Local Business Participation Plan. UNDC shall document its contracts with local qualified minority or women-owned business enterprises (“MWBE”) and locally owned small businesses (“LOSB”) that are certified and registered with either the City Of Memphis or Shelby County firms in the construction of the Project based on targeted goals that are agreed as outlined below. Over the initial year period of the Term, as defined below, UNDC’s estimated construction budget for the Project, and the targeted goal for MWBE and LOSB participation in UNDC’s construction expenses, are as follows: Total Spending MWBE & LOSB Percent Construction $10,000,000.00 $2,500,000.00 25% Notwithstanding the foregoing, (i) UNDC’s construction budget is subject to available revenues from the Economic Incentive, and (ii) this Agreement and the LBP Plan shall not apply to the Project to the extent that construction is completed by the City of Memphis, Memphis Light, Gas and Water, or any other governmental entity or agency (i.e., the targeted goal for MWBE and LOSB participation applies only to work performed directly by UNDC or its affiliates or contractors).
Local Business Participation Plan. (a) The Lake District agrees to utilize Local Business Participants (defined below) in connection with the Project in accordance with this Section 1(a) (the “LBP Obligation”), and the Lake District shall document its contracts with Local Business Participants. The Lake District shall utilize Local Business Participants in connection with an amount equal to at least twenty percent (20%) of the Eligible Improvements constructed by the Lake District through either (i) construction of any Eligible Improvements and/or (ii) any other construction of improvements by the Lake District in the Plan Area.
