Laserfiche WebLink
<br />housing, including necessary capital improvements for such multi- <br />family rental housing. <br />2. The proposal estima~es the aggregate amount of financ- <br />ing by the issuance of multifam~ly rental housing revenue bonds <br />(the "Bonds.) and the sources ot amounts otherwise required for the <br />Project. The total estimated Pfoject Cost is $31,000,000. <br />For the purpose of ~aying the project ~ost, it is the <br />intention of the Authority to ptovide revenue financing under the <br />Financing Law in principal amount adequate for the Project, the <br />maximum aggregate amount of whi~h is currently estimated at <br />$31,000,000 (the "Financing"). Other terms of the Financing, the <br />methods of providing for the se~urity and payment of the Financing, <br />and the obtaining of the Financ~ng, shall be as agreed upon between <br />the Authority and the Company o~ others. To the extent Financing in <br />principal amount adequate for tpe project is not obtained, the <br />Company shall payor cause to b~ paid the other amounts required. <br />3. The Facilities are ~stimated to be completed or <br />available for use within 3 years and Financing to payor reimburse <br />therefor is proposed to be obtalned prior to commencement of <br />construction of the Facilities. In any event the Financing should <br />be obtained not later than the ~xpiration of one year after the <br />first placing in service of the Facilities or one year from the <br />date of approval, including reapproval, of the Financing and <br />Facilities by the Authority aft~r a public hearing, whichever first <br />occu~s. Expenditure of proceed~ of the Financing to payor <br />reimburse the project Cost shal~ be supervised to assure proper <br />application to the Project. <br /> <br />MFH0036.RWC/4 <br /> <br />-2- <br /> <br />06/~/85 <br />