Wellness Contribution. Developer shall contribute (or cause the contribution of) Two Million Dollars ($2,000,000) in all cash (the “Wellness Contribution”) to be used in accordance with this Article 2. Developer’s obligation to contribute the Wellness Contribution shall accrue and be made as follows: (i) One Hundred Thousand Dollars ($100,000) to the Agency on the date that is ninety (90) days after the first Major Phase Approval, to be used by the Agency for predevelopment expenses in connection with the proposed expansion of the Southeast Health Center; (ii) thereafter, up to Two Hundred Thousand Dollars ($200,000) on the date that is the later of (a) the date that the Agency and DPH Directors have each approved a financial plan for the expansion of the Southeast Health Center and (b) thirty (30) days after notice from the Agency, to be used as may be needed for additional predevelopment expenses for such expansion; and (iii) thereafter, the balance of the Wellness Contribution on the date this is thirty (30) days after notice thereof from the Agency to be used for the Southeast Health Center as set forth in Section 2.2 or for the Center for Youth Wellness as set forth in Section 2.3. The Agency shall not send such notice under clause (iii) above until, as applicable, (A) the Agency, DPH, or its designee has received authorization to enter into a construction contract for the expansion of Southeast Health Center or such funds are otherwise required by the Agency in order to fulfill the requirements of a new markets tax credit financing or similar financing for such construction, or (B) the funds are required for the Center for Youth Wellness as set forth in Section 2.3 and the Agency provides reasonable evidence to Developer of the same. If all of the Wellness Contribution has not been contributed by the date that Developer obtains its five thousand two hundred fiftieth (5,250th) Unit Credit (the “Mid-Point Date”), then, unless the Agency determines that planning for the Southeast Health Center or the Center for Youth Wellness requires additional time, Developer shall contribute the remainder of the Wellness Contribution to the Community Benefits Fund in five (5) equal annual installments commencing ninety (90) days following the Mid-Point Date. In such event, such Wellness Contribution shall be used for programming related to the health and wellness of residents in the Project Site and in BVHP, including respiratory illness prevention and treatment. In any event, the use and expenditure of the Wellness Contribution shall be made in consultation with the PAC and the CAC.
Appears in 4 contracts
Samples: Community Benefits Plan, Community Benefits Plan, Community Benefits Plan
