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<br />2. The proposal estimates the aggregate amount of financ- <br />ing by the issuance of multifamily rental housing revenue bonds <br />(the "BOnds") and the sources of amounts otherwise required for the <br />Project. The total estimated Project Cost is $25,000,000. <br />For the purpose of paying the Project Cost, it is the <br />intention of the City to provide revenue financing under the <br />Financing Law in principal amount adequate for the Project, the <br />maximum aggregate amount of which is currently estimated at <br />$25,000,000 (the "Financing"). Other terms of the Financing, the <br />methods of providing for the security and payment of the Financing, <br />and the obtaining of the Financing, shall be as agreed upon between <br />the City and the Company or others. To the extent Financing in <br />principal amount adequate for the Project is not obtained, the <br />Company shall payor cause to be paid the other amounts required. <br />3. The Facilities are estimated to be completed or avail- <br />able for use within 3 years and Financing to payor reimburse <br />therefor is proposed to be obtained prior to commencement of con- <br />struction of the Facilities. In any event the Financing should be <br />obtained not later than the expiration of one year after the first <br />placing in service of the Facilities or one year from the date of <br />approval, including reapproval, of the Financing and Facilities by <br />the City after a public hearing, whichever first occurs. Expendi- <br />ture of proceeds of the Financing to payor reimburse the Project <br />Cost shall be supervised to assure proper application to the Pro- <br />j ec t. <br /> <br />4. <br /> <br />The Facilities will be suitable for multifamily rental <br />within the meaning of the Financing Law. The Project, <br />of the provision of revenue financing, is otherwise in <br /> <br />housing <br />inclusive <br /> <br />MFH0006.RWC/l <br /> <br />-2- <br /> <br />12/06/84 <br />