5A3 Development Agreement & Resolution No. 3675 (Beacon Heights) - Signed

Home Browse Search

4 3.4 Reporting Obligations. (a)Upon the entering into of major contracts for substantial portions of the Project and again upon substantial completion of the Project, the Developer hereby agrees to report to the Commission the number of local contractors and local laborers involved in the Project, the amount of bid awards for each major contract related to the Project, and information regarding which major contractor is awarded each contract with respect to the Project. For purposes hereof, “major contractor” or "major contract” shall mean any contract in excess of $500,000 or any contractor that is a party to any contract in excess of $500,000. (b)On or before June 30 and December 31 of each year until substantial completion of the Project, the Developer shall submit to the Commission a report, in the format set forth as Exhibit D, demonstrating the Developer’s good-faith compliance with the terms of this Agreement. The report shall include the following information and documents: (i) a status report of the construction/rehabilitation completed to date, (ii) an update on the project schedule, (iii) an itemized accounting generally identifying the Private Investment to date, and (iv) a status report of the number of jobs created for employment at the Developer Property. 3.5 Submission of Plans and Specifications for Project. The Plans and Specifications for the Project have been submitted to and approved by the Commission as of the date hereof, and any material changes thereto from and after the date hereof shall be delivered to the City’s Executive Director Department of Community Investment, or his or her designee, who may approve or disapprove said material changes in his or her sole and reasonable discretion and may request reasonable revisions or amendments to be made to the same, in each instance subject to the rights of the Developer’s senior lenders; provided, however, that nothing herein shall limit or impair the City’s authority to enforce applicable laws, codes, permits, or requirements relating to public health, safety, access, or use of public rights-of-way. 3.6 Non-Interference. Developer hereby agrees to use commercially reasonable efforts to minimize disruption for those living at and working near the Developer Property during construction of the Project (recognizing that some level of disruption is inherent in construction activities, but not excusing Developer from its obligations under this Section). 3.7 Insurance. The Developer shall purchase and maintain comprehensive insurance coverage as is appropriate for the work being performed with respect to the Project. The Developer shall provide proof of such adequate insurance to the Commission and shall notify the Commission and the City of any change in or termination of such insurance. During the period of construction or provision of services regarding any Local Public Improvements, the Developer shall maintain insurance in the kinds and for at least the minimum amounts as described in Exhibit E attached hereto and the Commission and the City shall be named as additional insureds on such policies (but not on any worker’s compensation policies). Notwithstanding anything to the contrary contained in the loan documents, in the event of any fire