Mixed-Use Component definition

Mixed-Use Component has the meaning given to such term in the Development Agreement and consists of two (2) luxury mid-rise buildings with a minimum of 400 residential units in the aggregate.

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Mixed-Use Component means the Developer Improvements as more particularly described in Section 1.9 hereof and on Exhibit “C” attached heretoImprovement(s) consisting of two (2) luxury mid-rise buildings with a minimum of 350 residential units in the aggregate, which shall be constructed with a minimum of 600 parking spaces located in one or more Parking Garages constructed as part of such buildings (provided, however, the Parking Garages and/or street parking shall constitute Vertical Infrastructure Improvements hereunder). [NTD – Compare definition and use of Mixed-Use Component versus Developer Improvements]

Mixed-Use Component means the Developer Improvement(s) consisting of two (2) luxury mid-rise buildings with a minimum of 350 residential units in the aggregate, which shall be constructed with a minimum of 600 parking spaces located in one or more Parking Garages constructed as part of such buildings (provided, however, the Parking Garages shall constitute Vertical Infrastructure Improvements hereunder).

Examples of Mixed-Use Component in a sentence

• Notwithstanding anything herein to the contrary, Tenant shall have no right to exercise a Renewal Option unless at the time such Renewal Option is exercised, the Facility (excluding any portion of the Facility that is part of the Mixed-Use Component (as that term is defined in the Development Agreement)) is at least seventy-five percent (75%) occupied.

• The provisions of this Agreement shall inure to the benefit of, and be binding upon, Grantee and Grantor and their respective successors and assignees in title, including any Developer Subsidiary that owns or leases any portion of the Mixed-Use Component.

• Accordingly, Grantor and Grantee expressly acknowledge and agree that this Agreement may not be assigned, licensed or otherwise transferred (in whole or in part) separate and apart from ownership of the Mixed-Use Component.

• The Required Percentage shall be equal to twenty percent (20%) of each City Loan Advance, and in total shall be equal to twenty percent (20%) of all City Funds disbursed to the Developer in connection with the construction of the Hotel Component and Mixed-Use Component, exclusive of the Parking Garages if owned by the City.

• It is presently contemplated that the Mixed-Use Component will contain two condominium regimes, one for each mixed-use residential building.

• If, by the Reconciliation Date, the Developer fails to invest at least $111,000,000] of private funding in the Mixed-Use Component, the ▇▇▇ ▇▇▇▇▇ will be proportionately reduced.

• As part of the Closing Documentation for the Vertical Infrastructure Improvements, the City and the Developer or a Developer Subsidiary designated by the Developer shall enter into an easement agreement granting the Developer or Developer Subsidiary access and other mutually agreeable rights to utilize any public space or plaza constructed as part of the Vertical Infrastructure Improvements, including the elevated pedestrian bridge, walkway or overpass that connects the Mixed-Use Component.

• If, by the Final Reconciliation Date, the Developer fails to incur at least $[95,000,000] in Direct Costs for the Mixed-Use Component, the ▇▇▇ ▇▇▇▇▇ will be terminated and the Developer will repay the City the entire amount of the ▇▇▇ ▇▇▇▇▇ that has been previously paid to the Developer, if any.

• For purposes of this calculation, the City’s contribution to the Hotel Component and the Mixed-Use Component will be defined as the maximum value of the ▇▇▇ ▇▇▇▇▇, the actual present value of the Hotel Grant (calculated as of the date of Substantial Completion of the Hotel Component using an annual discount rate of 6.75%), and the actual net value of the City Loan, defined as the principal amount of the City Loan advanced less the Required Percentage deposited into the City Defeasance Trust.

• In the event the Direct Costs of the Hotel Component and the Mixed-Use Component in the aggregate (together with any costs of tenant improvements incurred by third party tenants or subtenants), in the aggregate, is less than the Minimum Developer Investment, the City’s contribution to the Hotel Component and the Mixed-Use Component will be reduced on a pro rata basis.

More Definitions of Mixed-Use Component

Mixed-Use Component set forth in Section 1.1(f) of the Memorandum is amended by inserting the following new sentence at the end of the existing subsection: “Without limitation of the foregoing, the Mixed-Use Component will include a hotel of at least 151 bedroom capacity.”