RDA Reso 2000-006 - Laserfiche WebLink

Home

schedule for construction. The Construction Plans shall be based upon the approved Final Development Plan and shall not deviate therefrom without the prior express written consent of the Agency. 1.05 Construction Financing Plan and Project Budget. (a) At the time Developer is required to submit the Construction Plans to the Agency pursuant to Section 1.04 of this Part, Developer shall submit to the Agency its plan for financing the construction of the Phase 1 Improvements and, if Developer elects to concurrently undertake the Phase 2 Improvements, then the Phase 2 Improvements as well (hereinafter "Construction Financing Plan"). The Construction Financing Plan shall include a cost breakdown by major cost categories and a cash flow projection for the construction of the Phase 1 Improvements and, if Developer elects to concurrently undertake the Phase 2 Improvements, then the Phase 2 Improvements as well (including all soft costs for professional services such as architectural and engineering services), and for take-out of any financing obtained in connection with acquisition of the Property or payment of acquisition costs and the sources of necessary funds to pay, when due, the costs indicated in the cash flow projection and evidence that the funds necessary to finance those costs have been sought or committed by Developer, equity investors or lending institutions, subject to such conditions as are commercially reasonable under the circumstances. (b) Sources of funds disclosed in the Construction Financing Plan may include additional equity investments and/or loans provided such funding is from institutional lenders reasonably acceptable to the Agency. The Agency will cooperate with Developer in providing information to prospective lenders. The Developer may use sources of funds from private investors if the Developer identifies such private investors. Developer shall provide the Agency with a copy of any partnership agreement or other document describing the terms of investor's participation in the project. The Agency, or its Executive Director, may request additional financial information regarding private investors, such as financial statements or statements of credit worthiness, provided such request is made in writing. The Agency shall only request such additional financial information for the purpose of determining whether sufficient funds will be available at the appropriate times to complete the Project. The Developer shall disclose any information regarding private investors requested by the Agency within 30 days of the written request; provided that such time period shall not extend other periods for performance by the Developer under this Agreement. (c) Upon receipt by the Agency of the proposed Construction Financing Plan, the Agency shall promptly review same and shall approve it within fifteen (15) days after submission if it conforms to the provisions of this Part. The Agency shall act through its Executive Director. If the Plan(s) are not thereafter approved by the Agency, the Agency shall set forth in writing and notify Developer of the reasons therefor. Developer shall thereafter resubmit a revised Construction Financing Plan, as the case may be, to the Agency for its approval within thirty (30) days of the Agency's notification of disapproval. The Agency will either approve or disapprove said revised plan within fifteen (15) days of resubmittal by Developer in the event a Construction Plan is not approved by such time, it shall be deemed disapproved. (d) Any change, modification, revision or alteration of the approved Construction Financing Plan must be first submitted to and approved in writing by the Agency for conformity to the provisions of this Agreement. If not so approved, any such proposed change, DOCS00701700v6\24258.0001 b 1�