10A Action 2012 0618 - Laserfiche WebLink

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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 State of California Proposition 1 C funds to pay the cost of certain Ciiy, utility, Wad other 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 City. The parties acknowledge that Developer intends to use certain State of California Proposition 1C funds to pay the cost of certain expenses related to acquisition and construction of the Project. 3.7 Financing As set forth in the attached Exhibit G . Developer has provided City 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 City of any proposed modifications. If the City fails to approve of any such modification within fifteen (15) days following City'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 City. The City agrees not to unreasonably withhold consent to proposed modifications to the Financing Plan. . Consistent with the Financing Plan, Developer agrees to submit applications to the California Debt Limit Allocation Committee ( "CDLAC ") for an allocation that will permit the issuance of tax - exempt bonds to finance the Project and to the California Tax Credit Allocation Committee ( "TCAC ") for 4% federal and State low- income housing tax credits, as soon as reasonably practicable. With City approval, as an alternative to the foregoing, Developer may apply for an allocation of 9% federal low- income housing tax credits or for other sources of financing provided by the California Department of Housing and Community Development; provided however, Developer may apply for such financing without City approval if the use of such financing would not materially reduce the total financing sources for the Project, impair Developer's ability to repay the Loan, or delay the development schedule contemplated by this Agreement. Developer shall submit to the City copies of Developer's applications for tax credits and tax - exempt financing for the Project concurrently with Developer's submittal of such applications to TCAC and CDLAC, and as applicable, shall provide to City updates to the Financing Plan including updated schedules of sources and uses and updated development and operating pro formas, accompanied by evidence that all Project financing has been firmly committed by Developer, or lending institutions, subject only to commercially reasonable conditions. 1865087.6 10