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Agreement sets August 10, 2026 target opening and gives Magna 'step‑in' rights if progress lags
Summary
The contract requires D.R. Horton to aim for substantial completion by Aug. 10, 2026, and allows Magna City to assume construction management after July 15, 2026, if progress makes the August target unlikely; the Agreement also transfers permits and contracts to the City if it exercises 'step‑in' rights.
The Agreement commits D.R. Horton to an expedited construction schedule and names August 10, 2026, as the target for substantial completion and opening for public travel. The text qualifies the target, noting certain procurement items (for example, traffic signal equipment) may be outside the developer’s control and do not by themselves constitute breach.
To protect schedule risk, the Agreement gives Magna City "step‑in rights": if construction progress by July 15, 2026, is insufficient to make substantial completion likely by August 10, the City may notify the developer, provide an opportunity to cure, and then assume management of construction by obtaining assignment of permits, contracts and materials to the City within five days of notice. The Agreement limits how City may use escrow funds after step‑in and bars actions that would expose the developer to third‑party liabilities.
