If PGE Park renovations must be completed by the spring of 2011, will the City and Peregrine LLC incur certain construction-related expenses before a definitive agreement can be reached?
Yes. Under the term sheet, if the City Council votes to approve the term sheet, then the city and Peregrine LLC agree to enter into a pre-development agreement by April 15, 2009. The city and Peregrine LLC also agree to share costs 50/50 if the project collapses before a definitive agreement can be reached, with the city’s share capped at the amount of the current balance in the Capital Reserve Sub-Account of the Spectator Facilities Fund (approximately $2.5 million).
Related Questions
- If PGE Park renovations must be completed by the spring of 2011, will the City and Peregrine LLC incur certain construction-related expenses before a definitive agreement can be reached?
- How do we know that Peregrine LLC will work with the neighborhoods surrounding PGE Park and the new AAA baseball stadium?
- Can Peregrine LLC move the new MLS franchise and/or the Beavers to a different city?
