Common use of The Parking Facility Clause in Contracts

The Parking Facility. (a) The City will agree to purchase the Parking Facility from the Developer for a purchase price equal to the lesser of $8,800,000 or the actual cost of constructing the Parking Facility, subject to the City’s ability to issue the TIF Bonds and the Parking Facility Revenue Bonds to fund the purchase price and other terms and conditions set forth in the Conference Center and Parking Facility Development Agreement. The Developer acknowledges and agrees that no money or credit of the City is available to fund the purchase price of the Parking Facility other than proceeds available from the TIF Bonds and the Parking Facility Revenue Bonds and if the City is not able to issue such TIF Bonds and Parking Facility Revenue Bonds in the amount of such purchase price, the City will be unable to pay such purchase price. (b) The Parties acknowledge that the purchase price of $8,800,000 is based on the Parties’ estimate that the Parking Facility will include 400 spaces and will cost approximately $22,000 per space to construct. In the event that the Developer demonstrates to the City’s satisfaction that actual construction costs per space are materially higher, the number of spaces to be constructed in the Parking Facility and/or the purchase price may be adjusted, and/or the Developers may build 400 spaces and, with the prior, written consent of the City, apply the dollar amount by which the cost of constructing such 400 spaces exceeds $8,800,000 to purchase and own a portion of the underground parking structure contiguous to the City-owned Parking Facility. (c) The MPC must deliver its requirements and specifications for the Parking Facility to the Developer prior to 30% design of the Parking Facility. The Parking Facility must be designed and constructed in accordance with the requirements and specifications provided by the MPC. The MPC must approve the design of the Parking Facility on behalf of the City at the time design is 30% complete and again at the time design is complete, prior to the time the Developer applies for building permits. Any material deviation from the requirements and specifications provided by MPC relating to the Parking Facility and approved as described in the prior sentence must be initiated or approved by the MPC.

The Parking Facility. (a) The City will agree to purchase the Parking Facility from the Developer for a purchase price equal to the lesser of $8,800,000 or the actual cost of constructing the Parking Facility, subject to the City’s ability to issue the TIF Bonds and the Parking Facility Revenue Bonds to fund the purchase price and other terms and conditions set forth in the Conference Center and Parking Facility Development Agreement. The Developer acknowledges and agrees that no money or credit of the City is available to fund the purchase price of the Parking Facility other than proceeds available from the TIF Bonds and the Parking Facility Revenue Bonds and if the City is not able to issue such TIF Bonds and Parking Facility Revenue Bonds in the amount of such purchase price, the City will be unable to pay such purchase price. (b) The Parties acknowledge that the purchase price of $8,800,000 is based on the Parties’ estimate that the Parking Facility will include 400 spaces and will cost approximately $22,000 per space to construct. In the event that the Developer demonstrates to the City’s satisfaction that actual construction costs per space are materially higher, the number of spaces to be constructed in the Parking Facility and/or the purchase price may be adjusted, and/or the Developers may build 400 spaces and, with the prior, written consent of the City, apply the dollar amount by which the cost of constructing such 400 spaces exceeds $8,800,000 to purchase and own a portion of the underground parking structure contiguous to the City-owned Parking Facility. (c) The MPC must deliver its requirements and specifications for the Parking Facility to the Developer prior to 30% design of the Parking Facility. The Parking Facility must be designed and constructed in accordance with the requirements and specifications provided by the MPC. The MPC must approve the design of the Parking Facility on behalf of the City at the time design is 30% complete [and again at the time design is complete, prior to the time the Developer applies for building permits]. Any material deviation from the requirements and specifications provided by MPC relating to the Parking Facility and approved as described in the prior sentence must be initiated or approved by the MPC.

The Parking Facility. (a) The City will agree to purchase the Parking Facility from the Developer for following substantial completion of each of the City Conference Center Unit and the Parking Facility, as evidenced by a temporary certificate of occupancy with respect to each unit. o The purchase price will be equal to the lesser of approximately $8,800,000 8,281,200, which is the current cost estimate based on the current conceptual design, or the actual cost of constructing the Parking Facility, subject to the City’s ability to issue the TIF Bonds and the Parking Facility Revenue Bonds to fund the purchase price and other terms and conditions set forth in the Conference Center and Parking Facility Development Agreement. The purchase price of the Parking Facility is currently based on the Parties’ estimate that the City-owned Parking Facility will include approximately 309 spaces (subject to change as design progresses) and that each parking space will cost approximately $26,800 per space to design and construct. As mentioned above, the Developer plans to construct 405 parking spaces, of which approximately 96 parking spaces will be retained by the Developer and used for the residential condominiums or otherwise, and of which 309 will be included in the City-owned Parking Facility. As further described below under “Parking Facility Lease Agreement,” the Developer currently expects to lease approximately 200 of the 309 spaces in the Parking Facility. o The City currently expects that the Parking Facility Bonds will be payable first from net parking revenues and, only if such net parking revenues are insufficient, from tax increment revenues. To the extent possible, if the purchaser of the Parking Facility Bonds agrees, increases in net parking revenues are expected to free up tax increment revenues that would otherwise be pledged to the repayment of the Parking Facility Bonds. o The Developer acknowledges and agrees that no money or credit of the City is available to fund the purchase price of the Parking Facility other than proceeds available from the TIF Bonds and the Parking Facility Revenue Bonds (which are expected to be payable from net parking revenues and, if necessary, tax increment revenues) and if the City is not able to issue such TIF Bonds and Parking Facility Revenue Bonds in the amount of such purchase price, the City will be unable to pay such purchase price. (b) The Parties acknowledge that the purchase price of $8,800,000 is based on the Parties’ estimate that the Parking Facility will include 400 spaces and will cost approximately $22,000 per space to construct. In the event that the Developer demonstrates to the City’s satisfaction that actual construction costs per space are materially higher, the number of spaces to be constructed in the Parking Facility and/or the purchase price may be adjusted, and/or the Developers may build 400 spaces and, with the prior, written consent of the City, apply the dollar amount by which the cost of constructing such 400 spaces exceeds $8,800,000 to purchase and own a portion of the underground parking structure contiguous to the City-owned Parking Facility. (c) The MPC must deliver its requirements and specifications for the Parking Facility to the Developer prior to 30% design of the Parking Facility. The Parking Facility must be designed and constructed in accordance with the requirements and specifications provided by the MPC. The MPC must approve the design of the Parking Facility on behalf of the City at the time design is 30% complete and again at the time design is complete, prior to the time the Developer applies for building permits. Any material deviation from the requirements and specifications provided by MPC relating to the Parking Facility and approved as described in the prior sentence must be initiated or approved by the MPC.