RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.

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Construction Plans requested by the Authority. Neither the Authority, the City, nor any employee or official of the Authority or City shall be responsible in any manner whatsoever for any defect in the Construction Plans or in any work done pursuant to the Construction Plans, including changes requested by the Authority. (b) If the Redeveloper desires to make any material change in the Construction Plans or any component thereof after their approval by the Authority, the Redeveloper shall submit the proposed change to the Authority for its approval. For the purpose of this section, the term "material" means changes that increase or decrease construction costs by $500,000 or more. If the Construction Plans, as modified by the proposed change, conform to the requirements of this Section 4.2 of this Agreement, the Authority shall approve the proposed change and promptly notify the Redeveloper in writing of its approval. Such change in the Construction Plans shall, in any event, be deemed approved by the Authority unless rejected, in whole or in part, by written notice by the Authority to the Redeveloper, setting forth in detail the reasons therefor. Such rejection shall be made within 10 days after receipt of the notice of such change. The Authority's approval of any such change in the Construction Plans will not be unreasonably withheld, conditioned or delayed. Section 4.3. Commencement and Completion of Construction. (a) Subject to Unavoidable Delays, the Redeveloper shall commence construction of Phase I of the Minimum Improvements by December 31, 2020, and subject to Unavoidable Delays, market conditions and economic feasibility, anticipates commencing construction of Phase II of the Minimum Improvements by December 31, 2021. Subject to Unavoidable Delays, the Redeveloper shall complete the construction of Phase I of the Minimum Improvements by June 30, 2022, and subject to Unavoidable Delays, market conditions and economic feasibility, anticipates completing the construction of Phase II of the Minimum Improvements by December 31, 2023. All work with respect to the Minimum Improvements to be constructed or provided by the Redeveloper on the Redevelopment Property shall be in substantial conformity with the Construction Plans as submitted by the Redeveloper and approved or deemed approved by the Authority. (b) The Redeveloper agrees for itself, its successors, and assigns, and every successor in interest to the Redevelopment Property, or any part thereof, that the Redeveloper, and such successors and assigns, shall promptly begin and diligently prosecute to completion the development of the Redevelopment Property through the construction of the Minimum Improvements thereon, and that such construction shall in any event be commenced and completed within the periods and subject to the conditions specified in this Section 4.3 of this Agreement. Section 4.4. Certificate of Occupancy. The construction of each Phase of the Minimum Improvements shall be deemed to be substantially complete upon issuance of a final certificate of occupancy or temporary or partial certificate of occupancy with conditions reasonably acceptable to the Authority for such Phase of the Minimum Improvements. Section 4.5. Records. Prior to the Maturity Date, the Authority and the City, through their authorized representatives, shall have the right during normal business hours after reasonable notice to inspect, and examine all books and records of Redeveloper relating to the development and 11 623340v3SA730-2