Acquisition Improvement definition
Examples of Acquisition Improvement in a sentence
Subject to the limitations set forth herein, costs incurred under a construction contract for an Acquisition Improvement entered into pursuant to the requirements of this Agreement and Approved Change Orders shall be deemed to be reasonable and, subject to the other provisions of this Agreement, shall be included in the Purchase Price for such Acquisition Improvement.
Upon termination, the City may in its sole discretion then proceed to advertise and bid the balance of the construction of such Acquisition Improvement, and there will be no further obligation on the part of the City for payment of the Purchase Price for such Acquisition Improvement due to Developer pursuant to this Agreement.
Developer shall not award contracts for construction, commence construction or cause commencement of construction of any Acquisition Improvement until the Plans and Specifications for such Acquisition Improvement have been approved by the City.
Within 20 working days of such filing, the field inspector of the City or his or her designee (“Field Inspector”) shall issue and transmit to the Engineer of Record a letter requesting (i) as-built drawings and soils reports (when applicable) and (ii) a punchlist of work to be completed or corrections to work to be completed before such Acquisition Improvement will be eligible for payment of the Retained Increment.
The aggregate of all change orders for the Acquisition Improvements shall not increase the Purchase Price thereof so as to cause such Purchase Price to exceed the cost estimate for such Acquisition Improvement as set forth in Exhibit B by more than 25% without City Council approval.
At all times prior to the City’s acceptance of any Acquisition Improvement constructed by the Developer, the Developer shall be responsible for maintaining such Acquisition Improvement at the Developer’s expense.
The DSD Director, in his/her sole discretion shall determine the eligibility of each change order for inclusion in the Purchase Price for an Acquisition Improvement.
In the event that the City chooses not to advertise and bid the balance of the construction of any such Acquisition Improvement following such a termination, any monies remaining in the Project Fund and set aside for the acquisition of such Acquisition Improvement shall be transferred to the redemption fund established by the Indenture and used to call outstanding Bonds.
As a condition to the payment of the Retained Increment of the Purchase Price, Developer shall cause an irrevocable offer of dedication to be made to City or an outright grant of a fee interest or easement interest as appropriate, in the sole discretion of the City of the appropriate right, title and interest in and to the portion of the applicable property owned by the Developer related to the applicable Acquisition Improvement, including any temporary construction or access easements.
Substantial completion of such an Acquisition Improvement shall also mean that all components of such Acquisition Improvement are substantially complete, e.g., in the case of Acquisition Improvement including streets, the components are described in Exhibit “C.” Each Base Increment payment request must be in the form attached hereto as Exhibit “E,” which is incorporated herein by this reference, and conform to the requirements of (f) below.