Escalator. To incentivize an earlier start to Project construction and to account for inflation and potential additional cost escalation over time, in the event the Developer has not either (i) Commenced Construction of the Project or (ii) obtained the Superstructure permit for the Project within three (3) years after the Effective Date of this Agreement, the amount of the Town Square Contribution shall be increased by five percent (5%) per year thereafter (compounded annually) until paid to the City. Force Majeure Delay pursuant to Section 3.2.2 shall not apply to postpone applying this escalator provision to the Town Square Contribution.
Appears in 2 contracts
Sources: Development Agreement, Development Agreement