Common use of Budget Review Clause in Contracts

Budget Review. At least forty-five days prior to submittal to CalBRE, the Landowner shall submit to the Community Development Director of the Local Agency for its approval a copy of the draft build-out budget for the Project and any subsequent update to the build-out budget that Landowner intends to submit to CalBRE. The draft build-out budget shall conform to CalBRE requirements, but shall include, at a minimum, anticipated costs of and all sources of revenue for (including anticipated monthly Owners’ Association dues per unit) the maintenance, repair and operation of all privately owned Project Infrastructure (excepting any privately owned Project Infrastructure in the Industrial Zoning District), and other common areas, anticipated reserves, and the Responsible Owners Association’s reimbursement obligations for the Flood District’s ongoing operation and maintenance obligations for the flood gates described in Section 15.6 hereof. Said review and approval shall be limited to ensuring that the build-out budget includes funds for the Responsible Owners Association’s maintenance and repair of the Project Infrastructure, including reserves that are necessary for the replacement of said Project Infrastructure in accordance with the budget guidelines of the CalBRE, reimbursement obligations for the Flood District’s ongoing operation and maintenance obligations for the floodgates described in Section 15.6 hereof, and compliance with any terms of this Agreement or the Project Approvals that Owners’ Association has assumed, including, without limitation, any mitigation measures under the MMRP. Local Agency shall provide written notice of its approval or disapproval of the build-out budget to Landowner within thirty