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Authorizing the execution of a development management agreement with Gerald D. Hines interests
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Authorizing the execution of a development management agreement with Gerald D. Hines interests
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4/25/2017 4:12:31 PM
Creation date
3/13/2017 10:47:37 AM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
9/11/1978
Ord-Res Number
642-78
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3.5.1 Within 180 days from the date this Agreement is <br />executed, if either the Development Manager fails to procure <br />the contractual commitments referred to in Article 1 hereof or <br />the City fails to obtain the approval for the expenditure of <br />monies referred to in Article 2 hereof, the Development Manager's <br />compensation shall be limited to said initial payment of $80,000. <br />3.6 Upon the Development Manager's procurement of the contractual <br />commitments referred to in Article 1 hereof and the City's obtain- <br />ment of the approval for the expenditure of, monies referred to in <br />Article .2 hereof, the City shall make payments to the Development <br />Manager for the Basic Services and Additional Services rendered, <br />plus the Reimbursable Expenses incurred, from the date this <br />Agreement is executed, in the amounts indicated on statements <br />submitted to the City by the Development Manager. Said payments <br />shall be made within thirty (30) days from the date of billing. <br />3.7 Thereafter, the City shall make payments to the Development <br />Manager for the Basic Services and Additional Services rendered, <br />plus the Reimbursable Expenses incurred, in the amounts indicated <br />on monthly statements submitted to the City by the Development <br />Manager. Said payments shall be made within thirty (30) days <br />from the date of billing. <br />3.8 In the event the Construction Progress Schedule provided <br />pursuant to Section 4.3 hereof is exceeded by more than ninety <br />(90) days through no fault of the Development Manager, the <br />Development Manager's compensation for Basic Services rendered <br />
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