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Below are the changes to the museum park leases approved by the city commission on
12/11/08
1. Parking Facility: If the Parking Facility is built jointly by the Museums, then it shall
provide a minimum of 480 parking spaces. if only 1 museum is built, the portion of the
Parking Facility built to service the museum shall provide a minimum of 300 parking
spaces.
2. Construction of Improvements and Expansion: All Improvements on the museum
sites shall have a height restriction of 90 feet.
3. Termination of Lease: If a lease with one museum is terminated, and the other
lease remains in effect, the property subject to the terminated lease shall be kept as
open green space, or be used in conformity with the use of the Park Component.
4. Repayment of Loans secured by Leasehold Mortgages: All loans secured by
leasehold mortgages shall be repaid no later than the (10) business days after receipt of
funds for such repayment.
5. Job Creation/Community Benefits: In addition to the provisions of the Community
Benefits Recommendation, the museums shall make a good faith effort to cause at least
15% of construction jobs to go to businesses/residents located within a 10 mile radius of
the site. To ensure compliance with this provision, the Museums should be required to
submit to the City a "job plan" showing the museum's effort to comply with the local
jobs requirement during construction of the Project prior to the issuance of a Notice to
Proceed (which triggers the commencement date and is discussed in the Development
Agreement).