SAAM Renovation Development Agreement and Lease or Ground Lease. Between January 1 and March 31 of any year commencing on January 1, 2015, but not later than March 31, 2020, XXX may give the City notice that it is prepared to proceed with the SAAM renovation project, having completed a funding plan satisfactory to the City and identified funding sources in addition to the City that are necessary to complete the 2008 SAAM Project or a mutually acceptable Possible Alternate SAAM Project. Such notice shall include a request that City funding in accordance with this Agreement be included and approved in that year’s City budget process to be available for the project in the following calendar year. The Parties acknowledge that if such request is approved by the City Council, full City funding pursuant to such request may span two City budget cycles and agree that actual fund availability may be spread over eighteen (18) months. During the six (6) months following receipt of SAM’s notice, the Parties shall complete a SAAM Renovation Development Agreement (“Development Agreement”) and a long-term lease and an alternate ground lease with respect to SAAM, one or the other of which will supersede the existing agreement between the City and XXX for use and operation of SAAM. The Development Agreement will provide for XXX management of the SAAM renovation project including delivery of the Project within the approved budget, subject to City oversight, including City design review and approval. The Agreement also will address the City’s and SAM’s financial commitments to fund actual project work, schedules for completion of work and other matters of mutual concern with respect to its construction. The long-term lease or ground lease will allocate responsibilities between the Parties for operation and maintenance of the SAAM building following completion of the SAAM renovation project.
