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

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the date of the Parking Facility's completion ( "Parking Facility Date Completion " ) to the date P which is earlier of (i) sixty (60) days from the Parking Facility Completion Date or (ii) April 30, 2008. The completion of the Parking Facility shall be evidenced by the Parking Facility Certificate of Completion issued by the Commission pursuant to the Purchase Contract in the form set forth therein (the "Parking Facility Certificate of Completion "). The Developer shall provide notice of its election to the Commission by certified mail in accordance with Section 12.10 hereof (the "Notice of Election "). The Commission shall purchase the Commission Facility from the Developer within three (3) months of the receipt of the Developer's Notice of Election. 5.3 Description of Commission Facility. If the Developer exercises its Commission Purchase Option in accordance with the terms of this Agreement, the Commission shall purchase the real estate of the Site and at least three (3) floors of the Parking Facility (approximately 215 parking spaces), which contains the Additional Spaces (at least 125 parking spaces), along with some Project Spaces (approximately 90 parking spaces) (collectively, the "Commission Facility "). The Commission Facility shall include any improvements thereto (expressly excepting therefrom the Condo Development, the Retail Spaces, and any remaining portion of the Parking Facility not within the Commission Facility and any improvements in such areas). 5.4 Calculation of Commission Purchase Price. If the Developer exercises its Commission Purchase Option, the Commission shall pay for the Commission Facility the sum of (i) the Construction Costs for the Additional Spaces but only to the extent that the Construction Costs do not exceed Twenty -two Thousand and 00 /100 Dollars ($22,000.00) per space and (ii) the Construction Costs for fifty (50) Project Spaces to the extent the Construction Costs exceed Thirteen Thousand and 00 /100 ($13,000.00) per space but only to the extent such Construction Costs not exceed Twenty -two Thousand and 00 /100 Dollars ($22,000.00) per space. (Example 1— Construction Costs total $22,000 per space: 125 Additional Spaces at $22,000 per space totals $2,750,000 and 50 Project Spaces at $9,000 per space ($22,000 less 13,000) totals $450,000 for a Commission Purchase Price of $3,200,000.) (Example 2— Construction Costs total $20,000 per space: 125 Additional Spaces at $20,000 per space totals $2,500,000 and 50 Project Spaces at $7,000 per space ($20,000 less 13,000) totals $350,000 for a Commission Purchase Price of $2,8500,000.) The amount of Additional Spaces used to calculate the Commission Purchase Price shall not exceed one hundred twenty -five (125) except as provided for in Section 5. 10, in which case the amount of Additional Spaces used to calculate the Commission Purchase Price shall not exceed one hundred fifty (150). 5.5 Scope of Construction Costs. Construction Costs, as used in Section 3 and Section 5 of this Agreement shall mean the construction costs attributable to the construction of the Parking Facility based on the costs listed in the estimate total and summary of such costs provided the Commission and set forth at Exhibit C but shall exclude (i) any portion of development overhead costs or other related soft costs attributable to construction, operation or equipping of the Parking Facility or the Project as a whole, (ii) any costs related to supplemental site work, an example of which are set forth at Exhibit D; (iii) any costs associated with feconstructing, developing or equipping the Condo Development, which includes but is not limited F:\ DATA\ SHARE \L.ega11Wpdata \SEP\Economic Development \Gameday \Gameday Development Agreement (version 4).doc 7