RecD08 2008-068241 - Laserfiche WebLink

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Twenty Six Dollars and Seventy Five Cents ($632,846.75) (the "Development Grant")and a subsidy to be used for the sole purpose of paying water facility fees (the "Fee Subsidy"). The Land Grant, the Development Grant and the Fee Subsidy are from time to time referred to collectively herein as the "Agency Assistance". a. The Agency shall provide the Developer with the Land Grant, which shall be deemed to have a value of Eight Hundred Seven Thousand Five Hundred Dollars ($807,500). b. Proceeds of the Development Grant shall only be used to help offset the costs of the construction of the Project. Proceeds from the Fee Subsidy shall be directly allocated to the payment of the required water facility fees applicable to the project. The parties acknowledge that the amount of the Fee Subsidy necessary to pay for the water facility fees of the Project is unknown at this time. However, to the extent that such water facility fees exceed Seventy Four Thousand Dollars ($74,000), Developer acknowledges that additional funds necessary to pay for the excess amount will be contingent upon Agency's ability to secure additional funding. c. The Agency's duty to provide the Agency Assistance to the Developer, and to disburse the proceeds of the Development Grant as more fully set forth in Section 2.02(e) hereof, shall be expressly subject to the satisfaction of the following conditions precedent or the waiver of such conditions by the Agency: (1) The Developer shall have submitted to the Agency evidence reasonably satisfactory to the Agency that the Developer has obtained (i) firm and fully executed commitments for the receipt of a Self-Help Home Ownership ("SHOP") grant and Affordable Housing Program ("AHP") funds in amounts sufficient to fund the Project's development costs in excess of the amount of the Development Grant (collectively, the "Public Assistance"), and/or (ii) firm and fully executed commitments for construction financing and sufficient equity capital, all as may be necessary for the development and construction of the Project on the Property in accordance with this Agreement, and (iii) a firm construction contract reasonably acceptable by the Agency. In lieu of (i) and (ii) above, the Developer may submit evidence to the Agency reasonably satisfactory to 3