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<br />Preview <br /> <br />Page 2 of 4 <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 into a Design/Build <br />Agreement. The Design/Build Agreement shall set forth 4M Investor's obligations and <br />deadlines to design and construct the retail restaurant area as well as the park and parking <br />garage, to be constructed on the Property. The salient provisions of the Design/Build <br />Agreement are as 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 design-build work shall be substantially completed no later than three hundred and <br />ten (310) days from notice to proceed, or the issuance of a temporary certificate of <br />occupancy, 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 five (5) <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$10,000,000.00 (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. (The City Manager and Mr. <br />Milton are working out the details relating to the contract price). <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 />obligations. <br /> <br />12. Developer shall also obtain the necessary insurance coverage and indemnify the City <br /> <br />http://sibagenda.si bfl,net/agenda/Preview .aspx?I temID=5 26&MeetingID=0&MeetingDate... 6/1 012011 <br />