Common use of Development Process Clause in Contracts

Development Process. (1) Subject to the terms of the DDA, Developer shall develop the Project Site in a series of Major Phases and, within each Major Phase, in a series of Sub-Phases. The DDA includes a process for Developer’s submittal of Major Phase Applications and Sub-Phase Applications, and for the Agency’s review and grant of Major Phase Approvals and Sub-Phase Approvals. The anticipated order of development of Major Phases, and Sub-Phases in each Major Phase, including the Completion of Xxxxx Xxxxxxxx Lots and Agency Lots, is set forth in the Schedule of Performance. (2) As set forth in Section 2.3, and subject to satisfaction of the requirements of this Below-Market Rate Housing Plan, Developer shall preliminarily identify the number of anticipated Below-Market Rate Units for each anticipated Residential Project in a Major Phase Application, and may revise such number in a Sub-Phase Application. The final number of Below-Market Rate Units for each Residential Project shall be specified in the applicable Assignment and Assumption Agreement. (3) Subject to the terms of the DDA: (i) upon receipt of a Sub-Phase Approval, Developer shall construct Infrastructure within such Sub-Phase in accordance with the Schedule of Performance; (ii) when it enters into Assignment and Assumption Agreements and Transfers Market Rate Lots and Stand-Alone Workforce Lots to Vertical Developers (including Developer and Affiliates of Developer) for the construction of Residential Projects, Developer shall do so consistent with this Below-Market Rate Housing Plan; and (iii) Developer shall Complete the Infrastructure for the Xxxxx Xxxxxxxx Lots and the Agency Lots in accordance with the Schedule of Performance. (4) As set forth in the DDA, twenty-five percent (25%) of the Market Rate Lots and Stand-Alone Workforce Lots in each Major Phase shall be offered for sale to Vertical Developers by an auction or other process Approved by Developer and the Agency. (5) Subject to the terms of the DDA, upon receipt of a Vertical Approval a Vertical Developer may construct, as applicable, Residential Project(s) that must include the number of Below-Market Rate Units for such Residential Project(s) as are set forth in the applicable Vertical Approval.

Development Process. (1) Subject to the terms of the DDA, Developer shall develop the Project Site in a series of Major Phases and, within each Major Phase, in a series of Sub-Sub- Phases. The DDA includes a process for Developer’s submittal of Major Phase Applications and Sub-Phase Applications, and for the Agency’s TIDA's review and grant of Major Phase Approvals and Sub-Sub- Phase Approvals, in accordance with the DRDAP. The anticipated order of development of Major Phases, and Sub-Phases in each Major Phase, including the Completion of Xxxxx Xxxxxxxx Lots and Agency the Authority Housing Lots, is set forth in the Phasing Plan and the Schedule of Performance, subject to revision in accordance with the procedures set forth in the DDA and the DRDAP. Each Affordable Housing Lot shall meet the standards for it to be a Developable Lot as set forth in the DDA. (2) As set forth in Section 2.3, and subject to satisfaction of the requirements of this Below-Market Rate Housing Plan, Developer shall preliminarily identify the number and location of anticipated Below-Market Rate Inclusionary Units for each anticipated Residential Project in a Major Phase Application, and may revise such number in a Sub-Phase Application, subject to the requirements of this Housing Plan. The final number of Below-Market Rate Inclusionary Units for each Residential Project (if any) shall be specified in the applicable Assignment and Assumption AgreementVertical DDA. (3) Subject to the terms of the DDA: (i) upon receipt of a Sub-Sub- Phase Approval, Developer shall construct Pre-Sale Infrastructure within such Sub-Phase in accordance with the Schedule of Performance, including Infrastructure to serve the Authority Housing Lots, and shall construct Post-Sale Infrastructure within each Authority Housing Lot in accordance with Section 2.8 of this Housing Plan; and (ii) when it enters into Assignment and Assumption Agreements and Transfers transfers Market Rate Lots and Stand-Alone Workforce Lots to Vertical Developers (including Developer and Affiliates of Developer) for the construction of Residential Projects, Developer shall do so consistent with the DDA and this Below-Market Rate Housing Plan and shall pay to TIDA the Developer Housing Subsidy as set forth in this Housing Plan; and (iii) Developer shall Complete the Infrastructure for the Xxxxx Xxxxxxxx Lots and the Agency Lots in accordance with the Schedule of Performance. (4) As set forth in the DDA, twenty-five percent (25%) of the Market Rate Lots and Stand-Alone Workforce Lots in each Major Phase shall be offered for sale to Vertical Developers by an auction or other process Approved by Developer and the Agency. (5) Subject to the terms of the applicable Vertical DDA, upon receipt of a Vertical Approval a Approval, the Vertical Developer may construct, as applicable, constructing the applicable Residential Project(s) that must include the number of Below-Market Rate Inclusionary Units for such Residential Project(s) as are set forth in the Project Data Table approved as part of the applicable Vertical Approval.