Common Contracts

Waterfront Ballpark District at Howard Terminal Development Agreement Term Sheet

Benefits Agreement • April 23rd, 2021

• Contract Type
  Benefits Agreement
• Filed
  April 23rd, 2021

Developer (such date being the “CommencementDate”), and shall expire on the date that is 35 years from the Commencement Date. The term of the Development Agreement shall not be subject to extension for Force Majeure or for any other reason. Notwithstanding the foregoing, upon delivery of a written notice from the City Administrator of the occurrence of an Early Termination event, the City may terminate the Development Agreement, notwithstanding any other requirement or process set forth in the Development Agreement or law. An “Early Termination Event” shall exist if: (i) the Option Agreement with the Port expires or terminates before Developer and Port enter into the Disposition and Development Agreement (“DDA”); (ii) the DDA terminates before Developer enters into the Ballpark Lease with the Port; or (iii) Developer fails to Commence Construction of the Ballpark by that date (such date being the “Ballpark Deadline”) which is the later of: (a) May 13, 2025 or (b) four (4) years from