Predevelopment Work. GENERAL Section 4.01 Professional Team and Contractor Selection. 5 Section 4.02 Project Planning and Design. 5 Section 4.03 Approved Master Project Schedule 5 Section 4.04 Approved Plans and Specifications 5 Section 4.05 Building Construction Costs 5 Section 4.06 Total Project Costs 6 Section 4.07 Approved Total Project Budget 6 Section 4.08 Financial Planning. 6
Predevelopment Work. The Parties acknowledge that prior to the execution of the Section P3 Agreement the Phase Developer shall perform Predevelopment Work (as defined in the Phase P3 Agreement) in collaboration with MDOT in accordance with the Phase P3 Agreement. The Predevelopment Work will inform the Section Work (as defined in the Phase P3 Agreement) and, to the extent risks are addressed by Relief Events or Compensation Events in this term sheet, the risk allocation under the Section P3 Agreement. Without limiting the scope of the Predevelopment Work (including the terms of Exhibit 6 (Predevelopment Work Requirements) of the Phase P3 Agreement), the Predevelopment Work includes the following: a) The further investigation of existing utilities, geotechnical conditions, hazardous materials, endangered species, and archaeological remains present at the Setting Date Site. To the extent that a Compensation Event is included in this term sheet, the results of these investigations shall inform the baseline used for permitted claims with respect to "unknown" site conditions. The Phase Developer and MDOT shall agree to the limits of the Setting Date Site in which these investigations shall focus. b) Progress design and work with MDOT to identify and agree any additional right-of-way that will be needed, progress discussions with landowners, and advance property acquisition to the extent permitted by law and in accordance with the Uniform Act. c) Minimize risk of delays by advancing discussions and conducting design reviews with utilities and third parties. Take steps to avoid and minimize the risk of utility owner caused delay. d) Engage with government agencies that will be required to issue permits with respect to the Section and focus on permits and approvals with long lead times to avoid permitting delays. The scope of Predevelopment Work is more fully described in Exhibit 6 (Predevelopment Work Requirements) of the Phase P3 Agreement. Certain details of the Predevelopment Work shall be determined in collaboration between the Phase Developer and MDOT, and MDOT must have reviewed and accepted the applicable Predevelopment Work performed by the Phase Developer prior to the delivery of a Committed Section Proposal with respect to the Section.
Predevelopment Work. Section 1.22.3 (Financial Model). The financial model shall show that there are sufficient Toll Revenues throughout the term of the Section P3 Agreement to finance the costs of the planned Section Work including appropriate contingencies for potential and unforeseen circumstances including Benchmark Interest Rate movements;
Predevelopment Work
