Common use of Public Development Clause in Contracts

Public Development. The Public Development consists of the following two Project Elements, which will be constructed and paid for by the City: (1) a parking component with approximately 650 structured parking stalls (the “Private Ramp”), to be constructed by the City primarily on Block 105 and leased to the Developer for operation by the Developer in connection with the Block 88 Office Building, the Hotel and the Block 105 Future Expansion, as more fully set forth in the Parking Lease (defined in Section 6.2 below); and (2) a parking component with approximately 600 structured parking stalls (the “Public Ramp”), to be constructed by the City primarily on Block 105 for operation as public parking, together with a Bike Center (as further defined in Section 5.1 (a) below) (the Private Ramp and the Public Ramp are collectively referred to herein as the “Parking Structure”).