5A3 Development Agreement (New Day Intake Center) - Signed

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5 pursuant to Section 3.5 (“Submission of Plans and Specifications for Project”) of this Agreement, which improvements shall comply with all zoning and land use laws and ordinances. (b) The Developer will expend the Private Investment to complete the Project in accordance with the Project Plan attached hereto as Exhibit B and the plans and specifications to be approved by the Commission pursuant to Section 3.5 (“Submission of Plans and Specifications for Project”) of this Agreement. 3.3 Timeframe for Completion. The Developer hereby agrees to complete the Project as set forth in the Project Plan attached hereto as Exhibit B. and any other obligations the Developer may have under this Agreement by thirty-six (36) months from the Construction Commencement Date as defined in the Purchase Agreement, or on a timeframe as otherwise agreed between the Developer and the Commission, as may be modified due to unforeseen circumstances and delays (the "Mandatory Project Completion Date"). Notwithstanding any provision of this Agreement to the contrary, the Developer’s failure to complete the Project, expend the Private Investment, or fulfill any other obligations the Developer may have under this Agreement by the Mandatory Project Completion Date will constitute a default under this Agreement without any requirement of notice of or an opportunity to cure such failure. 3.4 Reporting Obligations. (a) Upon the letting of 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 contract related to the Project, and information regarding which contractor is awarded each contract with respect to the Project. (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 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. (c) On or before April 15 of the year that is one year after substantial completion of the Project and on each April 15 thereafter until April 15 of the year that is ten (10) years after substantial completion of the Project, the Developer shall submit to the Commission a report containing the information as set forth in Exhibit E.