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Res 2024-093 approving a Chapter 380 Economic Development Incentive Agreement with BRE Group 500 Wonder World 2022 LP, also known as project Snapdragon
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Res 2024-093 approving a Chapter 380 Economic Development Incentive Agreement with BRE Group 500 Wonder World 2022 LP, also known as project Snapdragon
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7/15/2024 4:04:50 PM
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Resolutions
City Clerk - Type
Approving
Number
2024-93
Date
7/2/2024
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e. a statement that Developer is in full compliance with its obligations under <br /> this Agreement. <br /> Upon receipt of any such form,the City may notify the Developer in writing of any questions that <br /> the City may have with any of the information provided by the Developer, and the Developer shall <br /> diligently work in good faith to respond to such questions to the City's reasonable satisfaction. <br /> Section 7.03. Review of Developer Records. The Developer agrees that the City will <br /> have the right to review the business records of the Developer, as reasonably necessary,that relate <br /> to Developer's compliance with the terms of this Agreement at any reasonable time and upon at <br /> least seven days' prior notice to the Developer in order to determine compliance with this <br /> Agreement. To the extent reasonably possible,the Developer shall make all such records available <br /> in electronic form or otherwise available to be accessed through the internet. <br /> ARTICLE VIII <br /> DEFAULT, TERMINATION AND REMEDIES <br /> Section 8.01. Default and Termination. If the Developer is not in compliance with this <br /> Agreement and such non-compliance continues without cure for a period of ten(10)days after the <br /> City's written notice thereof to the Developer, then the City may, in its sole discretion, withhold <br /> Grant Payments that would otherwise be due to Developer for the year during which the <br /> noncompliance occurred or terminate the Agreement by providing written notice thereof to <br /> Developer. If the City elects to withhold Grant Payments for any such non-compliance, the City <br /> shall nevertheless continue Grant Payments for any subsequent years during the Term in which <br /> the Developer is complying with this Agreement; however, any Grant Payments withheld by the <br /> City for any years during which Developer is not complying shall be deemed forfeited by the <br /> Developer and the City shall not be liable for later payment of such Grant Payments. <br /> 9 <br />
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