Resolution 4756 - Laserfiche WebLink

Port Gardner Bay Outfall Replacement Agreement about the development or operation of the Joint Use Facilities; and (d) access to any and all records required by law be available, such as records for review by the State Auditor. 7.8 Any disagreement between the K-C and the City PRT Lead Representatives is subject to dispute resolution under Section 22.7. 8. MODIFICATION OF TRANSACTION PRIOR TO CONSTRUCTION Because construction of the Joint Use Facilities is not expected to begin for several years,the Participants recognize, anticipate, and acknowledge that the financial, tax and regulatory environment for the project may change before commencement of construction. In the event that changes occur to the regulatory,tax or financial environment that indicate the desirability of undertaking changes to the structure, payment or other terms of the transaction in order to accommodate one or both Participants' regulatory, tax or financing needs, the Participants shall use their best efforts to negotiate in good faith appropriate modifications to this Agreement that will reasonably accommodate the needs of both Participants. This Agreement presumes that reasonable modifications requested by one Participant will be accepted by the other Participant, unless clearly articulated good cause exists to refuse a requested change to the structure, payment or other terms of the transaction. If a modification is reasonably necessary to accommodate one Participant that disadvantages the other Participant, other adjustments may be made to the Agreement such that the Participants are restored to approximate parity consistent with this Agreement. This Section 8 shall be subject to dispute resolution in accordance with Section 21.7 hereof. Notwithstanding this provision to negotiate later changes in good faith, this Agreement shall be binding and enforceable upon the Participants. 11 of 46