Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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proposes to enter into in order to I)ruvide funds for construction of the Improvements and acquisition of the Property including copies of the proposed joint venture or partnership agreements; (4) A copy of the commitment or commitments obtained by the Developer for any loans, grants, or other financial assistance (including, but not limited to, a Tax Credit Reservation letter from TCAC, and construction and permanent loans from private lenders) to assist in financing the construction of the Improvements certified by the Developer to be true and correct copies thereof. The Developer shall submit evidence of its efforts to receive competitive pricing on the Tax Credits and proof of application for other Conventional Loans as required under Section 2.6; and (b) A certified financial statement or other financial statement in such form reasonably satisfactory to the City evidencing other sources of capital sufficient to demonstrate that the Developer has adequate funds available and is committing such funds to cover the difference, if any, between costs of development and construction of the Improvements and the amount available to the Developer from external sources. (c) The City shall reasonably approve or disapprove the revised Financing Plan in writing within fifteen (15) calendar days after the City's receipt. Upon City approval, the Developer's revised Financing Plan shall be referred to as the Financing Plan. (d) If the revised Financing Plan is disapproved by the City, the City shall provide a detailed written explanation of the reason(s) for the disapproval and the Developer shall have fifteen (15) calendar days from the date of the Developer's receipt of the City's notice of disapproval to submit a revised Financing Plan. The provisions of this Section relating to time periods for approval, disapproval and resubmission of a new Financing Plan shall continue to apply until the revised Financing Plan has been approved by the City; provided, however, that if the City's approval of the revised Financing Plan has not been obtained by the date set forth in the Development Schedule, the City may terminate this Agreement pursuant to Section 7.4. (e) The Parties agree that notwithstanding the time requirements set forth in this Section for submission and resubmission to the City by the Developer of revisions to the Financing Plan or approved Financing Plan and review and approval of the revised Financing Plan or Financing flan by the City, the Developer is responsible for assuring that a Financing Plan or Financing Plan in approvable form is submitted to the City in a timely manner such that the City may have the time permitted by this Section to review and approve a Financing Plan no later than the date set forth in the Development Schedule. (f) Prior to the issuance of the Certificate of Occupancy for the Improvements, any material change, modification, revision or alteration of the approved Financing Plan must first be submitted to and approved by the City for conformity to the provisions of this Agreement, which approval shall not be unreasonably withheld, conditioned, or delayed. If not so approved, the approved Financing Plan shall continue to control. Section 2.5 Tax Credit Reservation.• Financing. (a) The Developer intends to utilize Tax Credit Funds to partially finance the REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 19 of 143)