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(b) Commonwealth Funding Efforts. The City intends to seek funding from the
Commonwealth of Virginia in the anticipated amount of Forty Million Dollars ($40,000,000) (also
referred to herein as the Commonwealth Funds) to support Navy quality-of-life betterment and
community revitalization in Downtown Newport News. The Developer shall cooperate with the
City. in good faith and shall use commercially reasonable efforts to assist the City in securing the
Commonwealth Funds, including participation in planning, coordination, and advocacy activities
reasonably requested by the City. Nothing in this Agreement obligates the Commonwealth of
Virginia to appropriate or provide the Commonwealth Funds.
(c) Additional City Funding Upon Receipt of Commonwealth Funds. Should the
Commonwealth Funds be secured on satisfactory terms to the City at the sole discretion of the
City, the City shall provide an additional Ten Million Dollars ($10,000,000) to EDA for the benefit
of the Project (also referred to herein as the Additional City Funds). The EDA shall use the
Additional City Funds to reimburse Developer for eligible Project costs in accordance with
Exhibit G.
(d) EDA Funds. The City Funds and the Additional City Funds are collectively
referred to herein as EDA Funds. The EDA shall use EDA Funds, in a total amount not to exceed
Twenty Million Dollars ($20,000,000), solely to reimburse Developer for eligible costs of
designing, developing, and constructing the Project in accordance with Exhibit G.
Section 2.8. Failure to Meet Construction Schedule.
(a) The Developer shall not abandon the Project for more than ninety (90) consecutive
days following Closing, subject to Unavoidable Delay.
(b) In the event that Developer fails to achieve Substantial Completion of the Project
by the Outside Substantial Completion Date, Developer shall, as EDA's sole remedy, pay to EDA
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