Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

Browse Search

development of the Improvements. The Developer shall exercise diligent good faith efforts to obtain a funding commitment from the Investor Limited Partner for the Tax Credit Funds. Such funding commitment shall be in a form reasonably acceptable to the City. Procurement of the Tax Credit Reservation and an acceptable funding commitment for the Tax Credit Funds is a condition precedent to the City's obligation to fund the City Loan. Section 2.6 Other Approved Financing_ (b) Project Based Housing Vouchers. The Developer and the City will cooperate in attempting to secure a Housing Assistance Payment Basic Contract with the Housing Authority of the County of San Mateo to secure not less than one hundred fifteen (115) "Project Based Housing Vouchers" for the Development. The City and the Developer expects that Project Based Housing Vouchers will provide assistance for all units in the Development for not less than two (2) consecutive fifteen (15) year terms. If the Developer is unable to secure the Project Based Housing Vouchers, then the City and the Developer will confer in good faith for a period not to exceed sixty (60) days to determine if a feasible and mutually acceptable alternative arrangement can be made to finance the development of the Improvements. Any agreement that is reached between the parties regarding an alternative financing plan for the construction of the Improvements shall be memorialized in an amendment to this Agreement. (c) Other Financing. As set forth in the Development Schedule, in addition to the Tax Credit Funds all other financing necessary to construct the Improvements, as required and approved by the City in the Financing Plan, shall be closed by the Developer prior to, or simultaneously with the Close of Escrow. The Developer shall also submit to the City evidence reasonably satisfactory to the City that any conditions to the release or expenditure of funds described in the approved Financing Plan as the sources of funds to pay the costs of constructing the Improvements have been met or will be met by the Close of Escrow and subject to the Developer's satisfaction of standard disbursement preconditions required to be satisfied on a periodic basis, for constructing the Improvements. Submission by the Developer, and approval by the City, of such evidence of funds availability shall be a condition precedent to the City's obligation to convey the Property to the Developer. Section 2.7 Other Governmental Approvals. (a) No later than the date set forth in the Development Schedule, the Developer shall apply for a building permit allowing for the construction of the Improvements called for in the Construction Plans. After submitting the application for a building permit, the Developer shall diligently pursue and obtain a building permit for the Improvements, and. (b) The Developer acknowledges that execution of this Agreement by the City does not constitute approval by the City of any required permits, applications, or allocations, and in no way limits the discretion of the City in the permit allocation and approval process. Section 2.8 Management Plan and Procedures. (a) The Developer shall submit to the City an initial proposed Management Plan no later than six (6) months after the commencement of construction of the Development as set forth in the Development Schedule. The Developer shall submit to the City for approval the REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 20 of 143)