, full-time jobs created and/or retained as a result of the project. f. A statement by the business of the estimated and quantifiable economic benefit (consideration) to be derived by the public as a result of the project. g. Terms of a lease arrangement. h. A list of any public and/or private contributions to the project such as cash contribution or donated land. i. What will happen in the case of project cost overruns. j. Procurement.