Market Rate Development Clause Samples
Market Rate Development. This Agreement has been structured such that the Predevelopment Component work to be completed hereunder will be incorporated into the Purchase Price for the Market Rate Development Parcel and no part of the Market Rate Development will be paid for in whole or in part out of public funds. As a consequence, the Market Rate Development is not a public work subject to the requirements of Labor Code Section 1720. Nonetheless, to the extent the Market Rate Developer, takes any action to trigger said requirements, the Market Rate Developer must pay and will cause the contractor and subcontractors to pay prevailing wages in the construction of the Market Rate Development as those wages are determined pursuant to California Labor Code Section 1720 et seq., to employ apprentices as required by California Labor Code Sections 1777.5 et seq., and the implementing regulations of the DIR to the extent required by law. As required by applicable law, the Market Rate Developer must and cause the contractor and subcontractors to comply with the other applicable provisions of California Labor Code Sections 1720 et seq., 1777.5 et seq., and implementing regulations of the DIR. As required by applicable law, the Market Rate Developer must and will cause the contractor and subcontractors to keep and retain such records as are necessary to determine if such prevailing wages have been paid as required pursuant to California Labor Code Section 1720 et seq., and apprentices have been employed are required by California Labor Code Section 1777.5 et seq. Copies of the currently applicable per diem prevailing wages are available from DIR. As required by applicable law, during the construction of the Market Rate Development, the Market Rate Developer will or will cause the contractor to post at the Market Rate Development Parcel the applicable prevailing rates of per diem wages. The Market Rate Developer must cause its respective contractors and subcontractors to be registered as set forth in Labor Code Section 1725.5. As required by applicable law, the Market Rate Developer must cause its respective contractors and subcontractors to do all the following:
(1) all calls for bids, bidding materials and the construction contract documents for the Market Rate Development must specify that: (A) no contractor or subcontractor may be listed on a bid proposal nor be awarded a contract for the Market Rate Development unless registered with the DIR pursuant to Labor Code Section 1725.5; and (B) ...
Market Rate Development. All financing necessary to construct the Market Rate Development Improvements, as required and approved by the Commission in the Market Rate Development Financing Plan, must be closed by the Market Rate Developer prior to, or simultaneously with the Market Rate Development Close of Escrow. The Market Rate Developer must also submit to the Commission evidence reasonably satisfactory to the Commission that any conditions to the release or expenditure of funds described in the approved Market Rate Development Financing Plan as the sources of funds to pay the costs of constructing the Market Rate Development Improvements have been met or will be met by the Market Rate Development Close of Escrow and subject to the Market Rate Developer's satisfaction of standard disbursement preconditions required to be satisfied on a periodic basis, for constructing the Market Rate Development Improvements. Submission by the Market Rate Developer, and approval by the Commission, of such evidence of funds availability is a condition precedent to the Commission's obligation to convey the Market Rate Development Parcel to the Market Rate Developer.
Market Rate Development. By the time specified in the Development Schedule, the Market Rate Developer shall apply for, diligently pursue, and obtain building construction permits for the Market Rate Development Improvement. The applications for building and construction permits shall be consistent with and incorporate the approved Plans and Specifications applicable to the Market Rate Development.
Market Rate Development. As a condition precedent to the Market Rate Development Close of Escrow, the Market Rate Developer shall submit to the Commission commercially reasonable evidence that the financing and funding identified in the Market Rate Development Financing Plan approved by the Commission pursuant to Section 5.8 will be available following the Market Rate Development Close of Escrow for the construction and operation of the Market Rate Development.