R2016-04 AUTHORIZING REDEVELOPMENT AGREEMENT FIRSTECH

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. �iem i'�� "��fag�m tis•�� "Substantial Completion or Substantially Complete" means complete construction of the shell and core, with finished interiors of common areas and, as to residential areas of each building, to the point of qualification for the issuance of certificates of occupancy pursuant to codes of the City, except for minor and ancillary alterations or additional work. ARTICLE II: DEVELOPMENT OF THE PROJECT 2.1 Development of the Project. The Redeveloper will utilize its best efforts to develop the Project in a manner that is compatible with the Redevelopment Plan and Applicable Law. 2.2 Progress Reports. During the development process, the Redeveloper shall submit monthly reports to the City commencing on the first day of July, 2016, and on the first day of each month thereafter until Substantial Completion of the Project, which reports will provide the City with information concerning costs of the Project, design of the Project and other matters relevant to the development and construction of the Project. 2.3 Preliminary Plans. The Redeveloper, within Thirty (30) days of the date of this Agreement, shall submit to the City the Preliminary Plans for the Project. The City shall review the Preliminary Plans for conformance with the Redevelopment Plan, the Initial Plans, this Agreement and Applicable Law. 2.4 Approval of Preliminary Plans by City. The City's approval or disapproval of the Preliminary Plans must be made in writing and, if disapproved, shall set forth the ' reasons for such disapproval. If the City does not approve or disapprove said plans within thirty (30) days after receipt, they shall be deemed approved. If disapproved, the Redeveloper shall, within twenty(20) days from the date of disapproval, resubmit revised plans which the City shall review within twenty-one (21) days. This process shall repeat until the plans are approved by the City. In reviewing said plans, the City will take into account the normal and customary costs of developing and constructing projects of this type. Any request for change in the Preliminary Plans by the City shall not cause an unreasonable increase in the costs of the Project. The City will not unreasonably withhold its approval. 2.5 Final Site Plan. By no later than the submission of the Construction Plans, the Redeveloper shall submit to the City a Final Site Plan. The City shall review the Final Site Plan for the purpose of determining compliance with the Preliminary Plans, the Redevelopment Plan, this Agreement and Applicable Law. 2.6 Construction Plans. The Redeveloper shall submit to the City no later than thirty (30) days prior to the commencement of construction, the Construction Plans. The City shall, within thirty (30) days from receipt, approve or disapprove the Construction Plans, after reviewing said plans for compliance with Applicable Law, including but not limited to the life safety and zoning regulations, and conformance with the Preliminary Plans and Final Site Plan. If the City disapproves the Construction Plans, the Redeveloper shall submit revised plans within a reasonable time from the date of rejection. Upon resubmission, the City shall review and approve CITY OF DECATUR/FirsTech Red.Agreement 4 Page 104 of 161