Common use of Development Budget Clause in Contracts

Development Budget. Prior to June 1December 31, 2022, 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 twenty million dollars ($25,000,000) 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. A line item of not less than one percent (1%) of the estimated aggregate assessed value of the Property, which shall be specifically dedicated towards a) Public Art on the Property; or b) Public Art within one-half (1/2) mile of the Property; or c) A separate Public Art project(s) approved by the RDA and GBPAC; or d) Funds for design and maintenance of Public Art, or any combination of the alternatives herein; and 4. 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 June 1December 3130, 2020March 1, 2022, 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 twenty thirty million dollars ($25,000,00030,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten five percent (105%) of total Project hard costs and soft costs for cost overruns and change orders; and 3. A line item of not less than one percent (1%) of the estimated aggregate assessed value of the Property, which shall be specifically dedicated towards a) Public Art on the Property; or b) Public Art within one-half (1/2) mile of the Property; or c) A separate Public Art project(s) approved by the RDA and GBPAC; or d) Funds for design and maintenance of Public Art, or any combination of the alternatives herein; and 4. 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 June 1December 311, 2022, 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 twenty million dollars ($25,000,000) 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. A line item of not less than one percent (1%) of the estimated aggregate assessed value of the Property, which shall be specifically dedicated towards a) Public Art on the Property; or b) Public Art within one-half (1/2) mile of the Property; or c) A separate Public Art project(s) approved by the RDA and GBPAC; or d) Funds for design and maintenance of Public Art, or any combination of the alternatives herein; and 4. 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 June 1December 3130, 20222020, 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 twenty thirty million dollars ($25,000,00030,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten five percent (105%) of total Project hard costs and soft costs for cost overruns and change orders; and 3. A line item of not less than one percent (1%) of the estimated aggregate assessed value of the Property, which shall be specifically dedicated towards a) Public Art on the Property; or b) Public Art within one-half (1/2) mile of the Property; or c) A separate Public Art project(s) approved by the RDA and GBPAC; or d) Funds for design and maintenance of Public Art, or any combination of the alternatives herein; and 4. 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 June 1December 31, 2022October 1,2022, 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 twenty thirty million dollars ($25,000,00030,000,000.00) in “hard” construction costs for the entire Project; and 2. A line item of not less than ten five percent (105%) of total Project hard costs and soft costs for cost overruns and change orders; and 3. A line item of not less than one percent (1%) of the estimated aggregate assessed value of the Property, which shall be specifically dedicated towards a) Public Art on the Property; or b) Public Art within one-half (1/2) mile of the Property; or c) A separate Public Art project(s) approved by the RDA and GBPAC; or d) Funds for design and maintenance of Public Art, or any combination of the alternatives herein; and 4. Line items for each of the Qualified Expenditures for which the Developer is seeking a TIF Incentive, as identified in Section III.