Laserfiche WebLink
4 <br /> <br />and the obtaining of such easements is a condition precedent to the Commission’s obligations <br />under this Agreement. <br />4.6 Timeframe for Completion. The Developers hereby agree to complete the Project <br />as set forth in the Project Plan and any other obligations the Developers may have under this <br />Agreement by December 31, 2028 (the “Mandatory Project Completion Date”). The Developers <br />further agrees the total Project will be completed in accordance with the Project Plan attached <br />hereto as Exhibit C. <br />Notwithstanding any provision of this Agreement to the contrary, the Developers’ failure to <br />complete the Project or any other obligations the Developers may have under this Agreement by <br />the Mandatory Project Completion Date will constitute a default under this Agreement without <br />any requirement of notice of or an opportunity to cure such failure. <br />4.7 Reporting Obligations. <br />(a) Upon the letting of contracts for substantial portions of the Project and again <br />upon substantial completion of the Project, the Developers hereby agrees to report to the <br />Commission the number of local contractors and local laborers involved in the Project, the <br />amount of bid awards for each contract related to the Project, and information regarding <br />which contractor is awarded each contract with respect to the Project. <br />(b) On or before June 30 and December 31 of each year until substantial <br />completion of the Project, the Developers shall submit to the Commission a report, in the <br />format set forth as Exhibit F, demonstrating the Developers’ good-faith compliance with <br />the terms of this Agreement. The report shall include the following information and <br />documents: (i) a status report of the construction completed to date, (ii) an update on the <br />project schedule, (iii) an itemized accounting generally identifying the Private Investment <br />to date, and (iv) a status report of the number of jobs created for employment at the <br />Developer Property. <br />4.8 Submission of Plans and Specifications for Project. Promptly upon completion of <br />all plans and specifications for the Project, or changes thereto, and prior to the Commission’s <br />expenditure of the Funding Amount, the Developers shall deliver a complete set thereof to the <br />City’s Executive Director Department of Community Investment, or his or her designee, who may <br />approve or disapprove said plans and specifications for the Project in his or her sole discretion and <br />may request revisions or amendments to be made to the same. <br />4.9 Costs and Expenses of Construction of Project. The Developers hereby agree to <br />pay, or cause to be paid, all costs and expenses of planning, construction, management, and all <br />other activities or purposes associated with the Project (including legal, architectural, and <br />engineering fees), exclusive of the Local Public Improvements, which shall be paid for by the <br />Commission by and through the Funding Amount subject to the terms of this Agreement. <br />4.10 Specifications for Local Public Improvements. The Developers will be responsible <br />for the preparation of all bid specifications related to the Local Public Improvements, and the <br />Developers will pay all costs and expenses of such preparation, provided, however, that if the <br />Commission pays any costs or expenses of such preparation, then the amount paid by the