Common use of Budget Creation and Amendment Clause in Contracts

Budget Creation and Amendment. (a) The Parties acknowledge that on or prior to the date hereof, the Redeveloper has advanced to the Agency funds, which funds have been deposited by the Agency in the interest-bearing Project Operating Account and the Agency will disburse the same for the Agency and on behalf of the City in accordance with this Agreement against payment of Reimbursable Expenses described in Section 20.1 based upon invoices for work actually performed. (b) For purposes of this Section, fiscal “quarters” and/or fiscal “years” of the Project shall be calendar quarters and/or years. Within thirty (30) days after the date of this Agreement, the Agency will prepare, and will submit to the Redeveloper for its review and approval, a proposed initial budget setting forth the Agency’s estimate of Reimbursable Expenses projected to be incurred by the Agency and the City in the performance of their obligations under this Agreement during the quarter (or balance thereof) immediately succeeding the date hereof. Such initial quarterly budget shall show the balance on deposit in the Project Operating Account, the projected expenditures for the coming quarter in reasonable detail by separate line items, and the projected amount, if any, of additional funding which will be required to permit the Agency to pay such expenditures. Thereafter, within thirty (30) days after the end of each subsequent quarter, the Agency shall submit to the Redeveloper and to the City (to the Finance Director) a statement showing in detail the actual expenditures made by the Agency, for the Agency and on behalf of the City for Reimbursable Expenses, in the performance of their obligations under this Agreement in the previous quarter, and the cash balances in the Project Operating Account as of the end of such quarter, together with a projected budget for the quarter then commencing showing the projected expenditures to be incurred by the Agency and the City for Reimbursable Expenses in the performance of their obligations under this Agreement in such quarter and the projected amount, if any, of additional funding required, which subsequent quarterly budgets will be subject to the Redeveloper’s review and Meaningful Participation. In addition, within thirty

Budget Creation and Amendment. (a) A. The Parties parties acknowledge that on or prior to the date hereof, the Redeveloper has advanced to the Agency funds, which funds that have been deposited by the Agency in the interest-bearing Project Operating Account and the Agency Account. Such funds will disburse the same for the Agency and on behalf of the City be disbursed in accordance with this Agreement against payment of Reimbursable Expenses expenses described in Section 20.1 6.1, based upon invoices for work actually performedperformed and approved pursuant to this Section 6.2. (b) B. For purposes of this Section, fiscal “quarters” and/or fiscal “years” of the Project shall be calendar quarters and/or years. Within thirty (30) days after the date Execution Date of this Agreement, the Agency will prepare, and will submit to the Redeveloper for its review and approval, a proposed initial budget setting forth the Agency’s estimate of Reimbursable Expenses those expenses projected to be incurred by the Agency and the City in the performance of their its obligations under this Agreement during the quarter (or balance thereof) immediately succeeding the date Execution Date hereof. Such initial quarterly budget shall show the balance on deposit in the Project Operating Account and the Security Account, the projected expenditures for the coming quarter in reasonable detail by separate line items, and the projected amount, if any, of additional funding which will be required to permit the Agency to pay such expenditures. Thereafter, within thirty (30) days after the end of each subsequent quarter, the Agency shall submit to the Redeveloper and to the City (to the Finance Director) a statement showing in detail the actual expenditures made by the Agency, for the Agency and on behalf of the City for Reimbursable Expenses, in the performance of their its obligations under this Agreement in the previous quarter, and the cash balances in the Project Operating Account and the Security Account as of the end of such quarter, together with a projected budget for the quarter then commencing showing the projected expenditures to be incurred by the Agency and the City for Reimbursable Expenses in the performance of their its obligations under this Agreement in such quarter and the projected amount, if any, of additional funding required, which subsequent quarterly budgets will be subject to the Redeveloper’s review and Meaningful Participationwritten approval. In addition, within thirtythirty (30) days after the end of each year of the Project, the Agency shall provide to the Redeveloper a statement for the preceding year, showing the actual, aggregate expenses for such year, and a proposed budget for the coming year. The Redeveloper shall not unreasonably withhold, delay or condition its approval for any such quarterly or annual budget which is consistent with the provisions of this Agreement and prior budgets. C. If at any time a party hereto becomes aware that the amounts of any items of projected expense set forth in any approved budget are insufficient to cover budgeted costs and are likely to be exceeded substantially by the amounts which will be required to be expended for such items, it shall promptly notify the other parties and the relevant budget shall be amended to reflect same. Any party hereto may propose amendments to any budget(s) from time to time to reflect updated estimates of expenditures, new items of expense, and actual costs incurred, subject to the approval of the other parties, which approval will not be unreasonably withheld, delayed or conditioned. In no event shall such approval be withheld with respect to a proposed amendment to any budget to enable the Agency or the City to comply with a final judgment of a court of competent jurisdiction in connection with any legal proceeding arising out of the performance by the Agency or the City of its or their obligations under Article VII, including but not limited to awards following condemnation or relocation appeals. D. Prior to incurring any Acquisition Expenses, the Agency shall submit to the Redeveloper in writing a reasonably detailed description of the nature and purpose of such expense or contract, the reasons therefor, and the identity (and background, if requested) of the obligor or provider of service and materials. The Agency shall also provide to the Redeveloper a proposed written service contract providing for a fixed-price fee or other reasonable fee arrangement if a fixed-price fee is not feasible. Such information shall be submitted for approval to the person designated by the Redeveloper from time to time. The Redeveloper shall review each submission and shall give its comments to the submitting party as soon as possible. The Redeveloper shall not unreasonably withhold, delay or condition its approval of any such proposal which is consistent with this Agreement and with the current budget(s). The Agency from time to time, in the ordinary course of business, may pay invoices and bills for services rendered by vendors in connection with the Project (i) for expenses which are the subject of an approved, written contract and are properly set forth in an approved budget, and (ii) expenses which, although not the subject of a written contract, are properly set forth in an approved budget and not to exceed Two Thousand Five Hundred ($2,500.00) Dollars for a single item of expense or an aggregated series of related expenses.

Budget Creation and Amendment. (a) The Parties acknowledge that on or prior to the date hereof, the Redeveloper has advanced to the Agency funds, which funds have been deposited by the Agency in the interest-bearing Project Operating Account and the Agency will disburse the same for the Agency and on behalf of the City in accordance with this Agreement against payment of Reimbursable Acquisition Expenses described in Section 20.1 based upon invoices for work actually performed. (b) For purposes of this Section, fiscal “quarters” and/or fiscal “years” of the Project shall be calendar quarters and/or years. Within thirty (30) days after the date of this Agreement, the Agency will prepare, and will submit to the Redeveloper for its review and approval, a proposed initial budget setting forth the Agency’s estimate of Reimbursable Acquisition Expenses projected to be incurred by the Agency and the City in the performance of their obligations under this Agreement during the quarter (or balance thereof) immediately succeeding the date hereof. Such initial quarterly budget shall show the balance on deposit in the Project Operating Account, the projected expenditures for the coming quarter in reasonable detail by separate line items, and the projected amount, if any, of additional funding which will be required to permit the Agency to pay such expenditures. Thereafter, within thirty (30) days after the end of each subsequent quarter, the Agency shall submit to the Redeveloper and to the City (to the Finance Director) a statement showing in detail the actual expenditures made by the Agency, for the Agency and on behalf of the City for Reimbursable Acquisition Expenses, in the performance of their obligations under this Agreement in the previous quarter, and the cash balances in the Project Operating Account as of the end of such quarter, together with a projected budget for the quarter then commencing showing the projected expenditures to be incurred by the Agency and the City for Reimbursable Acquisition Expenses in the performance of their obligations under this Agreement in such quarter and the projected amount, if any, of additional funding required, which subsequent quarterly budgets will be subject to the Redeveloper’s review and Meaningful Participation. In addition, within thirty