Arena Transformation definition
Arena Transformation means the transformation of the lower bowl of the Arena into a “modern facility” (having regard to similar facilities in similar markets) that provides seating for approximately 9,000 customers, including club suites, private boxes and state of the art amenities while also maintaining access to the upper balcony for large scale events. • Tenant to undertake the Arena Work at its own cost • Arrange committed construction funding • Negotiate and enter into construction and consulting contracts • Materially comply with the preliminary project plans, budget and schedule based upon the applicable preliminary design, specifications, development budget and schedule • Obtain permits • Obtain bonding and insurance (including liability coverage in respect of damage to neighbouring City properties) on terms satisfactory to the City • Fund construction costs, including overruns • Liaise with the City’s Project Monitor (retained by the Landlord, as a Tenant construction cost) and permit Project Monitor oversight • Permit Landlord inspections • Co-ordinate construction and ongoing arena activities • Designated as “Constructor” and take on the Constructor responsibilities under • Obtain a building condition report from an independent expert after Substantial Completion to establish a baseline building condition • Approval of design, plans, etc. • Approval of schedule • Approval of material changes • Oversight re construction activities directly and through the Project Monitor • Oversight re commissioning • Receive ongoing reports • Receive the Landlord’s Security (which will be defined in the Lease as including: (i) assignment (as security) of principal construction documents (construction contract, consultants agreements, plans, bonds (with the City as a co-obligee), etc.) and any other contemplated construction documents), but subject to postponement in favour of the Tenant’s third party (arm’s length) construction lender; and (ii) the Arena Work Performance Documentation
Examples of Arena Transformation in a sentence
HUPEG has also submitted to the City the updated 2020 and 2021 BBB renderings of the lower bowl Arena Transformation including images of the proposed new building exterior, and upgraded interior bowl curtaining system.