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<br />Preview <br /> <br />Page 2 of 4 <br /> <br />Issues. <br /> <br />Design/Build Agreement: Prior to the commencement of the construction of the Parking <br />Garage and Park, the parties shall be required to enter into a Design/Build Agreement. <br />The Design/Build Agreement shall set forth 4M Investor's obligations and deadlines to <br />design and construct the high-end restaurant as well as the park and parking garage, to be <br />constructed on the Property. The salient provisions of the Design/Build Agreement are as <br />follows: <br /> <br />1. The project shall consist of the complete design and construction of a park and three <br />hundred and eight (308) space parking garage consistent with the structural design and <br />aesthetic standard of the City owned garage located at Heritage Park, including <br />associated landscape, irrigation work, underground drainage system and as generally <br />described in a schematic proposal submitted to the City on April 21,2011. <br /> <br />2. Developer shall obtain site plan approval for the project from the City Commission no <br />later than December 31, 2011. <br /> <br />3. Developer shall apply for a building permit for the project from the City's Building <br />Department no later than June 30, 2012. <br /> <br />4. The project shall be substantially completed no later than three hundred and ten (310) <br />days from notice to proceed, or the issuance of a temporary certificate of occupancy, <br />whichever events occurs first. <br /> <br />5. The notice to proceed shall be issued for the construction of the project upon the <br />submittal of an application for building permit for the project or the approval of 90% <br />design by the City, whichever event occurs first. <br /> <br />6. Developer shall commence on site construction of the project no later than ninety (90) <br />days after the City's issuance of the notice to proceed. <br /> <br />7. The City shall pay the Developer a Guaranteed Maximum Price of $1 0,000,000.00 (ten <br />million dollars) to complete the park and parking garage as described in the conceptual <br />plans. The initial sum of $950,000.00 shall be attributed to the design phase, with the <br />remaining amount attributed to the construction phase. If the Developer is not able to <br />engage an Acceptable Vendor for the leased premises, the Developer has agreed to <br />design and construct the leased area into park area for $700,000.00. <br /> <br />8. The Guaranteed Maximum Price may only be changed by change order or a written <br />amendment, and the City will not be responsible for costs that exceed the Guaranteed <br />Maximum Price. <br /> <br />9. Developer shall schedule and conduct weekly meetings with the City to discuss the <br />status of the work and shall also provide monthly written reports to the City. <br /> <br />10. Developer shall obtain and pay for all permits and license fees, however the City <br />agrees to waive its own municipal permit and inspection fees. <br /> <br />11. Developer shall obtain necessary payment and performance bonds to secure its <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?ItemID=551 &MeetingID=O&MeetingDate... 7/15/2011 <br />