Fiscal 2023 DIF Account

Penalties If There Is No Ballpark Certificate Of Occupancy By March 1st, 2021

Page 22 of the agreement submitted to City Couuncil last year. 

Section 25:    
Certificate of Occupance issued no later then March 1, 2021

Section 26:   
The City's covenant to have the ballpark read and available for the Team's use no later than the Beneficial Occupancy Deadlne is of the utmost importance to the Team.   The Lease will contain remedies:  (i) for the Team, including liquidating damages acceptable to the Team, in the event the Beneficial Occupancy Deadline is not met; and (ii) for the Parties in the event of a breach of the lease

This brings up one very important question and one important point.     

Question:   What are the penalites if we do have an occupance permit by March 1, 2021?

Point:   If the private developer does not meet the deadlines in their Letter o Understanding, are there any "remedies" to be paid to the City of Worcester??