Agmt17 MP Bradford Associates, LP - DDA

Browse Search

environmental review of the Project in accordance with CEQA. Developer acknowledges that the environmental review process under CEQA may involve preparation and consideration of additional information, as well as consideration of input from interested organizations and individuals; that approval or disapproval of the Project following completion of the environmental review process is within the sole and absolute discretion of the City without limitation by or consideration of the terms of this Agreement; and that the City makes no representation regarding the ability or willingness of the City to approve the Project at the conclusion of the environmental review process required by CEQA, or regarding the imposition of any mitigation measures as conditions of any approval that may be granted. The Parties recognize that, as a result of the environmental review process, the City has the absolute discretion and right to terminate this Agreement by written notice to Developer delivered prior to the Close of Escrow, and no cost shall be incurred by the City as a result of such termination. In addition, Developer acknowledges that any required approvals by any other local, state or federal agency may require additional environmental review, and that any approval by the City shall not bind any other local, state or federal agency to approve the Project or to impose mitigation measures that are consistent with the terms of this Agreement or with the terms of any mitigation measures required by the City pursuant to the City's environmental review. Prior to the Close of Escrow, Developer shall have the right to terminate this Agreement by delivery of written notice to City if the City disapproves the Project following completion of the environmental review process or Developer determines that implementation of any required environmental mitigation measures would cause development of the Project to become economically infeasible. 2.5 Financing 2.5.1 Financing Plan. Within twelve (12) months following the Effective Date, Developer shall provide to City a preliminary financing plan for development and operation of the Project ("Financing Plan") that shall include a development budget, identification of proposed sources and uses for construction and permanent financing, and preliminary development and operating pro formas. By not later than two (2) years following the Effective Date, Developer shall submit for City review and approval a revised Financing Plan that identifies all sources of funds necessary to pay, when due, the estimated costs of the Project, including without limitation hard and soft construction costs, and that shall be accompanied by evidence that all such funds are subject to binding commitments, in form acceptable to City, from Developer, equity investors, and lenders, subject only to commercially reasonable conditions. The revised Financing Plan shall include development and operating pro formas which set out in detail Developer's plan for financing the costs of acquisition, construction and operation of the Project. If despite Developer's good faith efforts, Developer has been unable to secure financing within the time period set forth in this Section, City shall grant up to two (2) one-year extensions for submittal of the final Financing Plan. City staff shall review the proposed Financing Plan, and acting through the Authorized Representative, the City shall approve such plan in writing within thirty (30) days following receipt provided that the plan conforms to the requirements of this Section. If the City does not approve the Financing Plan in the exercise of its reasonable discretion, the City shall set forth its objections in writing and notify Developer of the reasons for its disapproval, Developer shall thereafter submit a revised Financing Plan that addresses the reasons for disapproval, and the City shall grant Developer a reasonable extension of the time deadlines set forth in this Agreement ATY/AGR/2017.218/RWC -- BRADFORD -- DDA REV: 0918-17 VR Page 8 of 94