5A2 Notice to Commence Agreement (Madison Lifestyle, Great Lakes Capitol) - Fully Executed

Home Browse Search

Docusign Envelope ID: 445E3BC9-B4DF-85DA-80E4-E5228A18F7BD Exhibit B-1 Project Plan Subject to the Mutual Project Diligence, the Developer will complete the construction of a development known as the "Madison Lifestyle District," which shall include the following components, all in accordance with the terms and conditions of this Agreement and in compliance with all applicable laws and regulations: Phase 1 Construction of a multi -family residential apartment building with approximately one hundred ninety (190) units; and + Construction of nationally branded, upscale select -service, design -driven, and experience - focused hotel consisting of one hundred nineteen (119) guest rooms, together with a ground -floor cafe -style restaurant and hospitality amenities accessible to the public. Phase 2 Construction of a mixed -use building consisting of approximately ninety (90) residential apartment units, a portion of which shall be designated as workforce housing units, and retail space totaling not less than seven thousand (7,000) square feet. It is understood and agreed by the Parties that the scope, program, and timeline for Phase 2 of the Madison Lifestyle District may be modified from time to time, subject to the mutual written agreement of the Parties, provided that any such modifications remain consistent with the overall development vision for the Madison Lifestyle District and the surrounding neighborhood, and otherwise comply with the terms and conditions of this Agreement. Each phase of the Project shall be deemed complete upon the issuance of Certificates of Occupancy pertaining for all components included within such phase, as described above. NOTICE TO COMMENCE AGREEMENT— EXHIBIT 13-1 PAGE 1