Board Resolution for Development Agreement
I. Introduction
This Board Resolution for the Development Agreement is adopted by the Board of Directors of [YOUR COMPANY NAME] on this December 16, 2050, to authorize the signing of a development agreement with [DEVELOPER NAME] for the [PROJECT NAME]. This resolution outlines the key actions and decisions made regarding the project’s initiation.
II. Authorization to Enter into Development Agreement
WHEREAS, the Board of Directors of [YOUR COMPANY NAME] has reviewed and approved the terms of the development agreement with [DEVELOPER NAME] for the development of [PROJECT DESCRIPTION];
NOW, THEREFORE, BE IT RESOLVED, that [YOUR COMPANY NAME] is hereby authorized to enter into the development agreement with [DEVELOPER NAME] for the purpose of [brief description of project purpose].
III. Approval of Terms and Conditions
The Board of Directors has reviewed the terms and conditions of the development agreement and approved them. The terms include:
Scope of Work: [brief description of development scope]
Timeline: Commencement date: January 15, 2051, Completion date: January 15, 2054
Payment Structure: Payments to be made as per the following schedule:
Payment Milestone | Amount | Due Date |
|---|
Initial Payment | $1,000,000 | January 20, 2051 |
Midway Payment | $500,000 | June 15, 2052 |
Final Payment | $500,000 | December 15, 2053 |
IV. Authorization to Execute Documents
BE IT FURTHER RESOLVED, that [NAME OF OFFICER], the [TITLE OF OFFICER] of [YOUR COMPANY NAME], is hereby authorized and directed to execute the development agreement and all necessary documents related to the project, including contracts, amendments, and other required paperwork, in the name of [YOUR COMPANY NAME].
V. Allocation of Resources
The Board approves the allocation of resources necessary for the development project. This includes financial resources, personnel, and any other assets required for the successful completion of [PROJECT NAME].
VI. Compliance with Legal and Regulatory Requirements
BE IT RESOLVED, that [YOUR COMPANY NAME] shall ensure compliance with all applicable laws, including zoning, environmental, and other regulatory requirements as specified by local and state authorities for the development project. [NAME OF LEGAL TEAM MEMBER] is responsible for overseeing these compliance measures.
VII. Financial Approval and Funding
The Board authorizes the financial commitment necessary for the execution of the development project, including securing financing if necessary. The proposed financing options, as discussed, include:
Equity Financing: $2,000,000
Debt Financing: $1,500,000
These funds will be allocated as needed according to the development schedule and payment milestones.
VIII. Conclusion
This Board Resolution serves to formally approve and authorize the development project and related agreements. It represents the Board’s commitment to moving forward with the project as outlined.
Prepared by: [YOUR NAME], [YOUR EMAIL]
[YOUR COMPANY NAME], [YOUR COMPANY ADDRESS]
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