80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT J

Home Browse Search

prornptly obtain and submit to the Agency new Evidence of ot~structiarr Financing andlor Evide~~ce of Perrnanen~ Financing for tl~e Rental Potion of the P~io~ect for such Pl~ase~ as applicable, Tl~e Agency s~~all approve or disapprove such t~ew Evidence of o~rstr~~ctiorl Financir~ a~rdlor Evidence of Pet•n~ane~~~ ~'inatrcit~g for ~lre Rental Po~~tion of the Pr;oject in the sane rrranx~e~i and wrtlrrt~ the same tunes established irl this ectlar~ 3 i ~,1 foci the approval or' disapproval ofthe Evidence ofot~tructron ~'rna~xctng and Evlde~~ce ofPerrrranent Fit~at~crrrg far the Rental Portion of tl~e P~•oect as rnitlally submitted to the Agency, The Develaper shall close the canstr;uctian por~ia~i of the a~~~o~ed fit~at~ein canc~zrr~et~tly ~~ith fhe losing for slrch Phase; provided that tl~e closing of approved fina~~cin may be delayed pursuaz~t to ectton ~~7 of this Agreeme~~t. The parFties ~~nderstand acrd ack~~owledge that the Developer may propane the use of equity finar7cir~g with rra debt fit~at~cin as its const~~uction firrarrcir~ far Phase F, 1G,2 ~`a~ r~edit ~~uity, The follawit~g r~equir~ernerxts tnus~ be satisfied in order for the equity fina~~ci~~g far Taa~ credit fi~r~din for each of Phase R~ 1 and Phase to be approved by the Agency purs~~atrt to this ectior~ 1 ~a} Tl~e Developer shall use good faith efforts to solicit rlo less than two co~npetrtive brds f~~oln Tai redlt investors for each of Phase ~-i at~d Phase R- of the Project a~~d shall have selected as the investor Limited Partner for each Phase the investor offering overall the ~rrast beneficial rates and terns, as reasonably approved ley tl~e Agency Executive Director, The Developer shall submit complete dacurner~tation relating to each such cotnpet~t~ve sal~crtatlorr to the Agency, including true copies of tl~e imitation to bidders acrd each fk~ll bid package s~~brnitted by b~ddrrr Tax credit investors, in order to per4~~xit the Agency to dcterr~irle that tl~e Developer' lras selected its investor Limited Partner for such Phase that has offered fhe most beneficial terms of financing and Tax credit equity as reci~~lred by this Aree~net~t. All such documentation shall be subrnrtted no less than forty-five ~45~ days prior to losing for tl~e applicable P~iase. ~b~ Tl~e equity ir~vstrne~~t of the itrvesto~4 Limited Partr~e~i~s} of the limited partnership foci each of Phase R~l and Phase shall Trot be less than the appa~oa~it~~ate prevailing pr~lce far Tax credits for` srrnilar developrnelits at r~cl~ tune, talcir~g into cansideratio~~ all relevant factors s~~cl~ as tinning ofreciuired pa~yrnents and a~naunt oftlre Tax rFedits, ~c~ Tl~e ide~ltity of fhe i~lvestor• Limited Pairtner~~s~ shall be reasonably acceptable to the Agency. ~d} Developer oti its affiliates ~na~ receive a developers fee of ~~p to the rnaxirn~~rn amor~nt permitted by TA for each of Phase ~-i at~d Phase R-2, Fifty percent ~54°Io of t~le Developer Pee for each of Phase R-1 and Phase R-~ rrray be disb~~rsed o~~ly after and cand~ttarled a~pat~ cotnplet~on of the construction of such Phase, subject to Developer's elrgibrlity foci issr~ance by the Age~7cy of the Release of Constr~~ctian ovenat~ts fo~4 such Phase, ~1G,~ Regrii~'e~i 11~I~1I~~lUxlS. In connection with each of Pl~asc R-1 acrd Phase R-~, Developer shall s~~brnit tl~ie following documents as evidence ofTax credit financing: ~a~ The Pa~~tncrship Agteexnent ar eq~~ivalent funding committner7t letter foci sr~ch Phase fi~on~ the Investor ~?imited Partners} which demonstrates that Developer leas 4~ DDCSQCII ~i~~6~'3~T1~12~0~7~-~~0 ~ f