Fixed Budget Limit Sample Clauses

Fixed Budget Limit. The fixed budget limit of construction cost (the “Fixed Budget Limit”) for the Project is the sum of GBD’s Cash Grant and the City Funds for construction. The Fixed Budget Limit includes all of the costs of basic construction of the Project, including a 15% construction contingency. The Preliminary Project Budget is attached as Exhibit F. DRAFT A. Neither GBD nor RPD shall be obligated to fund any funding shortfall pursuant to this Agreement or any other agreement unless such Party expressly so agrees in writing. B. GBD shall ensure that Landscape Architect shall be responsible for designing a Project that conforms to the Fixed Budget Limit, where the lowest responsive bid submitted by a responsible bidder is within ten percent (10%) of the Fixed Budget Limit, assuming a 15% construction contingency. [ARE YOU GOING TO BE ABLE TO GET AN ARCHITECT TO AGREE TO THAT? I DON’T KNOW WHY THIS IS NEEDED. THE AGREEMENT MAKES CLEAR BELOW THAT IF THE COST ENDS UP TOO HIGH, YOU HAVE TO REDESIGN.] To ensure that the Project design is within the Fixed Budget Limit, the plans may include additive alternate(s) with a combined value of not more than 10% of the estimated construction cost. C. In the event that cost estimates prior to bidding or actual bids indicate that the Construction Cost will exceed the Fixed Budget Limit for reasons not outlined in Sections 4.1 D or 4.1 E, GBD shall, at the request of the City and at no cost to the City, cause Landscape Architect to revise the design and construction documents, plans and specifications and assist the City with re-bidding of the Project, until the construction cost is within +/10% of the Fixed Budget Limit (while maintaining a 15% construction contingency). In the event that redesign services are necessary after the City has received bids for construction of the Project, GBD shall ensure that Landscape Architect provides such changes at no cost to the City. [HOW DO YOU DO THIS? DO YOU USE PART OF THE UCSF GRANT TO PAY THE ARCHITECT?] Landscape Architect must complete any redesign within four months of notification by the City of its intent to redesign. [THIS LAST SENTENCE DOESN’T BELONG HERE. LANDSCAPE ARCHITECT IS NOT A PARTY TO THIS AGREEMENT. MOREOVER, ANY REDESIGN WOULD BE CONTINGENT ON RECEIVING ADEQUATE INFORMATION TO KNOW HOW TO REDESIGN.] D. In the event of errors or omissions in site or other information supplied by the City to Landscape Architect or changes to Project requirements or site conditions that occur ...
Sample 1
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Fixed Budget Limit. The total cumulative Preliminary Project Budget is $7,735,000, which is comprised of $5,000,000 in Esprit Funds and $2,735,000 in Project funding from the City. Neither UCSF nor GBD shall be obligated to fund any funding shortfall pursuant to this Agreement or any other agreement unless such Party expressly so agrees in writing.
Sample 1
Fixed Budget Limit. Adjustments; Allowances; Submittals. 21 2.6. Allocation of Common Infrastructure Costs 23 2.7. Diligent and Good Faith Efforts 24 2.8. Standard of Care 24 2.9. Suspension of Obligations 24 2.10. Exclusive Negotiations; City’s Reserved Rights 24 2.11. Proprietary or Confidential Information. 25 3. TERM; PERFORMANCE DATES 26 3.1. PDA Term; Predevelopment Period Extensions 26 3.2. Performance Milestones 27 3.3. Unavoidable Delays and Regulatory Appeal Delays. 27 4. PDA PHASES; NOTICES TO PROCEED 28 4.1. Performance 28 4.2. Notices to Proceed; Decision Not to Proceed 29 4.3. Acceptance of Work. 30 5. PROJECT DOCUMENTS 31 5.1. Negotiating Principles. 31 5.2. Transaction Documents. 32 5.3. Approval of Project Agreement and Other Transaction Documents 32 6. PREDEVELOPMENT WORK 33 6.1. Statement of Work 33 6.2. PDA Phases 33 6.3. Due Diligence Investigation 33 6.4. Compliance with Plans 34 6.5. Design Development. 34 6.6. Asset Management Program 35 6.7. Energy Management Program 35 6.8. Project Financing 35 6.9. HCC Predevelopment Work 36 6.10. Local Business Enterprise Plan 41 6.11. Design-Build Contract 42 6.12. Infrastructure Facility Maintenance 42 6.13. IFM Contract 42 6.14. Interface Agreements and Direct Agreements 43 6.15. Pricing and Fixed Budget Limit; Determining the Final Price 43 6.16. Early Works 45 6.17. Formation of Principal Project Company and Housing Project Company 45 6.18. Utilities 45 6.19. Construction Permits 45 6.20. CEQA 46 6.21. Regulatory Approvals 47 6.22. Correction of Defective Work Materials 50 6.23. Guaranty 50 6.24. MME Expansion Project 51 7. PREDEVELOPMENT MANAGEMENT 51 7.1. Development Team 51 7.2. Key Personnel; Organization 51 7.3. Project Directors and Project Managers 52 7.4. Communication 52 7.5. Cost Reports and Audits. 52 7.6. Community Outreach and Public Relations 53 7.7. Monthly and Quarterly Report 56 7.8. Weekly Meetings 56 7.9. Data Room 57 7.10. Assignment of Work Materials 57 8. CITY PREDEVELOPMENT OBLIGATIONS 57 8.1. Design and Plan Development 57 8.2. Cooperation in Developing the Transaction Documents 57 8.3. Cooperation in Financing Efforts 57 8.4. Housing and Commercial Component Feasibility Analysis and Financing. 57 8.5. Design-Build Contract 58 8.6. Asset Management Program 58 8.7. Energy Management Program 58 8.8. IFM Contract 58 8.9. Early Works 58 8.10. General Regulatory Approval Cooperation 58 9. CHANGES TO THE PROJECT 58 9.1. Infrastructure Facility or Infrastructure Facility Maintenance Changes Pr...
Sample 1
Fixed Budget Limit. Lead Developer has committed to a maximum amount for the design and construction costs and Infrastructure Facility Maintenance costs of the Infrastructure Facility, together with the LD Predevelopment Cost, as specified in FS Form A7 of the Financial Proposal (the “Fixed Budget Limit”). The Fixed Budget Limit is subject to adjustment from the Commencement Date through to Performance Milestone 27A in accordance with Section 2.5(b) (Increases to Fixed Budget Limit), (c) (No Other Increases to Fixed Budget Limit), (d) (Reductions to Fixed Budget Limit) and (e) (
Sample 1

Related to Fixed Budget Limit

  • Budget Schedule Subrecipient agrees that the expenditures of any and all funds under this Contract will be in accordance with the Budget Schedule, a copy of which is attached hereto as Attachment C, and which by this reference is incorporated herein and made a part hereof as if fully set forth.

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1. (ii) The parties acknowledge and agree that the permitted Consolidated Capital Expenditure level set forth in clause (i) above shall be exclusive of the amount of Consolidated Capital Expenditures actually made with the proceeds of a cash capital contribution to Company (including the proceeds of issuance of equity securities) made by Parent from the issuance by Parent of its equity Securities after the Closing Date and specifically identified in a certificate delivered by an Authorized Officer of Company to Administrative Agent on or about the time such capital contribution is made; provided that, to the extent any such cash capital contributions constitute Net Securities Proceeds after the Closing Date, only that portion of such Net Securities Proceeds which is not required to be applied as a prepayment pursuant to Section 2.4B(ii)(c) (or pursuant to the First Lien Credit Agreement) may be used for Consolidated Capital Expenditures pursuant to this clause (ii).

  • Construction Budget The total amount of funds indicated by the District for the entire Project plus all other costs, including design, construction, administration, and financing.

  • Background and Narrative of Budget Reductions 2. Assumptions Used in the Deficit Reduction Plan: - EBF and Estimated New Tier Funding: - Equal Assessed Valuation and Tax Rates: - Employee Salaries and Benefits: - Short and Long Term Borrowing: - Educational Impact: - Other Assumptions: - Has the district considered shared services or outsourcing (Ex: Transportation, Insurance) If yes please explain:

  • Construction Contract; Cost Budget Prior to execution of a construction contract, Tenant shall submit a copy of the proposed contract with the Contractor for the construction of the Tenant Improvements, including the general conditions with Contractor (the “Contract”) to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Following execution of the Contract and prior to commencement of construction, Tenant shall provide Landlord with a fully executed copy of the Contract for Landlord’s records. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids and proposals for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, for all of Tenant’s Agents, of the final estimated costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (the “Construction Budget”), which costs shall include, but not be limited to, the costs of the Architect’s and Engineers’ fees and the Landlord Coordination Fee. The amount, if any, by which the total costs set forth in the Construction Budget exceed the amount of the Tenant Improvement Allowance is referred to herein as the “Over Allowance Amount”. In the event that an Over-Allowance Amount exists, then prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount equal to the Over-Allowance Amount. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the total costs set forth in the Construction Budget have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs for such design and construction in excess of the total costs set forth in the Construction Budget shall be added to the Over-Allowance Amount and the total costs set forth in the Construction Budget, and such additional costs shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in items (i), (ii), (iii) and (iv) of Section 2.2.2.1 of this Tenant Work Letter, above, for Landlord’s approval, prior to Tenant paying such costs. All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease.

  • Budget Consulting Engineer/Architect shall advise City if, in its opinion, the amount budgeted for construction is not sufficient to adequately design and construct the improvement as requested.

  • Cash Basis and Budget Laws The right of the City to enter into this Agreement is subject to the provisions of the Cash Basis Law (K.S.A. 10-1112 and 10-1113), the Budget Law (K.S.A. 79-2935), and all other laws of the State of Kansas. This Agreement shall be construed and interpreted so as to ensure that the City shall at all times stay in conformity with such laws, and as a condition of this Agreement the City reserves the right to unilaterally sever, modify, or terminate this Agreement at any time if, in the opinion of its legal counsel, the Agreement may be deemed to violate the terms of such laws.

  • Approved Budget (a) On the last Thursday of each month after the Second Amendment Effective Time, on or before 12:00 pm (New York City time) on such Thursday, Administrative Borrower shall prepare and deliver to the Administrative Agent, for review and approval by the Required DDTL Approving Lenders, an updated week-by-week operating budget for the then subsequent month (each a “Budget” and, once approved as set forth below, the “Approved Budget”), which shall reflect Administrative Borrower’s good faith projection, for the Borrowers and their respective Restricted Subsidiaries, of (a) all weekly receipts (including from asset sales) and expenditures (including ordinary course operating expenses and any other fees and expenses related to the Loan Documents) in connection with the operation of their businesses, (b) weekly disbursements, and (c) net cash flow, in each case, for such month. The Budget delivered during the week of March 4, 2024 shall be the Approved Budget for March 2024. Together with delivery of the Budget, Administrative Borrower shall provide the Administrative Agent (for subsequent delivery to the Lenders) a variance report (“Variance Report”) in a form and substance reasonably acceptable to the Required DDTL Approving Lenders, comparing the actual receipts, disbursements, and net cash flow for such month through the immediately preceding week compared to the Approved Budget, both in dollar ($) and percentage (%) figures and an explanation of the variance. Each week promptly after the delivery of the Variance Report, the Borrower’s senior management and financial professionals shall review the Variance Report in detail during a telephonic conference with the Lenders. If the proposed Budget was timely delivered and contains the requisite information, the Lenders shall have until 2:00 p.m. (New York City Time) on the first Business Day of the following week to review any Budget after which time such Budget shall become an Approved Budget for all purposes hereunder; provided, no such Budget shall become an Approved Budget if reasonably objected to in writing (which may include e-mail) during the review period by the Administrative Agent (at the direction of the Required DDTL Approving Lenders) or Required DDTL Approving Lenders. (b) In the event that an event or circumstance occurs in between the monthly dates on which the Budgets are otherwise due pursuant to Section 6.24(a) which would make the then current Budget materially inaccurate, within two (2) Business Days of becoming aware of such event or circumstance, the Administrative Borrower shall provide notice of such event or circumstance to the Administrative Agent and the Lenders and promptly deliver a revised Budget reflecting the impact thereof. Without limiting the foregoing, the Budget shall be updated, modified or supplemented by the Administrative Borrower with the written consent of the Administrative Agent (at the direction of the Required DDTL Approving Lenders), and upon the request of the Administrative Agent (at the direction of the Required DDTL Approving Lenders) from time to time. (c) Each Budget delivered to the Administrative Agent and the Lenders shall be accompanied by such supporting documentation as reasonably requested by the Administrative Agent (at the direction of the Required DDTL Approving Lenders) and shall be prepared in good faith, with due care and based upon assumptions the Borrower believe to be reasonable. (d) Within one (1) Business Day of any Loan Party having knowledge of their occurrence or existence, Administrative Borrower shall provide the Administrative Agent and Lenders with written notice of any event or condition which is reasonably likely to entail expenditures of more than $100,000 which is not included in the Approved Budget (including, but not limited, on account of an accident, environmental event or other unanticipated occurrence) or which would otherwise be reasonably likely to have a negative impact on the value of the Loan Parties’ and their Subsidiaries’ assets or future business prospects or a similar event.

  • BUDGET REDUCTIONS In the event that the County’s Board of Supervisors adopts, in any fiscal year, a County Budget which provides for reductions in the salaries and benefits paid to the majority of County employees and imposes similar reductions with respect to County Contracts, the County reserves the right to reduce its payment obligation under this Contract correspondingly for that fiscal year and any subsequent fiscal year during the term of this Contract (including any extensions), and the services to be provided by the Contractor under this Contract shall also be reduced correspondingly. The County’s notice to the Contractor regarding said reduction in payment obligation shall be provided within thirty (30) calendar days of the Board’s approval of such actions. Except as set forth in the preceding sentence, the Contractor shall continue to provide all of the services set forth in this Contract.

  • Project Budget A Project Budget shall be prepared and maintained by Grantee. The Project Budget shall detail all costs for which the Grant will be used during the Term. The Project Budget must be approved in writing by the Project Monitor. Grantee shall carry out the Project and shall incur costs and make disbursements of funds provided hereunder by the Sponsor only in conformity with the Project Budget. The current approved Project Budget is contained in Attachment “C”. Said Project Budget may be revised from time to time, but no Project Budget or revision thereof shall be effective unless and until the same is approved in writing by Project Monitor. The funds granted under this Grant Contract cannot be used to supplant (replace) other existing funds.

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