Reso 1997-101 to 105 - Laserfiche WebLink

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1.06 Construction Plans. Developer shall submit to the Agency its Construction Plans for the Improvements within ninety (90) days after the execution of this Agreement, unless such time limit is extended by the Agency or at the discretion of its Executive Director. As used herein "Construction Plans" mean all construction documentation upon which the Developer, and Developer's several contractors, shall rely in building the Improvements (including landscaping, parking, and common and public areas) and shall include, but not necessarily be limited to, final architectural drawings, landscaping plans and specifications, final elevations, building plans and specifications (also known as "working drawings") and a time schedule for construction. The Construction Plans shall be based upon the approved Final Development Plan and shall not materially deviate therefrom without the express written consent of the Agency. 1.07 Construction Financing Plan and Project Budget. (a) At the time Developer is required to submit the Construction Plans to the Agency pursuant to Section 1.06 of this Part, Developer shall submit to the Agency its plan for financing the construction of the Improvements (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 Improvements (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 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 Disposition and Development Page 5 Agreement (Creekside Center) 7/23/97, 8/5/97, 8/11/97, 8/12/97