TITLE
Recommendation to authorize City Manager to enter into a Reimbursement Agreement with Save the Queen, LLC, for the reimbursement costs related to the master planning of the Queen Mary Project, which includes the Queen Mary and adjacent property; and authorize City Manager to negotiate and execute subsequent term extensions on an as-needed basis. (District 2)
DISCUSSION
Save the Queen, LLC (Save the Queen) is currently engaged in the planning and entitlement stages of the Queen Mary Land Use Project (Project) within the City of Long Beach (City). The Agreement concerns the development of the Queen Mary and adjacent property, including the Queen Mary Land Area Site, the Queen Mary Water Area Development Site, and the Special Events Park Site (Exhibit "A").
Key terms of the Agreement are as follows:
· The Agreement is effective June 10, 2008 immediately upon City Council approval through December 31, 2009.
· For budgeting purposes, staff has estimated a total cost of $1,072,000. The City expects to be reimbursed only for those expenses actually incurred. If actual costs do not exceed estimated total costs of $1,072,000, Save the Queen is not liable for payment to the City beyond those expenses that are actually incurred.
· In the event that the actual cost of the Reimbursement Services exceeds the estimated costs, Save the Queen agrees to pay the actual cost.
· Notwithstanding the above, Save the Queen and the City agree to amend the Agreement to reflect greater expenses paid or incurred, or anticipated to be paid or incurred in the event that: 1) there is a substantial change to the proposed Project, which would result in staff initiating a new review of the Project, and/or, 2) City costs exceed the estimated costs by more than 10% due to the need for Reimbursement Services not anticipated by City at the time of the signing of this Agreement.
· The City will maintain exclusive control over the work to be performed by staff and its consultants....
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