Common Contracts
1 similar Center Development Agreement contracts
AMENDED AND RESTATED HOTEL-CONFERENCE CENTER DEVELOPMENT AGREEMENTCenter Development Agreement • September 11th, 2015
Background: The Development Agreement was originally executed on November 7, 2012, pursuant to which the EPWA had an ownership interest in the Conference Center in exchange for the $4.8M contribution toward the construction costs of the Conference Center. The dual ownership in the Project, without the EPWA’s contribution being considered an equity investment, discouraged numerous lenders from financing the remaining construction costs of the Project. Therefore, the Developer requested the City and EPWA to make modifications to the original deal structure in an effort to secure financing for the Hotel-Conference Center. The revised terms include EPWA not owning the Conference Center, with a $4.8M loan to the Developer, treated as equity in the Project, providing for an additional 10 year extension to the term of the ground lease, and providing an option to convert the Put Option to ground lease rental payments. With these revised terms, the Developer has secured financing with a local l
