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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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L SCHEDULE OF PERFORMANCE: <br />1. Insurance. Developer shall furnish or cause to be furnished <br />appropriate certificates of insurance and/or endorsements to <br />City which meet all requirements of the Agreement. <br />B. PROJECT FINANCING <br />As a Condition Precedent to <br />disbursement of any portion of <br />the loan, but no later than ten <br />days after close of escrow. <br />1. Submission of Evidence of Financing. Developer shall submit Not later than thirty (30) days <br />to City evidence of financing for the Project after allocation of tax credit <br />financing by CTCAC. <br />2. Receipt of All Funding Commitments Necessary to Complete Not later than thirty (30) days <br />Construction of the Improvements. Developer shall use its best before Construction Close. <br />and good faith efforts to secure irrevocable funding <br />commitments from TCAC, Senior Lender, and other available <br />funding sources which when combined with the Loans shall <br />equal no less than the total cost to construct the Improvements, <br />as set forth in the approved Project Budget. Developer shall <br />submit such commitments to City for review. <br />3. Approval of Developer' s Evidence of Financing. City must <br />approve Developer' s evidence of financing as required by <br />the Agreement. <br />C. CONSTRUCTION OF IMPROVEMENTS <br />Approval of Building Plans. Developer shall secure all <br />required construction building plans permits from the City's <br />Building and Safety Department. <br />2. Management Plan. Developer shall submit its proposed <br />Management Plan to City for review and approval_ <br />Not later than twenty (20) <br />business days after receipt of a <br />complete submittal from <br />Developer <br />No later than ten days <br />after close of escrow. <br />180 days prior to obtaining Certificate of <br />Completion. <br />55A-110 <br />
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