Phasing of City Compensation Amounts. Developers shall pay compensation to the City according to the building development schedule upon completion of construction of each Phase of the Project, as shown in the example for Phase 1 below. The Project consists of three Phases and each building in each Phase of the Project will be assessed a fixed annual compensation (the “City Compensation”) in the amount of $2.50 per square foot (the “City Compensation Rate”) of Gross Building Area (“GBA”), subject to the adjustment process set forth in this Agreement. Gross Building Area means the total area of all floors, measured in square feet, of a building enclosed by the outside surface of exterior walls thereof. The square footage of the floor area of mezzanines shall be included in Gross Building Area. Payment of the City Compensation for each building will be due upon receipt from the City of a Notice of Completion for each building in each particular Phase, along with the issuance of all regulatory license(s) approval, and annually thereafter for the remaining Term of this Agreement. Note that each payment is in advance of any production at each greenhouse. An example Compensation Rate Schedule for Phase 1 is shown below. Colusa Farms Phase 1 Square Feet City Compensation Rate City Compensation Building 1a 106,395 $2.50/SF $265,987.50 Building 1b 77,426 $2.50/SF $193,565 Building 2 217,344 $2.50/SF $543,360 Total 401,165 $2.50/SF $1,002,912.50
Phasing of City Compensation Amounts. Owner shall pay compensation to the City upon "completion" of each Phase of the Project and receipt of a Notice of Completion from the City. The Project comprises three Phases, with multiple buildings to be built in each Phase, as further described in Recital E herein above. The City Compensation for each Phase upon completion of all buildings within such Phase will be a fixed amount of ONE MILLION DOLLARS per year, subject to adjustments in accordance with this Agreement. Payment for each Phase will be due and payable on the date which is six (6) months after the City of Colusa issues a Notice of Completion and a certificate of occupancy for the initial building in each Phase, along with all necessary regulatory approvals. The City Compensation will be required annually for the duration of this Agreement. An example of the City Compensation for Phase 1 is shown below. Colusa Farms Phase 1 Square Feet City Compensation Rate City Compensation Building 1 184,000 Fixed fee $500,000 Building 2 217,000 $500,000 $1,000,000 Total 401,165 Colusa Farms Phase 2 Square Feet City Compensation Rate City Compensation Building 1 180,000 Fixed $333,333 Building 2 180,000 Fixed $333,333 Building 3 180,000 Fixed $333,333 Total 540,000 $1,000,000 Colusa Farms Phase 3 Square Feet City Compensation Rate City Compensation Building 1 110,000 Fixed $237,000 Building 2 172,100 Fixed $371,270 Building 3 182,200 Fixed $391,173 Total 464,300 $1,000,000 City Compensation Rate Adjustment Procedure. During the Term of this Agreement, the City Manager and Development shall meet and confer, at least three (3) Months prior to the date which is every 5th anniversary of the Term ( each such date, a Rate Adjustment Date) to reconfirm or reestablish the City Compensation. The adjustment Rate within the 5th year shall be tied to prior years California weighted state average consumer price indexes. (CCPI). In no event shall said adjustment be lower than 3% nor greater than 6%
Phasing of City Compensation Amounts. Owners (or their successor) shall pay compensation to the City according to the building development schedule upon completion of construction of each building in each Phase of the Project, as shown in the example for Phase 1 below. The Project consists of three Phases and each building in each Phase of the Project will be assessed a fixed annual compensation (the “City Compensation”) in the amount of $6.00 per square foot (the “City Compensation Rate”) of Gross Building Area (“GBA”), subject to the adjustment process set forth in this Agreement. Gross Building Area means the total area of all floors, measured in square feet, of a building enclosed by the outside surface of exterior walls thereof. The square footage of the floor area of mezzanines shall be included in Gross Building Area. Payment of the City Compensation for each building will be due upon receipt from the City of a Notice of Completion for each building in each Phase or building, along with the issuance of all regulatory license(s) approval, and annually thereafter for the remaining Term of this Agreement. Note that each payment is in advance of any production at each building. An example Compensation Rate Schedule for Phase 1 is shown below. Colusa Farms Phase 1 Square Feet City Compensation Rate City Compensation Building 1 184,000 Fixed fee $500,000 Building 2 217,000 $500,00 $1,000.00 Total 401,165 Colusa Farms Phase 2 Square Feet City Compensation Rate City Compensation Building 1 180,000 Fixed $333.333 Building 2 180,000 Fixed $333,333 Building 3 180,000 Fixed $333.334 Total 540,000 $1,000,000 Colusa Farms Phase 3 Square Feet City Compensation Rate City Compensation Building 1 110,000 Fixed $237,000 Building 2 172,100 Fixed $371,270 Building 3 182,200 Fixed $391,173 Total 464,300 $1,000,000 City Compensation Rate Adjustment Procedure. During the Term of this Agreement, the City Manager and Developer shall meet and confer, at least three (3) months prior to the date which is every 5th anniversary of the Term (each such date, a “Rate Adjustment Date”), to reconfirm or reestablish the City Compensation. Within six.
Phasing of City Compensation Amounts. Developers shall pay compensation to the City upon "completion" of each Phase of the Project and receipt of a Notice of Completion from the City. The Project comprises three Phases, with multiple buildings to be built in each Phase, as further described in Recital E herein above. The City Compensation for each Phase upon completion of all buildings within such Phase will be a fixed amount of ONE MILLION DOLLARS per year, subject to adjustments in accordance with this Agreement. Payment for each Phase will be due and payable on the date which is six (6) months after the City of Colusa issues a Notice of Completion and a certificate of occupancy for the initial building in each Phase, along with all necessary regulatory approvals. The City Compensation will be required annually for the duration of this Agreement. An example of the City Compensation for Phase 1 is shown below. Colusa Farms Phase 1 Square Feet City Compensation Rate City Compensation Building 1 184,000 Fixed Fee $500,000 Building 2 217,000 $500,000 401,000 $1,000,000
