Laserfiche WebLink
conditions of this Agreement is consistent with the public purposes of Chapter 380 and the <br /> economic development objectives of the City. <br /> Section 1.05. For the reasons stated in these Recitals and in consideration of the mutual <br /> benefits to and promises of the Parties set forth below,the Parties want to enter into this Agreement <br /> and agree to the terms and conditions set forth in this Agreement. <br /> ARTICLE II <br /> DEFINITIONS <br /> Section 2.01. "Building Improvements"means the Hotel with a minimum of one hundred <br /> thirty (130) rooms/keys located on the Land (defined below) with a minimum capital investment <br /> of forty million dollars($40,000,000.00),together with all associated site improvements occurring <br /> on the Land. The Building Improvements shall be constructed in substantial accordance with the <br /> conceptual rendering of the site plan and images shown in Exhibit"A,"attached hereto and made <br /> a part hereof for all purposes.Notwithstanding the foregoing,the City Manager of the City, or her <br /> designee, may approve modifications to the specifications for the Building Improvements <br /> necessary for the Building Improvements to comply with applicable building codes and <br /> ordinances. <br /> Section 2.02. "Land" means the tract(s) of real property and improvements thereon, as <br /> shown in the survey in Exhibit `B," attached hereto and made a part hereof, upon which the <br /> Building Improvements will be constructed. <br /> Section 2.03. "Commencement Date" means the date Developer begins construction of <br /> the Building Improvements, including utility infrastructure to support the Hotel, by performing <br /> work on the Land (defined below), with such date not being later than December 31, 2026. The <br /> Developer's submittal of any plan or document required for the Building Improvements shall not <br /> be considered the beginning of construction. <br /> 2 <br />