10B Action 2009 0406 - Laserfiche WebLink

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Developer covenants that it shall: (i) obtain all necessary permits and approvals which may be required by Agency, City, or any other governmental agency having jurisdiction over the construction of the Project or the development of the Property, (ii) comply with all Conditions of Approval, (iii) comply with all mitigation measures imposed in connection with any environmental review of the Project, and (iv) not commence construction work on the Project prior to issuance of building permits required for such work. Agency staff shall work cooperatively with Developer to assist in coordinating the expeditious processing and consideration of all permits, entitlements and approvals necessary for development of the Project. 3.5 Fees. Developer shall be solely responsible for, and shall promptly pay when due, all customary and usual fees and charges of City in connection with obtaining building permits and other approvals for the Project, including without limitation, those related to the processing and consideration of amendments, if any, to the current entitlements, any related approvals and permits, environmental review, design review, architectural review, and any subsequent approvals for the Project or the development of the Property. The parties acknowledge that Developer intends to use certain City-administered State of California Proposition 1 C funds to pay the cost of certain traffic impact, park, mainline and sewer connection fees. 3.6 Cost of Acquisition and Construction. Except as expressly set forth herein, Developer shall be solely responsible for all direct and indirect costs and expenses incurred in connection with the acquisition of the Property, the design, development and construction of the Project and compliance with the Conditions of Approval, including without limitation the installation and construction of all off-site or on-site improvements required by City in connection therewith, and none of such costs and expenses shall be the obligation of the Agency or the City. The parties acknowledge that Developer intends to use certain City-administered State of California Proposition 1C funds to pay the cost of certain expenses related to construction of the Project garage. 3.7 Financing Plan. As set forth in the attached Exhibit G, Developer has provided Agency with a preliminary financing plan for the Project ("Financing Plan") which describes (i) the estimated costs of Project development, including acquisition costs, and hard and soft construction costs, (ii) an operating pro forma which describes projected revenue and expenses for the Project, and (iii) identification of sources of construction and permanent financing. Developer may update the Financing Plan throughout the term of this Agreement, provided that Developer shall provide prior written notice to the Agency of any proposed modifications. If the Agency fails to approve of any such modification within fifteen (15) days following Agency's receipt of the proposed modifications, then the Financing Plan and the encumbrances which may be recorded against the Property in connection with the financing contemplated by the Financing Plan shall be deemed disapproved by the Agency. The Agency agrees not to unreasonably withhold consent to proposed modifications to the Financing Plan. Consistent with the Financing Plan, provided such funds are available, Developer agrees to submit an application to the California Department of Housing and Community Development ("HCD") for Multifamily Housing Program ("MHP") funds in 2009, and Developer will re- apply for MHP funds if Developer's initial application is denied. If Developer is awarded MHP 1178986-5 (~