Common use of Developer Improvements Clause in Contracts

Developer Improvements.  (a) The Master Developer intends to construct the Developer Improvements listed in EXHIBIT C on or before the timelines set forth in EXHIBIT C pursuant to the requirements set forth in Article IV hereof. The Shenandoah Drive and Barenscheer Boulevard projects listed under “Canterbury TIF” in EXHIBIT C must be completed. The Master Developer may request reimbursement for Qualified Public Redevelopment Costs (pursuant to Section 3.8(b) hereof) for each project listed below in the maximum amounts listed below.  Shenandoah Drive & Barenscheer Boulevard (with right-of-way acquisition) $16,236,500 ▇▇▇▇▇▇▇▇ Drive extension/Internal roads $7,000,000 General Wayfinding $100,000  If any portion of Available Tax Increment allocated to the Shenandoah Drive and Barenscheer Boulevard projects is not expended by the Master Developer, such funds will be available for the Authority to allocate such funds to the acquisition of right-of-way for the changes to County Road 83 described in EXHIBIT C.  (b) The Master Developer shall substantially complete the Developer Improvements required on Shenandoah Drive on or before December 31, 2019, with the bituminous wear course to be completed by September 30, 2020. The completion of the Developer Improvements required on Shenandoah Drive is critical for the adjacent housing project to open in a timely fashion. If the Master Developer does not commence construction of the Developer Improvements required on Shenandoah Drive on or before December 15, 2018, the Master Developer agrees to enter into a petition and waiver agreement with the City within thirty (30) days of notice by the City stating that the Master Developer will agree to pay 100% of the costs of the Developer Improvements required on Shenandoah Drive through a special assessment against the Redevelopment Property and the City will construct such improvements.  (c) The Master Developer shall substantially complete the Developer Improvements required on Barenscheer Boulevard on or before December 31, 2020, with the bituminous wear course to be completed by September 30, 2021. If the Master Developer does not commence construction of the Developer Improvements required on Barenscheer Boulevard on or before May 31, 2020, the Master Developer agrees to enter into a petition and waiver agreement with the City within thirty (30) days of notice by the City stating that the Master Developer will agree to pay 100% of the costs of the Developer Improvements required on Barenscheer Boulevard through a special assessment against the Redevelopment Property and the City will construct such improvements.  (d) It shall not be a default under this Agreement if the Master Developer does not undertake the ▇▇▇▇▇▇▇▇ Drive extension/internal roads project. 

Developer Improvements.  (a) The Master Developer intends to construct the Developer Improvements listed in EXHIBIT C on or before the timelines set forth in EXHIBIT C pursuant to the requirements set forth in Article IV hereof. The Shenandoah Drive and Barenscheer Boulevard projects listed under “Canterbury TIF” in EXHIBIT C must be completed. The Master Developer may request reimbursement for Qualified Public Redevelopment Costs (pursuant to Section 3.8(b) hereof) for each project listed below in the maximum amounts listed below.  Developer Improvements TIF Cap Shenandoah Drive & Barenscheer Boulevard (with right-of-way acquisition) $$ 16,236,500 ▇▇▇▇▇▇▇▇ Drive extension/Internal roads $$ 7,000,000 General Wayfinding $$ 100,000  Total Tax Increment $ 23,336,500 Developer Improvements TIF Cap Shenandoah Drive $ 9,128,174.00 ▇▇▇▇▇ Trail $ 359,725.00 ▇▇▇▇▇▇▇▇ Street $ 461,499.00 External/Internal Roads $ 6,500,000.00 Right of Way Acquisition – TC Outboard $ 1,030,856.00 Demolition on TC Outboard $ 112,627,00 Total Tax Increment $ 17,592,881.00 If any portion of Available Tax Increment allocated to the Shenandoah Drive and Barenscheer Boulevard projects is not expended by the Master Developer, such funds will be available for the Authority to allocate such funds to the acquisition of right-of-way for the changes to County Road 83 described in EXHIBIT C. C. (b) The Master Developer shall substantially complete the Developer Improvements required on Shenandoah Drive on or before December 31, 2019, with the bituminous wear course to be completed by September 30, 2020. The completion of the Developer Improvements required on Shenandoah Drive is critical for the adjacent housing project to open in a timely fashion. If the Master Developer does not commence construction of the Developer Improvements required on Shenandoah Drive on or before December 15, 2018, the Master Developer agrees to enter into a petition and waiver agreement with the City within thirty (30) days of notice by the City stating that the Master Developer will agree to pay 100% of the costs of the Developer Improvements required on Shenandoah Drive through a special assessment against the Redevelopment Property and the City will construct such improvements. The Master Developer completed the Shenandoah Drive project prior to December 31, 2019. (c) The Master Developer shall substantially complete the Developer Improvements required on Barenscheer Boulevard on or before December 31, 2020, with the bituminous wear course to be completed by September 30, 2021. If the Master Developer does not commence construction of the Developer Improvements required on Barenscheer Boulevard on or before May 31, 2020, the Master Developer agrees to enter into a petition and waiver agreement with the City within thirty (30) days of notice by the City stating that the Master Developer will agree to pay 100% of the costs of the Developer Improvements required on Barenscheer Boulevard through a special assessment against the Redevelopment Property and the City will construct such improvements. The Master Developer and the City have agreed that the City will construct the Barenscheer Boulevard (now known as Unbridled Avenue) project and the Master Developer executed a petition and waiver agreement on September 21, 2018. (d) It shall not be a default under this Agreement if the Master Developer does not undertake the ▇▇▇▇▇▇▇▇ Drive extension/internal roads project. .