A. Planning and Design Stage
The Campus anticipates that the Stage 2 RFP process will conclude in mid-September, 2017. At the conclusion of the Stage 2 RFP process, the Campus will select a Developer or Developers for the Project and will immediately enter into exclusive negotiations with the selected Developer or Developers. Negotiations will include, initially, the terms of a Predevelopment Agreement and thereafter the terms of a ground lease and ancillary documents governing, upon execution, the development, ownership and operation of the Projects. The Campus reserves the right to terminate negotiations with the select Developer or Developers and to negotiate with another Proposer if negotiations fail or the selected Developer or Developers fail to perform.
During the period of exclusive negotiations the selected Developer or Developers will be expected to immediately continue the design and master planning process, advancing the Developer or Developers’ conceptual designs for each Project through schematic design, design development and construction documents resulting at each stage in a result acceptable to the Campus.
B. Predevelopment Agreement
The Campus expects to promptly enter into a Predevelopment Agreement with the Developer(s) selected at the conclusion of the Stage 2 RFP. The Predevelopment Agreement will establish a basis for the negotiation of a definitive ground lease and ancillary documents and it will include provisions for the reimbursement of a portion of the costs of the work the Developer(s) perform during the Planning and Design Stage if either or both of the Projects do not proceed to the Development Stage. If the Campus and the Developer reach a contractual agreement to proceed with the development of the Project or Projects, the Developer(s) will be expected to recoup its costs incurred in the Planning and Design Stage as part of their development budget for the Projects. The form of the Predevelopment Agreement is attached as Appendix 7.