Developer Compensation a. As compensation for the services to be rendered by Developer pursuant to the terms of this Agreement, Owner shall pay to Developer a development fee equal to NINE HUNDRED FORTY EIGHT THOUSAND AND NO/100 DOLLARS ($948,000.00) (the “Development Fee”), which shall be payable by wire transfer or other immediately available funds as follows:
Developer Compensation. Developer will be reimbursed by the City an aggregate amount of $140,000 for initial costs associated with the expenses incurred for the due diligence period as described in Section 4, in four installments on the following performance milestone schedule: --First payment of $25,000 upon execution of this Development Agreement. --Second payment of $40,000 upon completion of two community meetings and submission of the application for first re-zoning of an initial phase. --Third payment of $25,000 upon first progress report submitted to the City. --Fourth payment of $50,000 upon first letter of intent from a prospective tenant/buyer/business is submitted to the City. The City shall be reimbursed this $140,000 amount from increment generated from the project pursuant to the approved tax increment finance plan. Both parties recognize the Developer will also incur additional expenses including but not limited to: site and development marketing activities, legal and other due diligence expenses, design development fees and expenses, and developer fees. Said amount shall be an eligible reimbursement from tax increment proceeds under the approved tax increment finance plan to the extent permitted by law; and will be remitted to the Developer commensurate with other tax increment proceeds associated with financing the development of the subject parcel pursuant to the approved tax increment finance plan.
Developer Compensation a. DEVELOPER shall charge Customer for Deliverables and shall be paid by Customer in accordance with the Plug-N-Run package and fee schedule.
Developer Compensation
