Since the execution of the First Amendment to the West March DDA, LNR Riverside, LLC assigned all rights and obligations under the development agreement to Meridian Park LLC “Meridian Park” on August 7th, 2015. At this time, the Authority wishes to provide an administrative clarification on the financial formula used to assess certain obligations by Meridian Park and to ensure certain financial benefits that accrue to the March JPA.
Amended Terms include the following:
Consideration Payments. All existing and future payment obligations under Article 4 or elsewhere in the Disposition and Development Agreement that may exist as of the date of this Second Amendment, or that would accrue after the date hereof based on the current terms of the Disposition and Development Agreement, are hereby terminated. In lieu of such payment obligations, Meridian Park shall pay to Authority: (1) $4,800,000 for the Authority’s General Fund and (2) the amounts set forth on the payment schedule upon the completion of each milestone identified on the Payment Schedule. For the avoidance of doubt, Meridian Park shall not have any obligation to pay any money, with the exception of the General Fund payment as outlined in this section and the expirations terms outlined in Section 2 of this Second Amendment, to Authority pursuant to the Disposition and Development Agreement unless the Milestones identified on the Payment Schedule are completed.
Deletion of Provisions. The parties agree that certain provisions under the Disposition and Development Agreement have been completed and/or are no longer applicable, and therefore the following sections or articles are hereby deleted from the Disposition and Development Agreement in their entirety: Article 4 (Approved Participation Model Matters); Article 5 (Preliminary Tasks); Section 6.14 (Project Management Fee); Section 6.15 (Audits); Section 9.05(a) (Preliminary Task Period Termination); Section 9.05(b) (Recalculation Event Termination); Section 9.06(a) (Preliminary Task Period Termination); Section 9.06(b) (Recalculation Event Termination); ; Exhibit B (Approved Participation Model); Exhibit C (Entitlement Schedule); and Exhibit E (Performance Schedule). In addition, the parties acknowledge and agree that as of the date of this Second Amendment, Meridian Park has satisfied its obligations under Section 6.02 and Section 6.03 of the Disposition and Development Agreement.