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Atlantic Yards Development Agreement Section 8

Atlantic Yards Development Agreement Section 8

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Published by AYReport
Section regarding timetables and penalties for the Atlantic Yards project.
Section regarding timetables and penalties for the Atlantic Yards project.

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Published by: AYReport on Jan 28, 2010
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01/28/2010

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have commenceduntilthe later of the date(i)theArena CompletionGuarantyhas beenexecutedand deliveredo theLDC;(ii)thetenant under theArenaDevelopmentLeaseshall havepaidtheCompletionAmount(asdefinedin the ArenaDevelopmentLease)required tobepaid inaccordancewithSection 3.3(c) thereof;(iii)theproceedsof theBonds areavailablefordisbursementn connectionwiththeperformanceofthe ArenaWork; and(iv)commencementfthe excavationofthefoundations or theArena has occurredonthe ArenaParcel.8.4ArenaDevelopment andConstruction.PriortotheOutsideArenaCommencementDate, BALLC shall, orit shallcauseEvents Center,to havecommencedconstructionofthe Arenapursuantto andin accordancewiththe termsof theArenaDevelopmentLease.The Arena shall bethe first orsecondbuildingin theProjectfor whichconstructionhall be commenced.Onceconstructions commenced,ALLCshallcauseEventsCenterto continuethe ArenaWork withdiligence.BALLCshallcause theSubstantialCompletion(forthispurposeonly, as definedinthe ArenaDevelopmentLease),of the Arenatooccur onorpriorto the OutsideArena SubstantialCompletionDate.BALLCacknowledgesndunderstands hemeaningand effect of theArena OpeningConditions,and herebyagreeso causeEvents Centerto acknowledgetheArena OpeningConditionsin accordancewith theArenaDevelopmentease.8.5PlatformConstructionand Commencement.AYDCshall CommenceConstruction(orcause heCommencementofConstruction)ofthe Platformnolater than thefifteenth(15th)anniversaryofthe ProjectEffective Date,subjecto UnavoidableDelays.For thepurposesof thisSection8.5 only,"CommenceConstruction"and"CommencementofConstruction"shallmean(i)the deliveryofthe completionguarantyrequiredbythe applicableDevelopmentLease(accompaniedby suchopinions ofcounselasESDCorthe applicablelandlord shallthenreasonablyequire)and(ii)theexecutionanddeliverybyAYDCor InterimDeveloper, of true,correct,completeandunredactedcopiesofall agreements,documents,instruments,easements,memorandumsof understanding,sideletters,plans,drawingsor otherdocumentsdeliveredorenteredinto betweenAYDC,Interim Developerorany oftheirrespectiveAffiliateson the onehand andthe MTA,LIRR,TransitAuthorityortheirrespectiveAffiliates onthe otherhand withrespecto the developmentorconstnictionof thePlatformoranyportionthereofthatissufficientin sizeand scopeo supportheconstructionof a buildingthereonn accordanceith aDevelopmentease.8.6Phase Construction.AYDCandInterimDevelopershallSubstantiallyComplete(orshall causeo be SubstantiallyCompleted)mprovementsconsistingprimarilyofcommercial,office,retail, residentialand/orhoteluses)onthe PhasePropertyencompassingminimumof OneMillion FiveHundredThousand1,500,000)grosssquareeet(excludingheArenabut includingtheImprovementsto becompletedon Site5),the healthcareclinicdescribedn theMGPP and theAffordableHousingUnitssatisfyingthePhaseAffordableHousingCommitment(collectively with theImprovementsdescribedn(a)through(f1below,the"PhaseI Improvements")withintwelve(12) yearsfromthe ProjectEffectiveDate(the"OutsidePhase I SubstantialCompletionDate"), subjecto UnavoidableDelayand withrespect othe PhaseAffordableHousingCommitment,subjectoSections8.6(-d) nd8.8 below.Any residentialrentalbuildingsconstructedon theArenaBlockaspartof thePhase IImprovementswillcontainow-,moderate-,and/or middle-incomeunitsand/ormarketrateunits,and/orany combinationthereof;provided,however,thatESDCagreesthattheparticular
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distribution of incomebands andwhich incomebandsareincludedmay varyfrom time to timeor buildingtobuildingand shallbegovernedby the requirementsof the applicableaffordablehousingprogram.(a)SubwayEntrance.BALLC shall constructorcause to beconstructed anewsubway entrancethe"SubwayEntrance")to the Atlantic Terminalon theArena Blockin accordancewiththe termsof the Arena DevelopmentLease and TransitImprovement Agreement.The SubwayEntranceshall comply inall respects withtherequirementsset forthin the TransitImprovementAgreement, theDOB Agreementandapplicable Requirements,includingprovidingsufficientcapacity so as to adequatelyaccommodateans enteringand leavingan eventat the Arena. BALLCacknowledgeshat theSubstantialCompletion(asdefined nthe Arena DevelopmentLease)of the Subway Entrance sanArenaOpeningCondition.(b)Carlton AvenueBridee. AYDCshall constructor cause to beconstructed a replacementCarlton Avenue Bridgein accordancewiththe terms of theCarltonAvenue BridgeConstructionAgreementdatedDecember17,2007between he Cityand AtlanticRail Yards,LLC, a Delawareimited liabilitycompanyand Affrliate of AYDC.The CarltonAvenue Bridge shallcomply inall respects withthe CarltonAvenue Bridge ConstructionAgreement, the DOBAgreementand applicableRequirements.BALLCacknowledges, ndshall cause EventsCenter to acknowledge,hat theSubstantial Completion(asdefined in theArena Developmentease)of theCarltonAvenueBridges an ArenaOpeningCondition.(c)Constructionof the UpgradedYard, AYDCor itsAffiliatesshallcommence andcompleteconstructionofa new railyard (the"UpgradedYard") in accordancewith thetermsof the YardRelocationand ConstructionAgreement. If construction of theUpgradedYard isnotcommenced orcompleted inaccordancewith the terms of the YardRelocation andConstructionAgreement, hen inaddition to the consequencesrovidedin suchYard Relocationand ConstructionAgreement andSection 3.1(b) above, the landlordunder theBlock1121 nterim Leaseshall havehe rights and remediesgrantedo itunderhe Block 1121Interim Leaseon accountof such ailure.(d)Timingof PhaseBuildines.(i)InterimDevelopershall berequiredto CommenceConstruction(orcausehe Comrnencementf Construction) of Project Buildingson theArena Blockin accordancewith thetermsof thisSection8.6(dXi).(DCommencementof Construction ofthefirst ProjectBuilding on the ArenaBlock(the"FirstRequired Building")shall occur within three3)yearsfollowingthe Project EffectiveDate, exceptn the eventof a CityExcuse,n whicheventCommencementof Constructionof the First Required Buildingshall occur withinfour(a)yearsollowingthe Project Effective.Date(thedate by whichthe frrst buildingisrequiredto be commenced,eitherby the3'oor 4manniversary of the Project EffectiveDate, the"FirstCommencementDeadline"). TheFirst RequiredBuilding shallberequired(the"FirstRequired BuildingAffordabilityRequirement") to containAffordableHousingUnits with thepercentagesof Affordable HousingUnits atthe
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income levelsspecified n one of the six scenariosof Interim Developer'schoosingdescribedons!l!|!-!unless nterim Developershall have appliedfor CombinationHousingSubsidiesn accordanceith the Affordable HousingApplicationRequirementsand beendenied suchCombinationHousingSubsidiessuchdenialhe"CityExcuse").In the eventCommencementofConstructionof the First Required Buildinghas notoccurred by the FirstCommencementDeadline(subjecto Unavoidable DelaysandSections8.6(dXiXW),(V)and(VI)hereof),nterim Developershallpaythe LiquidatedDamagesdue to ESDC onaccount of the failure toCommenceConstruction oftheFirstRequiredBuilding(the"3-4YearLiquidated Damages")bythe FirstCommencementDeadline. OnceCommencementofConstructionhas occurred, nterimDevelopershall,or shallcause he applicableTenantto, diligentlyprosecuteconstructionof the FirstRequiredBuildinguntil SubstantialCompletion.(IDIn additionto the requirements set forth inSection8.6(d)(i)(0, Interim Developershall be requiredo CommenceConstruction f asecondProjectBuilding(the"FirstFlexibleBuilding")onthe Arena Blockby no laterthanthesecond anniversary of theFirst Commencement Deadline(the"SecondCommencement Deadline"). In theevent heCommencementfConstructionof theFirst FlexibleBuilding hasnot occurredby the SecondCommencement eadlinesubjectto Unavoidable Delays and Sections8.6(dXi)0V),fV)and(VDhereof), InterimDeveloper shallpaythe LiquidatedDamagesdue toESDCon account of the failuretoCommenceConstructionof the First FlexibleBuilding by the SecondCommencementDeadlinethe"5-6Year Liquidated Damages").Thepartieshereby acknowledgehatin the event Interim Developer haspaidthe 3-4 Year Liquidated Damages,hereferencetothe"secondProject Building"in this Section8.6(dXiXII) shall actually refertotheconstructionof the first Project Building onthe Arena Block which, because t will notbebeing constructedpursuanto Section8.6(dXiXI) hereof, will not be required tocomplywiththe First Required Building AffordabilityRequirement.Once CommencementofConstructionhas occurred, nterim Developershall, or shall cause he applicable Tenantto,diligentlyprosecuteconstructionof the First Flexible Building untilSubstantialCompletion.(m)In additiontothe requirements set forth inSections .6(dXiXI)and8.6(dXiX[),Interim DevelopershallCommenceConstructiononthethirdProjectBuilding(the"SecondFlexible Building")ontheArenaBlockby nolater than(x)the secondanniversaryof the SecondCommencementDeadline, and(y)thetenth(l0th)anniversaryof the Project EffectiveDate(the"ThirdCommencementDeadline"). In theeventthe Commencementf Constructionof the SecondFlexibleBuilding hasnotoccurred by the ThirdCommencement Deadline(subjecttoUnavoidableDelays and Sections8.6(dXiXIV),(V)and(YI)hereof), nterim Developershallpaythe LiquidatedDamagesduetoESDCon account of the failure to CommenceConstruction f the SecondFlexible Buildingby the Third Commencementeadlinethe"10Year Liquidated Damages"). Thepartiesherebyacknowledge hat(1)inthe eventInterim Developerhaspaidthe 3-4 Year LiquidatedDamages r the 5-6 Year LiquidatedDamages,he referenceo the"thirdProject Building" inthis Section8.6(dXiXIIDshallactuallyreferto the construction of thesecondProjectBuilding on the Arena Block,and(2)in the event Interim Developerhaspaidboth the3-4 YearLiquidatedDamagesand
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