1.5 Developer submitted its response to RFP on March 30, 2017 (the
Proposal”), and after being selected by the City has worked with the City to develop a
mutually agreeable Project concept.
1.6 Developer intends to develop the Project to comprise a 160,000 square
foot building comprising approximately 150 apartments and related improvements, all in
one single phase.
1.7 The Project is depicted more specifically on the “Project Design
Drawings” (defined below).
1.8 The City intends to sell and convey fee simple title to the Property to
Developer as set forth in Section 2.1 below.
1.9 The purpose of this Agreement is to facilitate the development and
construction of the Project in a way that results most effectively in the public benefits
intended for the City and the private benefits intended for the Developer. The
development and construction of the Project requires a major investment by the
Developer in facilities and on-site improvements, and substantial commitment of public
and private resources to achieve the benefits of the Project for Developer and City.
1.10 The general benefits to be received by City from the implementation of the
Project include, without limitation:
a) Realization and implementation of the “Development Plan” (defined
below and attached and incorporated into this Agreement as Exhibit “B”) for the School
Street Lot in downtown Nashua;
b) Establishment of integrated site plans, urban design elements including
uniform engineering, landscapes and architecture that contribute to the revitalization of
the School Street Lot and downtown Nashua; and
c) Provision of housing opportunities in downtown Nashua.
1.11 The general benefits to be received by Developer from the implementation
of the Project include without limitation, integration of site plans, urban design elements
land uses, architecture, site engineering, landscape architecture, and mitigation measures
over the Property;
1.12 In exchange for these benefits to City and Developer, City and Developer
desire to proceed with the Project in accordance with the terms and conditions contained
in this Agreement, subject to any amendments to this Agreement made in accordance
with this Agreement.
had
