Payments/Reimbursements After Delivery of Guaranteed Public Facilities Sample Clauses

Payments/Reimbursements After Delivery of Guaranteed Public Facilities. The Principal Parties agree, regardless of Development of The Xxxxxx District, the Guaranteed Public Facilities are major capital improvements that provide substantial and significant benefits to the Town and its citizens. Pursuant to this Agreement, Master Developer agrees to manage, coordinate, and otherwise have responsibility for delivering the Guaranteed Public Facilities to the Town for use and benefit by Town citizens no later than as described in the GPF Exhibits. The Town requested Master Developer to provide estimates of the costs of delivery of the Guaranteed Public Facilities, facility by facility, and the Town has reviewed these estimates and independently established its own estimates of the costs of delivery of the Guaranteed Public Facilities to the Town. Through a variety of terms, conditions, restrictions, and requirements, the Principal Parties have agreed to a plan for payments based upon the best information available to the Town as to actual out-of-pocket costs that would be incurred by the Town exclusive of the costs the Town would incur in bidding, coordinating, and managing delivery of the Guaranteed Public Facilities. Under the plan set forth in the GPF Exhibits no payment is made to the Master Developer, or to the Person designated in a writing signed by the Master Developer and delivered to the Town to be a recipient of one or more payments, until the Public Facilities have been delivered to the Town as specified in the GPF Exhibits. Exercising its authorities and powers under Part 3D of Article 19 of Chapter 160A, its general powers to contract with private parties to accomplish public purposes for which the Town is authorized to engage in, and multiple authorities and powers granted and conferred on the Town, the Principal Parties have agreed to the terms, conditions, restrictions, and requirements set forth in the GPF Exhibits for the financing of the Guaranteed Public Facilities through a series of payments, none of which are due to be paid before the Public Facilities are delivered to the Town and available for Town citizens’ use and enjoyment, as provided in the GPF Exhibits.
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