Res 2006-173 - Laserfiche WebLink

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person providing labor or materials in connection with such construction. The Hotel must also be constructed in accordance with the Approved Plans." 1.3 The fourth sentence of Section 3.6.2 of the Development Agreement is deleted in its entirety and in its place the following is added: "Subject to Section 3.6.3, the City will Commence Construction of the Conference Center within a reasonable period of time after execution of this Agreement and the completion of the plans and specifications for same and thereafter, subject to delays caused by Force Majeure, cause Completion of the Construction of the Conference Center to occur on or before May 1, 2008." 1.4 Article VI, Section 6.1.3 is hereby amended in its entirety to read as follows: "6.1.3 Project Costs. The cost to construct the Hotel pursuant to the Approved Plans as reflected in the bid/final negotiated price received from JQH's preferred contractor for same not exceeding $46,000,000.00 and the Preliminary Cost Estimate for the Conference Center not exceeding $23,000,000.00. For purposes hereof, "Preliminary Cost Estimate" shall mean City's then estimate of the likely Actual Costs, as estimated by the City in its reasonable discretion, using an Initial Determination of the cost to construct the Conference Center and the City's reasonable estimate of the other costs to be included in Actual Costs. For purposes hereof, "Initial Determination" means a cost estimate obtained from the City's design-build contractor based on the Design Development Drawings for such improvements. For purposes hereof, "Design Development Drawings" means detailed architectural construction drawings and specifications for the improvements in question that are sufficient for a qualified contractor to determine the cost of constructing the improvements with reasonable accuracy and which include, at a minimum, structural drawings which are at least sixty percent (60%) complete and mechanical, electrical and plumbing drawings which are at least fifty percent (50%) complete. On or before September 22, 2006, City will obtain the Preliminary Cost Estimate for the Conference Center and furnish same to JQH upon completion. In addition, JQH must obtain a bid/final negotiated price from JQH's preferred contractor for the Hotel reflecting the cost to construct the Hotel pursuant to the Approved Plans on or before September 22, 2006. Such bid/final negotiated price and the City's Preliminary Cost Estimate obtained pursuant to this Section 6.1.3 shall be the basis for determining whether the conditions set forth in this Section 6.1.3 have been satisfied. Absent the Parties' subsequent written agreement to the contrary, the City's failure to obtain the Preliminary Cost Estimate for the Conference Center on or before September 22, 2006 shall be deemed for purposes of this Agreement to constitute a finding that a Preliminary Cost Estimate for the Conference Center would exceed $23,000,000.00. Failure of JQH to obtain a bid/final negotiated price from JQH's preferred contractor for the Hotel on or before September 22, 2006 shall constitute a waiver by JQH of the conditions set forth in this Section 6.1.3 relating to the cost of the Hotel (i.e., this Agreement will remain in place and neither party shall have any right to terminate same pursuant to the conditions set forth in this 2 965618.1