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EXHIBITG
CONDITIONS FOR DISBURSEMENT OF EDA FUNDS
1. The EDA will utilize any and all EDA Funds to reimburse Developer for the cost of
constructing the Project, provided that the amount to be reimbursed by EDA shall not
exceed the City Funds and the Additional City Funds (the "Maximum Funding Amount").
2. The EDA has designated the following as separate Components of the Project ( each, a
"Component") and has assigned the following values for reimbursement to Developer upon
Completion of the applicable Component, as provided herein:
o Parking Garage - $5,000,000
o Retail Spaces on Parking Garage Huntington Avenue Frontage - $3,000,000
o Navy Programmable Space on Ground Floor of newly constructed Huntington Hall
Building - $3,000,000
o Retail Spaces on Ground Floor of newly constructed Huntington Hall Building -
$4,000,000
o Residential floors in newly constructed Huntington Hall Building -- $5,000,000
However, the foregoing dollar amounts assume a Maximum Funding Amount of
$20,000,000. If the Additional City Funds are not received, then the values assigned above
shall be automatically reduced to 50% of the amount shown above.
3. Prior to release of EDA Funds for any Component, Developer shall be responsible for the
cost and expense associated with designing and constructing such Component
(collectively, the "Developer Costs"), which may include but not be limited to:
o Engineering and design of the plans and specifications of the Component.
o Construction of the Component in accordance with City criteria.
4. Developer and its Contractors shall consult and coordinate with EDA and the City of
Newport News on the engineering and design of the plans and specifications for the Project,
including any Component, in accordance with Section 2.1 of this Agreement.
5. Developer acknowledges and agrees that prior to payment of any EDA Funds to Developer,
and during construction of the Project, EDA and/or its designee shall have the right, and in
fact intends, to inspect the progress of the construction.
6. Reimbursement of Developer Costs by EDA with EDA Funds for any Component shall be
contingent upon the issuance of a final certificate of occupancy by the City for such
Component, and a portion of the total EDA Funds shall be released upon the issuance of
each final certificate of occupancy by the City with such portion being equal to the amount
set forth in Section 2 of this Exhibit G for the applicable Component of the Project that
achieved final completion.
Exhibit G
4899-6313-9707, V. 17 Jump to an indexed page (13 of 13)