Revitalization Commission Agenda and Packet 2024 10 30

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2. FINANCING AND CONSTRUCTION OF PROJECT. 2.1 Construction of Proiect. As set forth in Section 4, if Developer proceeds with the Project, then Developer shall be responsible for constructing and installing the Project and shall be responsible for compliance in all respects with the requirements of the City of Louisville. 2.2 Financing the Proiect. Developer shall be responsible for initially financing the costs and expenses in connection with the construction and installation of the Project, including without limitation all design costs, engineering costs, and other soft costs incurred in connection therewith. 3. CONDITIONS PRECEDENT TO PAYMENT OF REIMBURSEMENT AMOUNT. 3.1 Conditions Precedent. Unless waived in writing by the Executive Director, the following conditions precedent shall be satisfied prior to Developer receiving reimbursement for the Project pursuant to the terms and provisions of this Agreement: (a) The Project has been completed by May 31, 2026 (b) No Events of Default by Developer shall have occurred and be continuing under this Agreement. 4. DEVELOPER. 4.1 Construction and Installation of Proiect. This Agreement shall not obligate the Developer to proceed with the Project. If Developer proceeds with the Project, Developer shall be responsible for the financing, design, construction, and installation of the Project. The design and construction of the Project shall comply in all material respects with all applicable codes and regulations of entities having jurisdiction, including the requirements of the City of Louisville. The Parties agree that if the Developer has not Commenced Construction of the Project by May 31, 2025, this shall not constitute an Event of Default hereunder, but that the LRC shall have the right to terminate this Agreement as set forth in Section 17 prior to the date Developer has Commenced Construction. 4.2 Access to Property. Subject to the terms and restrictions of any leases and/or other documents encumbering the Property, Developer will permit representatives of the City and the LRC access to the Property and the Project at reasonable times during regular business hours and with prior notice as necessary for the purpose of carrying out or determining compliance with this Agreement, the Urban Renewal Plan, the requirements of the City or any City code or ordinance, including without limitation inspection of any work being conducted. The City and the LRC shall not interfere with the operation or use of the Property in connection with any such access. 4 10/23/2024 G: (ECONOMIC VITALITYILRCI2024 AGENDAS AND PACKETSI2024 10 301IRONTON PUBLIC INFRASTRUCTURE CONTRACT.DOCX