Common use of DEVELOPER’S EFFORTS Clause in Contracts

DEVELOPER’S EFFORTS. City will provide Developer a copy of City’s Strata AIM Zone Revenue Deficiency Notice within seven (7) days of City’s receipt thereof. Within 30 days following its receipt of the Strata AIM Zone Revenue Deficiency Notice, Developer will provide documentary evidence to City to demonstrate Developer has exercised reasonable good faith efforts to cause the Office Building and the New Garage to continuously generate New Jobs, to the extent reasonably practicable. Developer’s “commercially reasonable good faith efforts” shall be predicated upon, among other things, (i) then applicable market conditions; (ii) Developer’s demonstrated efforts to lease the Office Building to one or more lessees capable of producing a sufficient number of New Jobs during any given period for which New Jobs are determined in support of a Strata AIM Zone Disbursement (the “Strata AIM Zone Reporting Period”)while the Garage Bond is outstanding; (iii) Developer’s continuous engagement of a Missouri licensed real estate broker; (iv) the actual New Jobs included in the report produced by the Missouri Department of Revenue in connection with its disbursement of payroll taxes to Port KC from the Port Authority AIM Zone Fund (as such term is defined in RSMo 68.075.5 (each, a “Strata AIM Zone Report”) for the applicable Strata AIM Zone Reporting Period compared to the Strata AIM Zone New Jobs Projections prepared by Developer and set forth on Exhibit C (taking into consideration changes in conditions and circumstances since the Effective Date of this Agreement); and (v) such other criteria as may be determined as mutually acceptable to City and Developer, from time to time; provided, however, notwithstanding anything to the contrary, the parties agree that Developer will not be responsible for, and no negative conclusion shall be made or supported by, tenants or other occupants of Developer not hiring people and/or firing people, terminating jobs, restructuring workforce and/or positions, hiring people who do not meet the AIM Zone criteria and/or other similar factors.