Sec. 55.114. - Form Agreements; Redevelopment Agreements.

(a) The Authority may execute the form agreements approved via Ordinance 2014-560-E with any person or public bodies in accordance with this Part without further Council approval. The Authority may also execute redevelopment agreements, grant agreements, incentive agreements, and use rights such as easements, leases, and licenses, all containing terms approved by the Board, which agreements shall contain the following provisions: (1) Public funds shall be kept by the person or public body in a separate bank account for DIA and/or City monitoring purposes; (2) The DIA and/or City, including the Council Auditor's Office, shall have the right to access and review all documents and expenditures of a person or public body regarding the agreement; (3) Adequate financial records shall be provided to the DIA and/or City by the person or public body; (4) With respect to any construction projects, a draw schedule shall be used that ties the funding to the progress of the construction; (5) With respect to construction projects, the person or public body shall provide the City with monthly construction reports; (6) Indemnity provision in favor of the DIA and the City, subject to the approval of the Office of General Counsel and City Risk Management Division; and (7) Such insurance provisions as approved by the City Risk Management Division. (b) The Authority may execute cost disbursement agreements on behalf of the City substantially in the form approved by Ordinance 2022-372-E , with such changes as approved by the CEO, the Department of Public Works, the Risk Management Division and the Office of General Counsel, for Capital Improvement Projects then currently identified in the City's Capital Improvement Plan ("CIP") and provided: (i) such agreements shall be subject to a lawful appropriation of funds to the applicable Capital Improvement Project and no additional funds are required; (ii) the applicable developer shall be obligated to cover all cost overruns for the applicable project; and (iii) the Capital Improvement Project will be funded no earlier than the year as set forth in the CIP. All such agreements may include administrative authority for an extension of the applicable performance schedule for a period of up to six months (unless a greater time frame is subsequently authorized by Council), and shall be prepared, reviewed and approved by the Office of General Counsel as to both form and legality, prior to execution by any party. All agreements related to development projects that include economic incentives or real property dispositions approved by the DIA Board but not recommended for approval by Authority staff shall require Council approval. (Ord. 2014-560-E , § 12; Ord. 2016-140-E , § 14; Ord. 2022-372-E , § 8)