Ready for Development definition

Ready for Development means that factors and conditions in the present and reasonably foreseeable marketplace, including environmental factors, transportation demand and financial markets, and the political environment, appear to be conducive to proceeding with planning, permitting, design and other efforts to prepare a Facility for Close of Finance, construction and operation. It is anticipated that a Facility can be Ready for Development even though the duration of time to Close of Finance may be significant; and the parties recognize that after a Facility is found Ready for Development intervening changes in circumstances could occur that inhibit or delay Close of Finance. Unless otherwise approved by TxDOT in its sole discretion, a proposed toll Facility located within the boundaries of any local toll project entity shall not be considered Ready for Development unless and until all conditions for TxDOT’s development of the Facility as a toll project set forth in applicable Laws have been satisfied.
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Ready for Development means the Project Site is ready for 4 commencement of construction of horizontal or vertical improvements thereon, including both Public 5 Improvements and Private Improvements.
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Ready for Development with respect to any Property means that such Property has all development infrastructure in place, including roads, utilities and storm-water management (in each case, pursuant to and in accordance with all current (as of the Effective Date) applicable laws), and has been accepted by the Member who does not own such Property, in its reasonable discretion, as being readily able to be developed as contemplated by this Agreement. The standards for determining whether a Property is Ready for Development include the following standards:
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Examples of Ready for Development in a sentence

  • TxDOT expects that the Project Management Plan will evolve as Facilities evolve and become Ready for Development and that development of the documents will be a collaborative effort between the parties.

  • The elements of the Facility Work to be performed prior to approval of a Facility Implementation Plan include Work (i) required for determining when Facilities are Ready for Development, (ii) required for preparing written requests for authorization from TxDOT to proceed with preparation of a Facility Implementation Plan, and (iii) relating to discussions, negotiations and preparation of Facility Implementation Plans.

  • If Developer does not concur in writing before the expiration of this 30-day period (or such other period as may be agreed upon by the parties), Developer will be deemed to have rejected that Facility as being Ready for Development.

  • If TxDOT does not respond in writing within 30 days (or such other period as may be agreed upon by the parties) to a notice from Developer pursuant to this Section, TxDOT will be deemed to have rejected that Facility as being Ready for Development.

  • If Developer does not concur in writing before the expiration of this 30- day period (or such other period as may be agreed upon by the parties), Developer will be deemed to have rejected that Facility as being Ready for Development.

  • When such contributed Property has been made Ready for Development the value of the contributing Member’s Capital Contribution related to such Property shall be automatically increased by the applicable Land Valuation Reduction Amount (but not in excess of such Land Valuation Reduction Amount) and, in the case of the PrairieWood Land, CNT Venture shall make a Capital Contribution of cash in the amount of 55% of the Land Valuation Reduction Amount.

  • The failure to timely make any such Property Ready for Development in accordance with this Section shall constitute a default hereunder by the Member contributing such Property.

  • In addition, in the event that the PrairieWood Land or ▇▇▇▇▇▇▇▇▇ Land is not Ready for Development when such Property is contributed to the Company, then, in accordance with the definition of “Capital Contribution” set forth in Section 1.1 above, the value of the Capital Contribution attributable to such Property shall be reduced at the time of contribution by the applicable Land Valuation Reduction Amount.