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review and approval a revised Financing Plan accompanied by evidence that all such <br />funds are subject to binding commitments. If, despite Developer’s best efforts, <br />Developer has been unable to secure financing within the time period set forth in this <br />Section, City shall grant up to two one-year extensions for submittal of the final <br />Financing Plan. <br /> <br />Tax Credit Funds - Developer will use best efforts to submit an application to TCAC for <br />a preliminary tax credit reservation for the Project within a timeframe that will enable <br />development of the Project to commence within the time stated in the Schedule of <br />Performance. Procurement of a TCAC preliminary reservation and receipt of an equity <br />investor’s funding commitment reasonably acceptable to City shall be conditions <br />precedent to the City’s obligation to convey the Property to Developer. <br /> <br />Loan and Grant Documents; Partnership Agreement. Developer shall submit to the City <br />for its review and approval, copies of all loan and/or grant documents for the financing <br />sources identified in the Financing Plan, and, if the Project will be conveyed to an <br />Approved Partnership, copies of the Partnership Agreement and related documents. <br /> <br />Purchase Price. The City shall sell the Property to Developer for One Dollar ($1.00). <br /> <br />Costs of Closing and Escrow. Within thirty days following the Effective Date of the <br />DDA, the City and Developer will open escrow in order to convey the Property to <br />Developer. Developer shall be responsible for all related costs incurred in connection <br />with the acquisition of the Property. <br /> <br />Construction Contract, Plans, Budget and Schedule - City shall approve the general <br />contractor, the construction budget and schedule, the construction contract and the final <br />Construction Plans and specifications for the Project. <br /> <br />Development Schedule. Developer shall commence construction of the Project within <br />thirty days following the Closing Date, subject to such extensions City may grant, by not <br />later than two years following the Effective Date, and shall diligently prosecute to <br />completion the construction of the Project to enable City to issue final certificates of <br />occupancy for all residential units in the Project within twenty-four months following <br />commencement of construction. <br /> <br />Prevailing Wage Requirements - Developer and its contractors, subcontractors and <br />agents shall pay prevailing wages for all construction work related to the Project. <br />Developer shall submit to City a plan for monitoring payment of prevailing wages and at <br />Developer’s expense shall implement such plan and comply with all applicable reporting <br />and recordkeeping requirements. <br /> <br />Affordable Housing - The Property will be subject to recorded covenants that will restrict <br />use of the Property to operation of an affordable rental residential development for <br />seniors, and that for a term of not less than fifty-five years commencing upon the <br />issuance of the final certificate of occupancy for the Project: (i) all of the residential units <br />6.3.B. - Page 3