Addendum to Arts District RFQ

The Borough envisions the relationship with the selected operator to be collaborative beginning with planning of the building, fit-out, furnishings, IT and security, continuing through construction and up to the commencement of operations. The operator’s prepaid rent obligation will be paid on a mutually acceptable schedule at phases of completion of construction; no payment will be required through the planning and design process. There will be an agreement negotiated and executed between the operator and the Borough where these issues will be addressed.

Construction will not commence unless and until the Borough has secured funding for the project through sale of tax credit bonds and other sources providing assurance the project will move through to completion. There is no other security anticipated for the operator payments and other forms of financial assurances (e.g. a letter of credit) are not acceptable.

The project maintains a projected construction budget with allowances for a core shell, operator f it-out, IT and security. The specifics of the budget will be the subject of negotiations between the operator and the Borough.