§ 55.114. Form Agreements; Redevelopment Agreements.

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:

(a)

Public funds shall be kept by the person or public body in a separate bank account for DIA and/or City monitoring purposes;

(b)

The DIA and/or City shall have the right to access and review all documents and expenditures of a person or public body regarding the agreement;

(c)

Adequate financial records shall be provided to the DIA and/or City by the person or public body;

(d)

With respect to any construction projects, a draw schedule shall be used that ties the funding to the progress of the construction;

(e)

With respect to construction projects, the person or public body shall provide the City with monthly construction reports;

(f)

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

(g)

Such insurance provisions as approved by the City Risk Management Division.

All such agreements shall be prepared, reviewed and approved by the Office of General Counsel as to both form and legality, prior to execution by any party.

(Ord. 2014-560-E , § 12; Ord. 2016-140-E , § 14)