Reso 1996-166 to 170 - Laserfiche WebLink

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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, including a firm commitment following completion of hazardous materials remediation. (b) Sources of funds disclosed in the Construction Financing Plan may include additional equity investments and/or loans provided such funding is from reasonable financial or lending institutions, including pension funds and syndicating entities. A financial or lending institution shall be deemed reasonable if it is a bank, savings and loan institution, pension fund or insurance company licensed to do business in California, or a municipal economic development fund. The Agency shall cooperate with Developer in providing information to prospective lenders and equity investors. (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. The Agency's review of the Construction Financing Plan shall be limited to determining if the contemplated financing will reasonably be available and will provide sufficient funds for the purposes required as indicated in the Plan(s). 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. (d) Any material change, modification, revision or alteration of the approved Construction Financing Plan must be first submitted to and approved by the Agency for conformity to the provisions of this Agreement. If not so approved, the approved Plan(s) shall continue to control. The Agency's review of such material change, modification, revision or alteration of the approved Construction Financing Plan shall be limited to determining if the contemplated financing will reasonably be available and will provide sufficient funds for acquisition, or the purposes required to be included in the Plan(s). For the purpose of this Section 1.05, a material change shall include, but is not limited to, a change in lender or equity provider, or a substantial increase or decrease in the amount of a loan or equity contribution. Disposition and Development Page 4 of 39 Agreement (Automall) 10/2/96