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CASE # <br />CONSIDER AMENDMENT TO THE DEVELOPMENT MANAGER CONTRACT TO <br />CLARIFY INADVERTENT OMISSION <br />By: Darren Lazan, Development Manager <br />BACKGROUND: <br />The current DM Contract contemplated a "Hot List" concept in section C7. <br />That concept requires the DM team to submit a list of active projects to be approved by the <br />HRA. In the event of the termination of the DM Contract, the projects on the list would be <br />subject to incentive compensation under the terms of the DM contract for a period of five (5) <br />years, in a diminishing fashion, with roughly a 20% reduction each year following termination. <br />There was a typo in the contract that inadvertently excluded the period from 24-36 months from <br />the equation. <br />DEVELOPMENT TEAM RECOMMENDATION: <br />The Development Team recommends the HRA review the proposed amendment to the DM <br />contract and revise the language to include the period from 24-36 months at a percentage of <br />60%. <br />Proposed Language: <br />"Following the 24th month through the 36th month the Incentive Compensation will be 60% of <br />the full Incentive Compensation." <br />HRA ACTION: <br />Approve the proposed amendment to the DM Contract. <br />ATTACHMENTS: <br />■ DM Contract excerpt <br />REVIEWED BY: <br />HRA: 10.12.10 <br />