Common use of CDBG Agreement Clause in Contracts

CDBG Agreement. (a) The City intends to satisfy all of its obligations relating to Site Preparation Work and Public Improvements through the CDBG Agreement. Pursuant to the CDBG Agreement, the City is contracting with the Developer or its affiliate to carry out Site Preparation Work and Public Improvements activities using funds provided by the City. The Developer or its affiliate shall receive a 16% management fee for the oversight of the Site Preparation and Public Improvement activities pursuant to CDBG Agreements (which fee is expressly separate from Developer Fee). Payment schedule of the management fee will be specified in the CDBG Agreement. Qualifying and contracting for the Site Preparation Work and Public Improvements work pursuant to the CDBG Agreement shall be carried out in accordance with the laws, policies and procedures (including standard form documents, adapted to the circumstances and parties as needed) which the City would comply with if it conducted the contracting process through its own forces – all as further specified in the CDBG Agreement. The parties each expect that the 2012 CDBG Agreement will provide for a scope of work and funding amounts sufficient to meet the parties’ expectations as of the date of such agreement for Site Preparation Work for the entire 20-acre Revitalization Site and for Public Improvement work relative to the approximately 7-acre Rental Phase 1 Development Site. However, the relevant scope and funding obligations remain subject to further adjustment under the terms of the CDBG Agreement (for example, in the event of change order under the terms of that agreement) and in any event as may be further required for the City to meet its obligations under this Agreement (for example, if further Hazardous Materials are identified, or relative to further Approved Phases).

CDBG Agreement. (a) The City intends to satisfy all of its obligations relating to Site Preparation Work and Public Improvements through the CDBG Agreement. Pursuant to the CDBG Agreement, the City is contracting with the Developer or its affiliate to carry out Site Preparation Work and Public Improvements activities using funds provided by the City. The Developer or its affiliate shall receive a 16% management fee for the oversight of the Site Preparation and Public Improvement activities pursuant to CDBG Agreements (which fee is expressly separate from Developer Fee). Payment schedule of the management fee will be specified in the CDBG Agreement. MBS has agreed to cap their fee at $400,000.00 for the oversight of the Phase I Site Preparation and Public Improvement activities. Qualifying and contracting for the Site Preparation Work and Public Improvements work pursuant to the CDBG Agreement shall be carried out in accordance with the laws, policies and procedures (including standard form documents, adapted to the circumstances and parties as needed) which the City would comply with if it conducted the contracting process through its own forces – all as further specified in the CDBG Agreement. The parties each expect that the 2012 CDBG Agreement will provide for a scope of work and funding amounts sufficient to meet the parties’ expectations as of the date of such agreement for Site Preparation Work for the entire 20-acre Revitalization Site and for Public Improvement work relative to the approximately 7-acre Rental Phase 1 Development Site. However, the relevant scope and funding obligations remain subject to further adjustment under the terms of the CDBG Agreement (for example, in the event of change order under the terms of that agreement) and in any event as may be further required for the City to meet its obligations under this Agreement (for example, if further Hazardous Materials are identified, or relative to further Approved Phases).