Owner’s New Village Hall Cost Sample Clauses

Owner’s New Village Hall Cost. Owner and Village agreed in February 2016 that the cost of New Village Hall would be $9.6 million. The $9.6 million cost was based on a construction cost of $281.00 per square foot, and a building square footage of 34,164. Because the timing for the construction of New Village Hall has changed, Owner and Village agree that the cost of New Village Hall will be the 2016 estimated cost of $9.6 million, as increased (but not decreased) by the percentage change in RS Means Building Construction Cost Data for Commercial Office New Construction in Miami as shown on the RS Means website between the first quarter of 2016 and the most current quarter information available at the time Owner submits the NVH Construction Plans to the Village for issuance of a building permit (“RS Means Percentage Increase”). The estimated $9.6 million cost of New Village Hall, as increased by the RS Means Percentage Increase, is the “Owner’s NVH Cost.” The 2016 per square foot cost and square footage of New Village Hall contained in this paragraph are included only to show how the $9.6 million 2016 cost was calculated and are not to be used in determining either the cost per square foot cost or square footage of New Village Hall at the time the increase to the $9.6 million 2016 cost of New Village Hall is calculated. If RS Means no longer provides the information necessary to calculate the increased cost of New Village Hall at the time the NVH Construction Plans are submitted to the Village for permitting, Village and Owner shall jointly agree upon an alternative index.
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