infrastructure surrounding the project site in the form of reimbursement for pre-approved
design fees.
4.6 Agreement to Seek Funds for Offsite Costs. City and Developer will use
best efforts to obtain funding through U.S. Housing and Urban Development Community
Development Block Grants or similar programs to offset offsite costs.
4.7 Payment in Lieu of Parking Requirements. With Planning Board approval,
Developer will pay an in-lieu fee of nine thousand dollars ($9,000) per unit, for up to one
hundred and fifty (150) units, in the Project for City allowing no onsite parking, which
fee shall be payable at the rate of one thousand dollars ($1,000) per unit the first
anniversary of the certificate of occupancy and two thousand dollars ($2,000) per unit per
year on the subsequent anniversary date of the project certificate of occupancy and
continuing annually for four (4) years. The fees shall be held in an escrow account by the
City for the capital expansion of the parking system and to guarantee future parking
supply.
4.8 High Street Garage Lease. The City and Developer will enter into a long
term (50 year minimum) lease for parking in the High Street Garage to provide at least
one space per unit for the Project’s residents (the “Garage Lease”). The Garage Lease
will include a ramp up period to accommodate the Project’s lease up for the first twenty-
four (24) months after a certificate of occupancy is issued for the Project, starting at $0
per month per space in the first (1“) month and increasing to FIFTY AND NO/100
DOLLARS ($50) per month per space in the twenty-forth (24™) month. The Garage
Lease will include a provision to lease the spaces referred to above for $50 per month
through the tenth (10") anniversary of the Project’s certificate of occupancy. After that
time, the lease will include a provision to allow the rate to be modified to a price not
more than that offered to other “wholesale” (20 permits or more) users of the Nashua
parking assets. If on the tenth anniversary that wholesale rate is greater than $55, then the
parking rate shall be adjusted up to match that wholesale rate over a three-year period in
equal monthly increases in order to maintain the tenant’s ability to pay.
ARTICLE V: MISCELLANEOUS
5.1 Disclaimer of Joint Venture, Partnership and Agency. This Agreement
shall not be interpreted or construed to create an association, joint venture, or partnership
between Developer and City, or to impose any partnership obligation or liability upon the
Parties. Neither Developer nor City shall have any right, power or authority to enter into
any agreement or undertaking for, or act on behalf of, or to act as or be an agent of
representative of, or to otherwise bind, the other.
5.2. No Third-Party Beneficiaries. This Agreement is not intended to and does
not confer any right or benefit on any third party other than the Parties.
HH
