Kern Community College District Awards Professional Services Contract to Servitas Llc (April 2026)

District liability for Pre-Development Expenses not to exceed $4,050,000.00 and Pre-Development Fee not to exceed $3,105,000.00 (total liability cap $7,155,000.00); Developer Reimbursables cap $4,050,000.00; Development Fee minimum $3,105,000; construction administration fee 2% of construction hard costs; early completion bonus $5,000.00 per day; pre-Effective Date expenses cap $25,000.00

PROFESSIONAL_SERVICES

Effective Date in April 2026 through earliest of Financial Closing, termination events listed in Section 3, or three (3) calendar years from the date of the Agreement

2029-04-01

Agreement term automatically ends at Financial Closing, certain termination events, or three years from execution. District may terminate for convenience with defined compensation including reimbursement of actual pre-development expenses and 100% of the Pre-Development Fee up to set caps. Termination for Developer default eliminates District’s payment obligation and may require reimbursement of District’s expenses. If the project is deemed financially infeasible beyond parties’ control, District pays actual pre-development expenses and a pro-rated 50% share of the Development Fee. No automatic renewals are specified; extension beyond November 1, 2027 construction start trigger would require mutual agreement.

Agreement