Common use of Development Budget Clause in Contracts

Development Budget. Prior to September 1, 2019, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than sixteen million ($16,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.

Development Budget. Prior to September March 1, 20192022, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than sixteen twenty-million ($16,000,000.0020,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.

Development Budget. Prior to September 1October 31, 20192018, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than sixteen million five million, five hundred thousand dollars ($16,000,000.005,500,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III. B. 2.

Development Budget. Prior to September 1, 2019commencement of construction, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than sixteen five million dollars ($16,000,000.005,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III. B. 7.

Development Budget. Prior to September 1November 30, 20192018, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than sixteen two million dollars ($16,000,000.002,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.

Development Budget. Prior to September 1October 31, 20192018, Developer shall submit a Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than sixteen two million five hundred thousand dollars ($16,000,000.002,500,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten five percent (105%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III. B. 2.

Development Budget. Prior to September 130, 20192018, Developer shall submit a preliminary Development Budget, prepared in accordance with general principles for construction and development budgeting, to RDA for approval. The Development Budget shall include: 1. Not less than sixteen three hundred million ($16,000,000.00300,000,000.00) in “hard” construction costs investments for the entire Project; and 2. A line item of not less than ten percent (10%) of total Project costs for cost overruns and change orders; and 3. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.