6B(3) Dev Agr LaSalle Hotel - Laserfiche WebLink

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1 I WHEREAS, the Parties agree that it is of mutual benefit for the Parties to enter into this Agreement relating to the Project, the Local Public Improvements and certain other matters described herein that will include the commitments of each Party with respect thereto; and NOW, THEREFORE, in consideration of the mutual promises and obligations in this Agreement, the adequacy of which consideration is hereby acknowledged, the Parties agree as follows: SECTION 1. DEFINITIONS. Defined terms are indicated by initial capital letters. Defined terms shall have the meaning set forth herein, whether or not such terms are used before or after the definitions are set forth. The following terms are more specifically defined below: 1.1 Assessed Value. Assessed Value means the market value-in-use of a property, used for property tax assessment purposes as determined by the St. Joseph County Assessor. 1.2 Board of Works. Board of Works means the Board of Public Works of the City, a public body granted the power to award contracts for public works pursuant to IC 36-1-12. 1.3 Construction Management Agreement. Construction Management Agreement a refers to the agreement described in Section 6.1 of this Agreement. 1.4 Easement. Easement means the grant of easement by Developer to Commission Ipursuant to Section 3.5 hereof. 1.5 Funding Amount. Funding Amount shall mean an amount not to exceed $1,800,000 of tax increment finance revenues to be used for paying the costs to construct the Local Public Improvements, including payment of a construction management fee pursuant to the Construction Management Agreement relating to the construction of the Local Public 'J Improvements. 1 1.6 LaSalle Property. The LaSalle Property means the property more particularly described in Exhibit A-1, together with all improvements thereon and all easements, rights, 1 licenses and other interests appurtenant thereto. I 1.7 Local Public Improvements. Local Public Improvements means the local public i improvements in support of the Project in the Area, including: roof, waste chute, exterior,facade, elevator and site work and related improvements, each of which shall be completed as described in this Agreement, all as more particularly described on Exhibit C. 1.8 Parking Lot. Parking Lot means the property more particularly described in Exhibit A-2. 1.9 Private Investment. Private Investment means the sum of the construction and i, improvement costs associated with the Project, including architectural, engineering and any other costs directly related to construction of the Project that are expected to contribute to increases in I 1 dms.us.52637413.08 2 1