Arena Budget definition
Examples of Arena Budget in a sentence
In addition, each of the Sports Authority and NBA Club may retain, at its sole expense and not as a charge against the Arena Budget, such other consultants as such Party may desire to assist such Party in making decisions in connection with the Arena.
Although the Arena plans and the Arena Budget (as defined below) will include certain base-building work necessary to accommodate NHL hockey at the Arena, the Arena plans and Arena Budget do not include the cost of build-out of the NHL Team's locker rooms, its specific equipment needs such as hockey scoreboards or a professional hockey dasher board system, a second Zamboni machine, etc.
Any dispute between the Sports Authority and the NBA Club with regard to the approval of any of the aforementioned matters will be resolved pursuant to a mutually acceptable "fast-track" arbitration procedure before an independent third- party arbitrator mutually acceptable to the Sports Authority and the NBA Club, with the understanding that such disputes must be resolved so as to not cause any delay in construction and so as not to cause the construction of the Arena to exceed the Arena Budget.
The Arena has a targeted budget of $175 million (the "Arena Budget"), which includes a contingency of $6 million, as well as provision for full payment and performance bonds and appropriate insurance, architectural and engineering fees and expenses, and the fees and expenses of the Development Representative (as defined on Schedule 1 hereto).
The construction contract for the Arena will include, as an expense of the Arena Budget, appropriate cost overrun and completion protections as determined by the NBA Club subject to the approval of the Sports Authority, not to be unreasonably withheld or delayed.
The Arena will be built within the approved schedule, Arena Budget and in accordance with the terms hereof and Final Arena Plans unless the Sports Authority and the NBA Club mutually agree otherwise in writing.
In addition, all draw requests, schedule changes, changes in allowance items and alternates are subject to the mutual approval (not to be unreasonably withheld or delayed) of the Sports Authority and the NBA Club, with the understanding that it is the Parties' intent to cause the Arena to be constructed within the approved schedule and within the Arena Budget.
The plans and specifications for the Arena will be prepared at the direction of the NBA Club, subject to the approval of the Sports Authority, such approval not to be unreasonably withheld or delayed and to be limited in scope to confirming that the Arena will be a first-class state-of-the-art arena and can be constructed within the approved schedule at a cost not to exceed the Arena Budget.
The Sports Authority will secure financing and other public and/or private funding sources in an amount sufficient to meet all of its obligations under this Letter Agreement on a timely basis, which obligations include, without limitation, (i) the full amount of the Arena Budget, (ii) the full amount of the budget for the Parking Garage and (iii) all costs associated with financing and capitalized interest related thereto.
Notwithstanding the foregoing, with respect to the design of the Arena, the selection of the Architect, will not be subject to arbitration and it is understood that the arbitration shall only be applicable to disputes as to (i) whether the Arena design provides for a first-class, state of the art arena, (ii) whether the Arena can be constructed within the Arena Budget (except as otherwise approved in writing by the NBA Club) and (iii) whether the Arena can be constructed within the approved schedule.