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2009 Resolutions
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2009 Resolutions
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2009 Resolutions
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<br />otherwise defined herein: <br /> <br />1.1 Availability Charge. A charge which the City pays to Seller for up to 43,000 <br />square feet of unoccupied interior space in the Building located on the Property. Seller <br />will use best efforts to lease this space to a short-term tenant or tenants. The Availability <br />Charge will be reduced by any area thus leased. It will be in amount sufficient to cover <br />the pro rated share of at-cost direct monthly expenses of the building, including debt <br />service, not to exceed $8.50 per square foot, resulting in monthly installments not to <br />exceed $30,458.33. It shall be payable monthly in advance. Those payments commenced <br />on January I, 2009. They shall terminate on the date of the Initial Payment set forth in <br />Section 3.4.1, below. In addition, the City shall have the right to use and occupy any of <br />the space on which it is paying the Availability Charge at no further cost or expense, save <br />for any additional operating expenses that Seller may incur as a result of such use and <br />occupancy. Should the City occupy any space, it shall sign a lease containing all terms <br />and conditions that are customary for such transactions, except that there shall be no rent. <br /> <br />1.2 Building. The present building, containing approximately 100,000 square feet of <br />space, located at 415 PortCentre Parkway, Portsmouth, Virginia, as per Article II. <br /> <br />1.3 Business Day. Any day of the year in which commercial banks are not required or <br />authorized to close in Portsmouth, Virginia. <br /> <br />1.4 Construction Deadline. The date on which the Seller is required to complete <br />construction of the Courthouse, so that it is ready for use and occupancy, being twenty- <br />four months from approval of the Construction Documents, unless extended for specified <br />causes, as per Article IV. <br /> <br />1.5 Construction Documents. The final of three separate documents for construction <br />of the Courthouse, prepared by Seller (acting through Seller's Architect) in sufficient <br />detail to qualify for a building permit, to be completed within one hundred and eighty <br />days of final approval by the City of the Design Development Documents, as per Article <br />IV. <br /> <br />1.6 Court Case. A court case brought by the Commonwealth of Virginia concerning <br />the condition of the present Portsmouth courts, styled Commonwealth of Virginia v. Dr. <br />James W Holley, IIL et ai, Case #CL0800 1498-00 in Portsmouth Circuit Court. <br /> <br />1.7 Courthouse. A term that refers collectively to the Circuit Court, the General <br />District Court, the Juvenile and Domestic Relations Court, and the Clerk's Offices for <br />said courts. <br /> <br />1.8 Courthouse Guidelines. The "Virginia Courthouse Facilities Guidelines" (Second <br />Edition), promulgated by the Supreme Court of Virginia, attached as Exhibit A. <br /> <br />-2- <br /> <br />Draft #4.1 <br />
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