Private Project Construction Clause Samples

Private Project Construction. The Company agrees to undertake and complete the Project on the Property. The Project is intended to enhance and expand the Company’s industrial freeze drying capabilities, improve the performance of aging systems equipment and other plant assets to increase the facility’s overall competitiveness, and support research and development and quality control purposes in a modern bio-secure facility. The project will include investment by the Company into: (i) furnishings, computer hardware and software ($2,800,000); (ii) research and development ($2,800,000); (iii) machinery and equipment ($55,000,000); (iv) site preparation and infrastructure improvements ($5,000,000); (v) remodeling of existing structures ($7,600,000); and (vi) construction of a new 12,000 square foot facilities addition and a new 32,215 square foot building ($26,800,000); (hereinafter the items identified in this Section as iv, v and vi shall be collectively referred to as the “Property Improvements”). It is anticipated that the Company shall complete the Project by July 1, 2020. The Company agrees to abide by the terms of the State Agreement as it constructs and operates the Project, and the requirements of the State Agreement are incorporated herein by this reference.