No. 2241 approving a development agreement with gameday centers Southeastern, LLC and related matters

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�! and provide any suggestions the Commission may have to lower the cost or improve the efficiency of the Parking Facility. The Commission will further consider any proposal the Developer provides the Commission to lower the per -space Construction Costs of the Additional Spaces, including expanding the site to the north, with the understanding that the Commission shall not be bound to accept any such proposals. 4.4 Commission Purchase Option. If the Developer exercises its Commission Purchase Option (as defined in Section 5.2), the Commission shall further be obligated to the extent and in the manner set forth in Section 5 hereof. 4.5 Zoning, Variance, Special Permits, Etc. The Commission shall continue to assist the Developer in its efforts to seek zoning, variance, subdivision, or special permits required to complete the Project as proposed. Should the Developer petition the Area Plan Commission for a variance to allow the Developer to expand the Project by adding an additional floor to the Parking Facility and up to two (2) additional floors to the Condo Development, the Commission shall express its support for such variance in a form of a letter to the Area Plan Commission. 4.6 Cooperation to Expedite Process. Consistent with City policy, the Commission hereby agrees to endorse and support the Developer's efforts to expedite the Project through the required planning, design, permitting, waiver and related regulatory processes. is SECTION 5.0 COMMISSION PURCHASE OPTION. 5.1 Generally. It is the intent of the Developer to own, construct, develop, equip and operate the Project in a manner exclusive of public assistance or involvement other that which is set forth in the Purchase Contract or Sections 4.2 and 4.3 hereof. However, the market conditions for available parking spaces around the Site are unpredictable at this time. Moreover, the size, configuration and condition of the Site present some challenges that may increase the cost of the Parking Facility, which in combination with the volatility of the downtown market for parking spaces presents certain risks, which may make the completion of the Parking Facility cost prohibitive. The Commission recognizes that additional parking downtown is needed to further the downtown's development and redevelopment and the importance of the construction of the Project Facility and the Additional Spaces. In order to reduce the risks associated with the construction and operation of the Parking Facility and to induce the Developer to complete the Project, the Commission has agreed to provide the Developer a Commission Purchase Option as set forth in this Section. 5.2 Commission Obligation to Purchase Parking Facility. Should the Developer determine, in its sole discretion, private ownership of the Additional Spaces is no longer viable or advisable considering the market conditions, the Developer may elect to have the Commission purchase the Commission Facility (as defined in Section 5.3) for the Commission Purchase Price (as defined in Section 5.4) in accordance with the provisions of this Section 5 (the "Commission Purchase Option "). The Developer may elect the Commission Purchase Option any time from F:\ DATA\ SHARE\Legal \Wpdata \SEP\Economic Development \Gameday \Gameday Development Agreement (version 4).doc 6