Economics for the Retail, Restaurant, and Entertainment Parcel Sample Clauses

Economics for the Retail, Restaurant, and Entertainment Parcel. (1) Lot 2, Block A of AMLI Phase I (approximately 1.76 acres) will be subject to a ground lease on substantially the same terms as the ground leases for Lot 3, Block A, Lot 1, Block B, and Lot 1X, Block C of AMLI Phase 1; provided, that subject to mutual agreement of the parties, the retail/restaurant/entertainment area may be sub- leased (not assigned) to a third-party developer and/or operator. Notwithstanding, AMLI will be required to obtain the written consent of Addison (which shall not be unreasonably withheld) prior to entering into a sub-lease for the foregoing property and/or its operation by a third party. (2) The City and AMLI will work in good faith to select the operator/developer, and to establish deadlines for AMLI to apply for and obtain permits and commence construction of the improvements on Lot 2 following selection of the operator/developer. The City and AMLI will define said deadlines and establish penalties for noncompliance within the Definitive Agreements. (3) The following incentive is subject to and intended to support the recruitment of a high-quality retail/restaurant/entertainment operator to implement a concept that meets the intent of this first class urban mixed-use development. This incentive shall be conditioned upon evaluation of and consideration of the merits of the proposed retail/restaurant/entertainment operation, and final approval of the same by the City: (i) Public Infrastructure Incentive Grant. City will reimburse up to $1,500,000 for public infrastructure costs associated with phase 1 of the Project (on terms to be further defined in the Definitive Agreements). (4) A transfer tax of 25 basis points will be assessed on all subsequent sales of the property, excluding transfers to affiliated entities (to be defined in the Definitive Agreements). This will be recorded in the deed and run with the land in perpetuity. This tax will need to be accounted for each time the property sells and will be a seller expense. (5) AMLI will, at its sole cost, activate the 0.23 acre Lot 4X, Block A by constructing and installing fitness-oriented improvements (e.g., outdoor fitness court(s), pavilion, pickle ball court(s), etc.) and associated site furnishings and landscape, as approved by City. City will retain fee title ownership to the foregoing parcel and will be solely responsible for all maintenance associated with the foregoing improvements following City’s final inspection and acceptance of the same.
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