Demolition Credits. The City shall treat certain demolition work required for the Replacement Terminal Project as eligible for the City’s demolition credit program pursuant to this Section and BMC Section 10-1-2211, even though some of the demolition is being done after construction. The anticipated demolition credit will be calculated by the Authority in consultation with the City Building Official. The City shall refund the demolition credit portion of the fees paid by the Authority upon the completion of all demolition eligible for the credit. This anticipated demolition credit is subject to the following conditions: (i) demolition of the existing terminal and adjacent parking structure shall occur no later than one year after opening the Replacement Terminal to the public; (ii) once demolition of the final structure eligible for the credit has occurred, the City shall refund the full amount of the eligible demolition credit to the Authority within 30 days of written notification by the Authority and verification by the City Building Official; and (iii) credits are available only if the entire Replacement Terminal Project is constructed in accordance with Section 4.1 and Exhibit C; no partial demolition credits shall be given. Furthermore, if demolition of the existing terminal fails to occur within the time set forth in this Section, the Authority shall not be entitled to any demolition credit and the Authority’s failure to demolish the same shall be a material breach of this Agreement.
