Common use of Development Plan and Development Budget Clause in Contracts

Development Plan and Development Budget. Prior to commencing the Work (including any site work), Developer shall prepare a proposed development plan and development budget (as approved by the CRA, the Development Plan) for the Project and submit the same to the CRA for its approval, which approval may be granted or withheld by the CRA in its sole but reasonable discretion. The Development Plan shall include the following information, if not previously provided to CRA: (a) a description in reasonable detail of the development requirements; (b) a line item budget for the estimated cost of the construction of the Work based upon the eighty percent (80%) Construction Documents (as approved by the CRA, the “Development Budget”); (c) a construction schedule which shall be updated throughout construction and shall encompass design and engineering, and all of the trades necessary for the construction of the Work; (d) a description of the Developer Equity (including sources thereof and proof of funds); (e) such other information as the CRA may reasonably request; and (f) any relevant information provided by the CRA to the Developer. As used in this Agreement, the term Development Plan shall also include the approved Development Budget.

Development Plan and Development Budget. Prior to commencing the Work (including any demolition and site work), Developer shall prepare a proposed development plan and development budget (as approved by the CRA, the Development Plan) for the Project and submit the same to the CRA for its approval, which approval may be granted or withheld by the CRA in its sole but reasonable discretion. The Development Plan shall include the following information, if not previously provided to CRA: : (a) a description in reasonable detail of the development requirements; ; (b) a line item budget for the estimated cost of the construction of the Work based upon the eighty percent (80%) Construction Documents (as approved by the CRA, the “Development Budget”); ; (c) a construction schedule which shall be updated throughout construction and shall encompass design and engineering, and all of the trades necessary for the construction of the Work; ; (d) a description of the Developer Financing (including term sheets and commitment letters from Lenders) and Developer Equity (including sources thereof and proof of funds); ; (e) such other information as the CRA may reasonably request; and and (f) any relevant information provided by the CRA to the Developer. As used in this Agreement, the term Development Plan shall also include the approved Development Budget.