Common Contracts
1 similar Developer Contribution Agreement contracts
TOWN COUNCIL AGENDA COMMUNICATIONSDeveloper Contribution Agreement • August 25th, 2022
In consideration of the Town’s agreement to sell raw water to the Developer, the Developer agrees to contribute funds toward the construction and completion of the Commercial Project. The precise dollar amount of the Developer contribution will not be known until the Ledge Rock Center Commercial Metropolitan District issues bonds, but is estimated to be approximately $13,400,000. The amount of the funding requirement is referenced in the Agreement as the Developer Shortfall Funding Advance, and is more particularly described in the Second Amended and Restated Development and Reimbursement Agreement for Ledge Rock Center. The Agreement provides that the Developer Shortfall Funding Advance will be deposited into the Developer Funds Account, created by the Amended and Restated Escrow Agreement, on or before the earlier to occur of the following: (i) the sale of the Property or any portion thereof to a third-party; (ii) the refinancing of the Property; or (iii) June 1, 2023.
