Construction and Development Fee. A construction and development fee of 1% to 4% paid to the General Partner or its Affiliates for construction management services and/or development management services on assets held by the Partnership. The fee is calculated as a percentage of the total project costs (including both hard and soft costs). The Partnership will also reimburse the General Partner or its Affiliates for costs incurred by them in connection with such services provided to the Partnership, including a share of the Partnership’s or its Affiliates’ overhead attributable to the actual time spent in connection with providing construction and development services to the Partnership, such as employee costs, travel, rent, utilities and technology costs.
Construction and Development Fee. Tenant Improvements and Routine Capital Improvement Projects Five to ten percent (5%-10%) of total construction/capital improvement costs. Renovation Projects Four percent (4%) of total renovation costs Ground-Up Development Four percent (4%) of total construction costs 104 TABLE OF CONTENTS Page
Construction and Development Fee. A construction and development fee of 1% to 4% paid to the Property Manager or the Manager or its Affiliates for construction management services and/or development management services on assets held by the Operating Company. The fee is calculated as a percentage of the total project costs (including both hard and soft costs). The Operating Company will also reimburse the Manager or its Affiliates for costs incurred by them in connection with such services provided to the Operating Company, including a share of the Operating Company’s or its Affiliates’ overhead attributable to the actual time spent in connection with providing construction and development services to the Operating Company, such as, but not limited to, employee costs, travel, rent, utilities and technology costs.
