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23 <br /> <br /> <br />(b) Evidence of Market Element Financing. The City shall <br />have received and reasonably approved the following: <br /> <br />(i) Budget. A detailed budget for the construction and <br />development of the Market, as submitted by Developer to City. <br /> <br />(ii) Total Project Cost. The City shall have determined <br />that there are sufficient funds available to the Developer for the construction and development of <br />the Market shell, and sufficient funds available for the construction and development of the <br />Market tenant improvements, at a cost consistent with the budget approved by the City. <br /> <br />(d) General Contractor. The general contractor for the Market <br />(the “General Contractor”) shall have been approved by the City. <br />(e) Construction Contract. The City shall have received a true <br />and complete copy of a signed contract by and between Developer and the General Contractor <br />pursuant to which the General Contractor has agreed to construct the Market shell at a cost <br />consistent with the costs set forth therefor in the approved Project Budget (the “Construction <br />Contract”). <br />(f) Prevailing Wage Requirements. The Developer shall notify <br />City in writing of its determination as to the applicability of the Prevailing Wage Laws to the <br />construction of the Market Element. If the Developer determines that the Market Element is <br />required to be constructed in accordance with the Prevailing Wage Laws, the Construction <br />Contract shall be in compliance with the Prevailing Wage Laws, and the Developer shall have <br />filed a PWC-100 form with the California Department of Industrial Relations in accordance with <br />the Prevailing Wage Laws. <br />(g) Project Labor Agreement. The Developer shall have <br />entered into a Project Labor Agreement in the form required in Section 6.1.7 of the Market <br />Ground Lease. <br />(h) Insurance. The Developer shall have submitted to the City <br />the evidence of the liability insurance required pursuant to Section 8 of the Market Ground <br />Lease. <br />(i) Bonds and Security. The Developer shall have submitted <br />to the City payment and performance bonds or alternate security in the form required by Section <br />6.1.8.1 of the Market Ground Lease. <br />(j) Permits for Horizontal Improvements. Applicable permits <br />for Horizontal Improvements, as defined in the Scope of Development, including grading, <br />encroachment and demolition permits for the Market Element, shall have been issued by the City <br />or shall be ready to be issued subject only to the payment of applicable fees, the posting of <br />required security, or both. In addition, construction drawings for Vertical Improvements shall