08/30/11 Work Session - Laserfiche WebLink

Home

Reporting & On -Going Meetings with City of Ramsey The Organizational Activities do also include all those services as referenced in Article I Project Scope, Article II Project Objective, and Article III Development Management Services herein. (the "Development Management Services ") 2. Administrative Compensation. a. Monthly Payment. Landform shall be compensated a total of $360,000.00 for the Development Management Services for the Agreement Term at the rate of $15,000.00 per month. This payment is known as the "Administrative Compensation ". In the event this Agreement is terminated prior to March 31, 2013, Landform shall receive the said $15,000 monthly compensation for each full month this Agreement is in effect and a prorated amount for any partial month during which this Agreement is in effect. b. Early Termination Payment. (i) In addition to the Administrative Compensation ,in the event the HRA terminates this Agreement prior to January 31, 2013, Landform shall be paid an early termination fee equal to four month's fee or $60,000.00. In the event of termination of this Agreement after January 31, 2013, no early termination payment shall be paid. (ii) Notwithstanding the preceding terms of this paragraph 2.b. in the event the HRA sells to a third party 75% or more of the then remaining Project parcels available for development purposes to a single entity, in one transaction, no early termination payment shall be paid to Landform. B. Incentive Based Development Compensation In addition to the Administrative Compensation received for Development Management Services, Landform shall receive additional incentive -based compensation ( the "Incentive Compensation ") based upon its success in advancing the Project. 1. For the purposes of this Agreement, it is assumed that the disposition of various land parcels may occur in any of three ways: sale or lease, public private partnership, or owner self - developed. Landform shall solicit the interest of various prospective end- users, to include individual entities, corporations, developers, and/or development partners. Landform will coordinate the efforts of the Development Management Team to provide a uniform front to the development community, and assist in the evaluation, consideration, negotiations, and deal structuring on any disposition of land within the development area. Incentive Compensation will be paid on all transactions regardless of origin or referral source. Meeting update reports documenting marketing progress shall be presented to the Owner on a regular basis. Ramsey -2011 DM Agreement 7