B. Construction Time and Lease-Back
NEW CITY MARKET. The City shall complete Construction of the New City Market
no later than October 1, 2009. Until October 1, 2009, the City shall have the right to continue
to use the City Market as currently utilized without cost to the City and retain all revenue, except
that it will still be responsible for all utilities, taxes, insurance, upkeep and repairs (as determined
necessary by the City in its reasonable discretion), and all other ordinary charges or costs
pertaining to the Property. Notwithstanding the above, it is agreed that if the City has not
completed construction of the New City Market by October 1, 2009, City and Developer shall
enter into a lease. The lease shall provide that the City continue occupancy of the City Market
and thereafter pay rent to the Developer until the last day of the month in which either (1) the
City shall have Completed Construction of the New City Market and Developer has obtained
sole and exclusive possession of the Property, or (2) the lease has been terminated. Rent shall be
at the rate of Ten Thousand and 00/100 Dollars ($10,000.00) per month, plus all utilities, taxes,
insurance, upkeep and repairs (as determined necessary by the City in its reasonable discretion),
and all other ordinary charges or costs pertaining to the Property. The lease of the Property shall
be month to month and may be terminated on thirty (30) days notice, however it cannot be
terminated before February 1, 2010.
From the Closing Date until it vacates occupancy as provided herein, the City shall be
allowed to use the Old City Market as currently utilized including sub-leasing or sub-licensing to
vendors. During such period, the City shall keep in full force and effect during the term hereof,
a policy of public liability and property damage insurance acceptable to Developer, naming the
Developer as an additional insured and providing that it is primary insurance protecting
12
Developer and City from all causes including the City's own negligence with public liability
limits of not less than Two Million Dollars ($2,000,000.00) as to any one occurrence from bodily
injury and One Million Dollars ($1,000,000.00) for property damages, and an umbrella policy of
at least Five Million Dollars ($5,000,000.00). The City shall remove the current maintenance
shed and restrooms located at the northwest corner of the Property no later than October 1,
2009. Developer agrees to demolish the Old City Market within sixty (60) days after the
completion of the New City Market and Developer having obtained sole and exclusive
possession of the Property. Pending Commencement of Construction of the Mixed Use
Buildings, the Property shall be returned to surface parking.
MIXED USE BUILDINGS. Commencement of Construction of the Mixed Use
Buildings shall be no later than fifteen (15) months from Completion of Construction of the New
City Market, and the Completion of Construction of the Mixed Use Buildings shall be no later
than sixty (60) months from the Commencement of Construction of the Mixed Use Buildings.
However, in no event shall Developer Commence Construction of the Mixed Use Buildings
before November 1, 2008.
Most of the rest of the agreement seems pretty straitforward, with no significant information, besides that it says later on that construction on the mixed use buildings must commence with 12 months of the completion of the new city market, and they must be completed within 60 months of market completion.
Pro and con pieces in today's City Pulse on the proposal for a new market. I don't know that either sheds any new light, since both could be accused of being somewhat biased. John Hooper, on the pro side, runs the City Market, so he's a city employee answerable to the pro-development LEPFA. Thomas Morgan, on the con side, does work for Byrum & Fisk, a PR and advocacy firm. Among the firm's clients: the Reform Michigan Government Now ballot campaign, which has been linked in media reports to the state Democratic Party and AFL-CIO, which has among its constituents the anti-market development building trades unions.
Wasn't it the City Pulse that jumped all over M3 Marketing for NOT DISCLOSING ITS CLIENT RELATIONSHIP TO GILLESPIE? How can they have an OP-ED piece from somebody who... conveniently enough is writing AGAINST the development, and has a Client relationship with a group that has come out against the development without DISCLOSING that fact?
That should be interesting either way the vote goes. Unfortunately I won't be able to go tonight to see the fun in person. It's certainly been a wild ride so far.
I'm crossing my fingers. I really think this has the potential to be a great project, and I'm not sure why people would be so apprehensive about it. I think that just because a building is old doesn't mean that it accomplishes it's goal.
Unanimously huh?...alright, I can be man enough to admit I was naively suckered into the histeria and as a result added to it. Touché LMich, I was wrong to think this was as dire as I thought.
(but I have to admit I had some fun in this debate along the way)
Comments
B. Construction Time and Lease-Back
NEW CITY MARKET. The City shall complete Construction of the New City Market
no later than October 1, 2009. Until October 1, 2009, the City shall have the right to continue
to use the City Market as currently utilized without cost to the City and retain all revenue, except
that it will still be responsible for all utilities, taxes, insurance, upkeep and repairs (as determined
necessary by the City in its reasonable discretion), and all other ordinary charges or costs
pertaining to the Property. Notwithstanding the above, it is agreed that if the City has not
completed construction of the New City Market by October 1, 2009, City and Developer shall
enter into a lease. The lease shall provide that the City continue occupancy of the City Market
and thereafter pay rent to the Developer until the last day of the month in which either (1) the
City shall have Completed Construction of the New City Market and Developer has obtained
sole and exclusive possession of the Property, or (2) the lease has been terminated. Rent shall be
at the rate of Ten Thousand and 00/100 Dollars ($10,000.00) per month, plus all utilities, taxes,
insurance, upkeep and repairs (as determined necessary by the City in its reasonable discretion),
and all other ordinary charges or costs pertaining to the Property. The lease of the Property shall
be month to month and may be terminated on thirty (30) days notice, however it cannot be
terminated before February 1, 2010.
From the Closing Date until it vacates occupancy as provided herein, the City shall be
allowed to use the Old City Market as currently utilized including sub-leasing or sub-licensing to
vendors. During such period, the City shall keep in full force and effect during the term hereof,
a policy of public liability and property damage insurance acceptable to Developer, naming the
Developer as an additional insured and providing that it is primary insurance protecting
12
Developer and City from all causes including the City's own negligence with public liability
limits of not less than Two Million Dollars ($2,000,000.00) as to any one occurrence from bodily
injury and One Million Dollars ($1,000,000.00) for property damages, and an umbrella policy of
at least Five Million Dollars ($5,000,000.00). The City shall remove the current maintenance
shed and restrooms located at the northwest corner of the Property no later than October 1,
2009. Developer agrees to demolish the Old City Market within sixty (60) days after the
completion of the New City Market and Developer having obtained sole and exclusive
possession of the Property. Pending Commencement of Construction of the Mixed Use
Buildings, the Property shall be returned to surface parking.
MIXED USE BUILDINGS. Commencement of Construction of the Mixed Use
Buildings shall be no later than fifteen (15) months from Completion of Construction of the New
City Market, and the Completion of Construction of the Mixed Use Buildings shall be no later
than sixty (60) months from the Commencement of Construction of the Mixed Use Buildings.
However, in no event shall Developer Commence Construction of the Mixed Use Buildings
before November 1, 2008.
Most of the rest of the agreement seems pretty straitforward, with no significant information, besides that it says later on that construction on the mixed use buildings must commence with 12 months of the completion of the new city market, and they must be completed within 60 months of market completion.
Wasn't it the City Pulse that jumped all over M3 Marketing for NOT DISCLOSING ITS CLIENT RELATIONSHIP TO GILLESPIE? How can they have an OP-ED piece from somebody who... conveniently enough is writing AGAINST the development, and has a Client relationship with a group that has come out against the development without DISCLOSING that fact?
(but I have to admit I had some fun in this debate along the way)
from the mylansingcitymarket.com website