Bonds shall be supplied to City, and City shall be entitled to maintain a direct action against
the applicable surety/bonding company (and any other parties that may be necessary parties
to such an action). In the event of a default by Developer’s general contractor under its
construction contract, City shall be entitled to participate fully in any action against the
general contractor or the surety/bonding company and the Developer shall not agree to any
compromise or settlement of that action without City’s prior written consent, provided that
City’s prior written consent shall not be unreasonably withheld.
4.5 Offsite Engineering Services. During the Diligence Period, the City will
provide $100,000 in funding during predevelopment for the design of public facilities and
infrastructure surrounding the project site in the form of reimbursement for pre-approved
design fees.
4.5.1
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
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