Project Cost Savings. To the extent there exists Project cost savings during the Project the amount of such savings shall be applied first to the Participating County to the extent the Participating County has identified Participating County Funding in an amount more than required by the Applicable Laws (as defined in the BSCC Agreement). Thereafter, cost savings shall be shared by the State and the Participating County on a pro rata basis determined by the percentage of the total amount of Project costs financed by the State and the Participating County Funding, respectively. However, in no case may savings be applied to the Participating County that would (1) result in the State providing financing for activities other than eligible design and construction costs; or (2) result in the Participating County contributing less than the percentage of Total Project Costs required by the Applicable Laws.
Project Cost Savings. As set out in clauses 42 to 44, within a State’s overall Program, where the updated cost estimate or final Project cost to government is less than the amount(s) which the Commonwealth or (in the case of a jointly funded Project) the Commonwealth and the relevant State have agreed to make available, the savings (including savings resulting from private sector participation in the Project) will be treated in the following way:
Project Cost Savings. As set out in clauses 42 to 44, within a State’s overall Program, where the updated cost estimate or final Project cost to government is less than the amount(s) which the Commonwealth or (in the case of a jointly funded Project) the Commonwealth and the relevant State have agreed to make available, the savings (including savings resulting from private sector participation in the Project) will be treated in the following way: for Projects to which only the Commonwealth has committed a specified funding contribution, the Commonwealth may choose to reallocate the savings to another Project or Projects in the relevant State; and for Projects to which both the Commonwealth and a State have committed a specified funding contribution, the savings will be divided on a pro-rata basis and be redistributed: in the case of the Commonwealth, the Commonwealth may choose to reallocate its share of the funding to another Project or Projects in the relevant State; and in the case of a State, the State may choose to reallocate its share of the funding to other Projects.
Project Cost Savings. Within thirty (30) days after the final determination of the Project Costs (including, without limitation, receipt of unconditional final lien releases from the Contractor and all subcontractors and material suppliers) or the Completion of the Project, whichever is later (the “Final Determination Date”), Development Manager shall prepare calculations comparing the actual, total Project Costs incurred by Owner against the Guaranteed Delivery Price (as adjusted by Permitted Changes only) and the Development Budget (as adjusted by any changes allowed under this Agreement), to determine whether any savings in Project Costs have been achieved (such comparison being defined as the “Final Cost Reconciliation”). Owner shall have fourteen (14) days to review and either approve or disapprove the Final Cost Reconciliation prepared by Development Manager. If Development Manager does not provide the Final Cost Reconciliation within such thirty day period, or if Owner reasonably disapproves the Final Cost Reconciliation provided by the Development Manager, then Owner may prepare the Final Cost Reconciliation itself based on previous reporting by the Development Manager pursuant to this Agreement. If the Final Cost Reconciliation (as approved by Owner, or with such modifications as Owner and Development Manager may mutually agree upon, in their respective reasonable discretion, or as prepared by Owner if Development Manager does not prepare it within the required time period above) indicate that the actual, total Project Costs incurred by Owner are less than the Guaranteed Delivery Price, as adjusted by any Permitted Changes pursuant to this Agreement, the difference shall be defined as “Project Cost Savings”. All Project Cost Savings shall accrue to Owner, and Owner shall not be obligated to pay any Project Cost Savings to Development Manager, except only as follows:
(a) Owner shall reimburse Development Manager for the Interim Rebalancing Amount from (and only to the extent of) any Project Cost Savings;
(b) If and to the extent there are Project Cost Savings remaining after any payments made pursuant to clause (a) above, Owner shall pay Development Manager any unused Building Two and Three Hard Cost Contingency; and
(c) If and to the extent there are Project Cost Savings remaining after any payments made pursuant to clause (a) above, Owner shall pay Development Manager, from (and only to the extent of) any unused Soft Cost Contingency, the aggregate amount of the Build...
Project Cost Savings. Project Cost Savings will be determined at [To Be Determined] as provided in the Note
Project Cost Savings. The amount, if any, by which the Project Cost Estimate exceeds the total Capital Costs after Project Completion, final acceptance on the Design-Build Contract, and final payment under the Design-Build Contract (as those terms are defined in the Wave Project Agreement).
Project Cost Savings. The Parties will share pro-rata in any Project Cost Savings based upon each Party’s financial contribution to the Project Capital Costs.
Project Cost Savings. In the event and to the extent that upon completion of the Project and payment of all Project Costs, the Project has been completed for an amount less than $285.2 million (i.e., without utilizing any of the funds maintained in the Construction Reserve Fund), the difference between $285.2 million and the amount of the actual Project Costs shall be deemed to be the “Project Cost Savings.” 54.24% of the Project Cost Savings shall be withdrawn from the Project Construction Fund and used to defease or redeem Stadium Revenue Bonds or to fund the District’s obligation to fund the 8257 Fund under Section 229.825(2)(e)(2) of the Act, and the remaining balance in the Project Construction Fund shall be transferred to the Capital Improvements Fund. If and to the extent the Team has failed to deposit or cause to be deposited into the Team Subaccount of the Project Construction Fund at least $33.6 million, the Team shall cause such funds to be deposited into the Team Subaccount of the Project Construction Fund to enable “Project Cost Savings” to be disbursed as provided in this Subsection 4.2(e). The $285.2 million figure in this paragraph shall be automatically reduced by the amount of any short-fall in the anticipated $9.1 million appropriation for the Included Infrastructure Project.
Project Cost Savings. At FINAL COMPLETION of the PROJECT, the CITY and XXXX shall share in any cost savings as follows: 75% City and 25% XXXX. Cost savings are defined as the difference between the GMP (including authorized amendments) and the approved final invoice amounts. XXXX’x 25% share in the cost savings shall be capped at a maximum of 1.5% of the total GMP (including authorized amendments). Any remaining monies in the Direct Construction Cost and/or General Conditions shall vest in the CITY and shall reduce the GMP. To the extent any portion of the CONTINGENCY remains unallocated on the date of FINAL COMPLETION and after the issuance of the final payment for the PROJECT , the remaining portion shall be returned to the City in full (to be excluded from any cost savings allocation and returned to the CITY in whole).
Project Cost Savings. Where the final Project cost to government is less than the amount(s) which the Commonwealth or (in the case of a jointly funded Project) the Commonwealth and the relevant State have agreed to make available, the savings (including savings resulting from private sector participation in the Project) will be treated in the following way: for Projects to which only the Commonwealth has committed a specified funding contribution, the Commonwealth may choose to reallocate the savings to another Project or Projects in the relevant State; and for Projects to which both the Commonwealth and a State have committed a specified funding contribution, the savings will be divided on a pro-rata basis and be redistributed: in the case of the Commonwealth, the Commonwealth may choose to reallocate its share of the funding to another Project or Projects in the relevant State; and in the case of a State, the State may choose to reallocate its share of the funding to other Projects.
