G-1, I-1 - Resolution 2025-064 - Approval of Development Agreement for 80-380 LLC - Village Drive

fact incurred in the construction of the Public Infrastructure Project and that such Public Infrastructure Costs are of an amount reasonably to have been expected with respect to such construction. The Developer will include a cover page in the form attached hereto as Exhibit B with its submittal of the Costs Documentation. The Public Infrastructure Costs may include costs relating to land acquisition costs for the Public Infrastructure Project, designing and constructing the Public Infrastructure Project, landscaping and grading the Public Infrastructure Project, costs related to financing the Public Infrastructure Project (such as interest expense) and other reasonably related costs of carrying out the Public Infrastructure Project, including the Legal and Administrative Costs (as defined in Section A.4 of this Agreement). 3. Property Taxes. The Developer agrees to make or ensure timely payment of all property taxes as they come due with respect to any property owned by the Developer in the Urban Renewal Area throughout the Term (as hereinafter defined) of this Agreement and to submit a receipt or cancelled check in evidence of each such payment. 4. Legal and Administrative Costs. The Developer hereby agrees to cover the legal fees and administrative costs incurred by the City in connection with the drafting, negotiation and authorization of this Agreement (the “Legal and Administrative Costs”) up to an amount not in excess of $10,000. The Developer agrees to remit payment to the City within thirty (30) days of the submission of reasonable documentation by the City to the Developer evidencing such Legal and Administrative Costs. 5. Default Provisions. a. Events of Default. The following shall be “Events of Default” under this Agreement, and the term “Event of Default” shall mean, whenever it is used in this Agreement (unless otherwise provided), any one or more of the following events: (i) Failure by the Developer to complete construction of the Public Infrastructure Project pursuant to the terms and conditions of this Agreement. (ii) Failure by the Developer to fully and timely remit payment of property taxes when due and owing as required by this Agreement. (iii) Failure by the Developer to comply with Sections A.2 and A.4 of this Agreement. (iv) Failure by the Developer to observe or perform any other material covenant on its part, to be observed or performed hereunder. B. Notice and Remedies. Whenever any Event of Default described in this Agreement occurs, the City shall provide written notice to the Developer describing the cause of the default and the steps that must be taken by the Developer in order to cure the default. The Developer shall have thirty (30) days after receipt of the notice to cure the default or to provide assurances satisfactory to the City that the default will be cured as soon as reasonably possible. If the Developer fails to cure the default or provide assurances, the City shall then have the right to: -2- 4926-8680-3790\2