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The Parties will proceed diligently and in good faith to pursue the satisfaction of these
<br />items in a timely and coordinated manner intended to result in the timely development of the
<br />Project in accordance with the Development Plan.
<br />X. CONSTRUCTION OF PROJECT
<br />The Developers will apply for all necessary building permits, including, but not limited to,
<br />permits for construction of buildings, site development, exterior signage, infrastructure on public
<br />property and on property of others, utility and storm sewer construction (collectively, the "Building
<br />Permits").
<br />For the Fieldhouse, the Fieldhouse Developer shall apply for all necessary Building Permits
<br />no later than June 1, 2021. Fieldhouse Developer will commence construction of the Fieldhouse,
<br />including, but not limited to, demolition and environmental remediation, no later than October 1,
<br />2021 (the "Fieldhouse Commencement Deadline"). Notwithstanding anything to the contrary
<br />herein, construction of the Fieldhouse shall be substantially completed, and a final certificate of
<br />occupancy issued no later than October 1, 2022. By October 1, 2022, the Fieldhouse Developer
<br />shall have provided a minimum investment of $6,000,000 into the Fieldhouse, which may include
<br />soft costs such as, but not limited to, des ign/architectural, building permits, engineering,
<br />environmental, soils, survey, legal and financing, and hard costs such as, but no limited to,
<br />construction costs, materials, fixtures and amenities (collectively, the "Project Costs"). The City
<br />acknowledges and agrees that all itemized sources of the capital stack for the Fieldhouse will
<br />qualify for satisfying the minimum investment, including, without limitation, loans, tax credit
<br />investments, equity, sales tax savings, grants or otherwise (collectively, "Capital Stack Elements").
<br />For Phantasy, the Phantasy Developer shall apply for all necessary Building Permits no
<br />later than December 31, 2022. Phantasy Developer will commence construction of Phantasy,
<br />including, but not limited to, demolition and environmental remediation, no later than March 1,
<br />2023 (the "Phantasy Commencement Deadline"). Notwithstanding anything to the contrary
<br />herein, construction of Phantasy shall be substantially completed, and a final certificate of
<br />occupancy issued, no later than June 1, 2024. Phantasy will be comprehensively designed and
<br />rehabilitated in accordance with the historic building requirements in Section IX(B). By June 1,
<br />2024, the Phantasy Developer shall have provided a minimum investment of Project Costs of
<br />$8,250,000 into Phantasy, funded with Capital Stack Elements.
<br />At such time as Developers have obtained all building permits, zoning approvals, historic
<br />conservation approvals to the extent applicable, and other governmental approvals required for the
<br />Project, Developers shall promptly commence (as described in the first grammatical paragraph of
<br />this Section) and thereafter complete the construction of the Project as reflected in the Project
<br />Plans, in compliance with all applicable laws, and in accordance with the terms set forth in the
<br />applicable construction agreement(s). Developers shall be responsible for acquiring and paying
<br />for all State, local, or Federal permits required for the Pro ect.
<br />The time for performance indicated above is subject to delays caused by Force Majeure (as
<br />defined below). With respect to the Developers, delays or failures to perform due to lack of funds
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