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<br />9. Developer shall be required to provide payment and performance bonds. <br /> <br />10. Developer will be required to indemnify the City relating to any claims filed <br />regarding the construction of the Project. <br /> <br />11. The Development Agreement cannot be assigned without the consent of the City. <br /> <br />Desien/Build Aereement <br /> <br />Prior to the commencement of the construction of the Parking Garage and Park, the parties shall <br />be required to enter into a into a Design/Build Agreement. The Design/Build Agreement shall <br />set forth 4M Investor's obligations and deadlines to design and construct the aquatic <br />entertainment center as well as the park and parking garage, and high end retail shops to be <br />constructed on the Property. <br /> <br />The salient provisions of the Design/Build Agreement are: <br /> <br />1. The work shall commence from the issuance of a notice to proceed, and shall be <br />substantially complete no later than 18 (eighteen) months from issuance of a <br />building permit. <br /> <br />2. The public improvements element of the Project shall consist of an elevated park <br />and a three hundred and eight (308) space parking garage which shall include <br />approximately 19,000 square feet of ground level retail area. <br /> <br />3. The parties shall enter into a Buy Back Agreement relative to the 19,000 square <br />feet of commercial retail space to be located in the garage. <br /> <br />4. The City shall pay the Developer a Guaranteed Maximum Price of <br />$15,000,000.00 (fifteen million dollars) to complete the park and parking garage <br />as described in the conceptual plans. <br /> <br />5. The Guaranteed Maximum Price may only be changed by change order or a <br />written amendment, and the City will not be responsible for costs that exceed the <br />Guaranteed Maximum Price. <br /> <br />6. Developer shall schedule and conduct weekly meetings with the City to discuss <br />the status of the work and shall also provide monthly written reports to the City. <br /> <br />7. 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 />8. Developer shall obtain necessary payment and performance bonds to secure its <br />obligations. <br />