Reso 1997-101 to 105 - Laserfiche WebLink

Home

cooperate with Developer in providing information to prospective lenders and equity investors. 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 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. (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. I£ 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 at the appropriate times to acquire the property and complete the project. For the purpose of this Section 1.07, 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 6 Agreement (Creekside Center) 7/23/97, 8/5/97, 8/11/97, 8/12/97