Common use of Financing Plan Clause in Contracts

Financing Plan. (a) No later than the date set forth in the Schedule of Performance, Developer shall submit a Financing Plan for the Development to the City for the City's review and approval, evidencing availability of the funds necessary to finance the acquisition of the Dealership Development Parcel and construction and continued operation of the Improvements on the Dealership Development Parcel and Swap Parcel. The Financing Plan shall include: (1) A detailed development budget (including all direct, indirect, and financing costs) for the construction of the Improvements. The Developer shall update the detailed development budget to reflect any material cost changes to the development budget; (2) An operating proforma for the Development for ten (10) years, which shall show debt service on all loans and other financial obligations associated with the construction and operation of the Development, as applicable; (3) An updated Summary of Sources and Uses, including a cost breakdown for costs of constructing and operating the Improvements (including all direct, indirect, and financing costs). The update to the Summary of Sources and Uses shall include all assumptions for all debt and equity financing, shall show the timing of uses of each source of financing and shall break down which expenses each source of financing is funding and identifying whether it is construction or Permanent Financing; (4) To the extent applicable, a copy of any updates to the commitment or commitments obtained by Developer for the lines of credits, loans, grants, or other financial assistance from external debt financing sources to assist in financing the construction of the Improvements certified by Developer to be true and correct copies thereof. The City shall cause such commitments to be reviewed solely to determine the validity of the commitments and the proposed amount, terms and timing of the financing to be provided under such commitments, and not for review or approval of any other business or financial terms; (5) A description of any joint ventures, partnerships or conveyances that the Developer proposes to enter into in order to provide equity funds for acquiring, developing, constructing or operating the Development, including copies of any then executed joint venture, partnership and/or conveyance agreements; (6) A certified financial statement or other financial statement in such form reasonably satisfactory to the City evidencing other sources of capital sufficient to demonstrate that Developer has adequate funds available and is committing such funds to cover the difference, if any, between costs of acquisition of the property and development and construction of the Improvements and the amount available to Developer from external sources. (b) Upon receipt by the City of the proposed Financing Plan, the City shall promptly review the Financing Plan and shall approve or disapprove it within fifteen (15) days after submission if it conforms to the provisions of this Agreement. The City's review of the Financing Plan shall be limited to determining if the contemplated financing will be reasonably available, if the financing contemplated in the Financing Plan would provide sufficient funds to undertake and complete the development and construction of the Improvements and determining if it is consistent with the terms of this Agreement. (c) If the Financing Plan is not approved by the City, the City shall notify Developer in writing of the reasons therefor. Developer shall thereafter resubmit a revised Financing Plan to the City for its approval within fifteen (15) days after the City's notification of disapproval. The City will either approve or disapprove the revised Financing Plan within fifteen (15) days after resubmission by Developer, and if disapproved, this Agreement may be terminated in accordance with the terms of Article 7 (including any notice and cure periods set forth therein) below. Only upon the approval of the Financing Plan shall this pre-disposition condition be met. (d) The Parties agree that notwithstanding the time requirements set forth in this Section for submission and resubmission to the City by Developer of a proposed Financing Plan and review and approval of the Financing Plan by the City, Developer is responsible for assuring that a Financing Plan in approvable form is submitted to the City in a timely manner such that the City may have the time permitted by this Section to review and approve a Financing Plan no later than the date set forth in the Schedule of Performance. (e) Prior to the issuance of the Notice of Completion for the Improvements, any material change, modification, revision or alteration of the approved Financing Plan must first be submitted to and approved by the City for conformity to the provisions of this Agreement. If not so approved, the approved Financing Plan shall continue to control. Following the issuance of a Notice of Completion for the Improvements, Developer shall have no obligation to provide City with information or seek City approval with respect to any financing or refinancing related to the Improvements, the Property, or any portion thereof. (f) Subject to the City's legal obligations, including under the Public Records Act, City agrees to handle all financial information regarding the Developer obtained pursuant to this Agreement with confidentiality. Disclosure of information by the City shall not be prohibited if that disclosure is of information that is or becomes a matter of public record or public knowledge as a result of the closing of the transaction or from sources other than the City or its agents, employees, contractors, consultants or attorneys.

Financing Plan. ‌ (a) No later than As a condition precedent to the date set forth in Close of Xxxxxx, the Schedule of Performance, Developer shall submit a Financing Plan have submitted and received approval from the County for the Development any updates or amendments to the City for Approved Financing Plan, containing the City's review and approval, evidencing availability of following with regards to the funds necessary to finance the acquisition of the Dealership Development Parcel and construction and continued operation of the Improvements on the Dealership Development Parcel and Swap Parcel. The Financing Plan shall includeDevelopment: (1) A detailed development budget (including all direct, indirect, and financing costs) for the construction of the Improvements. The Developer shall update the detailed development budget to reflect any material cost changes to the development budget; (2) An operating proforma for the Development for ten (10) years, which shall show debt service on all loans and other financial obligations associated with the construction and operation of the Development, as applicable; (3i) An updated Summary "sources and uses" breakdown of Sources and Uses, including a cost breakdown for the costs of constructing and operating the Improvements (including all direct, indirect, and financing costs)Development in accordance with this Agreement. The update to the Summary of Sources sources and Uses uses shall include all assumptions for all debt and equity financing, shall show the timing of uses of each source of financing and shall break down which expenses each source of financing is funding funding. The sources and identifying whether it is construction or Permanent Financing;uses shall detail the amount of the Developer Fee, if any, which may not exceed the amount set forth in Section 3.8. (4ii) To An operating proforma for the extent applicable, a copy first thirty (30) years of any updates operation of the Development pursuant to the commitment or commitments obtained by Developer terms of this Agreement and the Regulatory Agreement, including funding for the lines provision of credits, resident services. (iii) Copies of all required funding commitments for loans, grants, or other financial assistance from external debt financing sources to assist in financing the construction of and permanent financing for the Improvements Development, (including, but not limited to, a preliminary tax credit reservation and an executed commitment letter from an equity investor acceptable to the County for the Tax Credit Funds), certified by the Developer to be true and correct copies thereof. The City shall cause such commitments to be reviewed solely to determine the validity of the commitments and the proposed amount, terms and timing of the financing to be provided under such commitments, and not for review or approval of any other business or financial terms; (5) A description of any joint ventures, partnerships or conveyances that the Developer proposes to enter into in order to provide equity funds for acquiring, developing, constructing or operating the Development, including copies of any then executed joint venture, partnership and/or conveyance agreements; (6iv) A certified financial statement or other financial statement in such form reasonably satisfactory to the City County evidencing other sources of capital sufficient to demonstrate that the Developer has adequate funds available and is committing such funds to cover the difference, if any, between costs of acquisition of the property and development and construction of the Improvements and other financial documentation stating the amount available to the Developer from external sources; (v) Any other information that is reasonably necessary to the County in determining that the Developer has the financial capability to pay all costs of constructing the Improvements. (b) Upon receipt by the City County of the proposed updates to the Approved Financing Plan, the City County shall promptly review the updates to the Approved Financing Plan and shall approve or disapprove it within fifteen (15) days after submission if it conforms to the provisions of this Agreement. The CityCounty's review of the updates to the Approved Financing Plan shall be limited to determining if the contemplated financing will be reasonably available, if the financing contemplated in the Approved Financing Plan would provide sufficient funds to undertake and complete the development and construction of the Improvements Development, and determining if it is the updates to the Approved Financing Plan are consistent with the terms of this Agreement. (c) . If the County disapproves an update to the Approved Financing Plan is not approved by the CityPlan, the City County shall notify Developer specify in writing of the reasons thereforfor the disapproval. The Developer shall thereafter resubmit a revised Financing Plan to the City County for its approval within fifteen (15) days after the CityCounty's notification of disapproval. The City County will either approve or disapprove the revised update to the Approved Financing Plan within fifteen (15) days after resubmission by the Developer. (c) The Developer shall submit to the County, for its review and if disapprovedapproval, this Agreement may be terminated in accordance with any required amendments to the terms of Article 7 (Approved Financing Plan including but not limited to any notice and cure periods set forth therein) below. Only upon material amendments or modifications to the approval development budget, investor commitment letter, or the commitment letter from any other lender, indicating that actual costs of the Development and how they will vary from the line item costs shown on the approved Financing Plan. Any proposed revisions to the Approved Financing Plan shall this pre-disposition condition be met. (d) The Parties agree that notwithstanding considered and approved or disapproved by the time requirements County in the same manner and according to the same timeframe set forth in this Section for submission and resubmission subsection (b) above. Until a proposed amendment or revision to the City by Developer of a proposed Approved Financing Plan and review and approval of the Financing Plan is approved in writing by the City, Developer is responsible for assuring that a Financing Plan in approvable form is submitted to the City in a timely manner such that the City may have the time permitted by this Section to review and approve a Financing Plan no later than the date set forth in the Schedule of Performance. (e) Prior to the issuance of the Notice of Completion for the Improvements, any material change, modification, revision or alteration of the approved Financing Plan must first be submitted to and approved by the City for conformity to the provisions of this Agreement. If not so approvedCounty, the approved Approved Financing Plan shall continue to control. Following govern the issuance of a Notice of Completion for the Improvements, Developer shall have no obligation to provide City with information or seek City approval with respect to any financing or refinancing related to the Improvements, the Property, or any portion thereof. (f) Subject to the City's legal obligations, including under the Public Records Act, City agrees to handle all financial information regarding the Developer obtained pursuant to this Agreement with confidentiality. Disclosure of information by the City shall not be prohibited if that disclosure is of information that is or becomes a matter of public record or public knowledge as a result of the closing of the transaction or from sources other than the City or its agents, employees, contractors, consultants or attorneysDevelopment.

Financing Plan. (a) No later than the date time set forth in the Schedule of Performance, the Developer shall submit a Financing Plan for Director approval in accordance with this Section 2.5, evidence of the Development to the City for the City's review and approval, evidencing availability of the funds necessary to finance acquire the acquisition of the Dealership Development Parcel Property and construction and continued operation of construct the Improvements on in accordance with this Agreement (the Dealership Development Parcel and Swap Parcel"Financing Plan"). The Financing Plan shall be based on the Financing Proposal attached as Exhibit B, and shall include: (1) A detailed development budget (including all direct, indirect, and financing costs) for the construction of the Improvements. The Developer shall update the detailed development budget to reflect any material cost changes to the development budget; (2a) An estimated operating proforma pro forma for the Development for ten five (105) years, which shall show debt service on all loans and other financial obligations associated with the construction and operation of the Development, as applicableloans; (3b) An updated Summary of Sources estimated sources and Usesuses budget, including a cost breakdown for costs of acquiring the Property and constructing and operating the Improvements (including all direct, indirect, and financing costs)Improvements. The update to the Summary of Sources sources and Uses uses shall include all assumptions for all debt and equity financing, shall show the timing of uses of each source of financing and shall break down which expenses each source of financing is funding and identifying whether it is construction or Permanent Financingfunding; (4) To the extent applicable, a copy of any updates to the commitment or commitments obtained by Developer for the lines of credits, loans, grants, or other financial assistance from external debt financing sources to assist in financing the construction of the Improvements certified by Developer to be true and correct copies thereof. The City shall cause such commitments to be reviewed solely to determine the validity of the commitments and the proposed amount, terms and timing of the financing to be provided under such commitments, and not for review or approval of any other business or financial terms; (5c) A description of any joint ventures, ventures or partnerships or conveyances that the Developer proposes to enter into in order to provide equity funds for acquiring, developing, constructing or operating the Development, construction of the Improvements and acquisition of the Property including copies of the proposed joint venture or partnership agreements; provided, however, Director approval of any then executed joint ventureFinancing Plan shall not be deemed to be approval of any Transfer described in such plan, partnership and/or conveyance agreementsand all Transfers are subject to Article 6; (6d) A copy of the commitment or commitments obtained by the Developer for any loans to assist in financing the construction of the Improvements, certified by the Developer to be true and correct copies thereof; (e) A certified financial statement or other financial statement in such form reasonably satisfactory to the City Director evidencing other sources of capital sufficient to demonstrate that the Developer has (or will have, as and when needed) adequate funds available and is committing such funds to cover the difference, if any, between costs of acquisition of the property and development and construction of the Improvements and the amount available to the Developer from external sources.; (bf) A description of the proposed uses of the Development, including but not limited to, executed letters of intent from tenant(s) to occupy no less than 50% of the ground floor square footage of the Commercial Component consistent with the terms of this Agreement. Upon receipt by the City Director of the proposed Financing Plan, the City Director shall promptly review the Financing Plan and shall approve or disapprove it within fifteen ten (1510) days after submission if it conforms to the provisions of this Agreement. The CityDirector's review of the proposed Financing Plan shall be limited to determining if the contemplated financing will be reasonably available, if the financing contemplated in the proposed Financing Plan would provide sufficient funds to undertake and complete the development and construction of the Improvements and determining if it is consistent with the terms of this Agreement. (c) . If the proposed Financing Plan is not approved by the CityDirector, the City Director shall notify the Developer in writing of the reasons therefortherefore. The Developer shall thereafter resubmit a revised Financing Plan to the City Director for its approval within fifteen thirty (1530) days after the CityDirector's notification of disapproval. The City Director will either approve or disapprove the revised Financing Plan within fifteen ten (1510) days after resubmission by the Developer, and if disapproved, this Agreement the County may be terminated declare a Developer Event of Default in accordance with the terms of Article 7 (including any notice and cure periods set forth therein) below6. Only upon the approval of the Financing Plan shall this pre-disposition condition be met. (d) . The Parties agree that notwithstanding the time requirements set forth in this Section for submission and resubmission to the City Director by the Developer of a proposed Financing Plan and review and approval of the Financing Plan by the CityDirector, the Developer is responsible for assuring that a Financing Plan in approvable form is submitted to the City Director in a timely manner such that the City Director may have the time permitted by this Section to review and approve a Financing Plan no later than the date set forth in the Schedule of Performance. (e) . Prior to the issuance of the Notice Certificate of Completion for the ImprovementsCompletion, any material change, modification, revision or alteration of the approved Financing Plan must first be submitted to and approved by the City Director for conformity to the provisions of this Agreement. If not so approved, the approved Financing Plan shall continue to control. Following the issuance of a Notice of Completion for the Improvements, Developer shall have no obligation to provide City with information or seek City approval with respect to any financing or refinancing related to the Improvements, the Property, or any portion thereof. (f) Subject to the City's legal obligations, including under the Public Records Act, City agrees to handle all financial information regarding the Developer obtained pursuant to this Agreement with confidentiality. Disclosure of information by the City shall not be prohibited if that disclosure is of information that is or becomes a matter of public record or public knowledge as a result of the closing of the transaction or from sources other than the City or its agents, employees, contractors, consultants or attorneys.

Financing Plan. A. Within ninety (a90) No later than days after the date set forth in the Schedule of PerformanceEffective Date, Developer shall submit to City a Financing Plan financing plan for the Development financing of the Redevelopment Project setting forth (1) the anticipated sources of funds to pay Redevelopment Project Costs, and (2) the City anticipated type and term of the sources of funds to pay said Redevelopment Project Costs (the “Financing Plan”) for the City's ’s review and approval, evidencing availability which approval will not be unreasonably withheld. Before or after City approval, Developer shall immediately notify City of any material changes in the information affecting the Financing Plan for City’s review and approval, which approval will not be unreasonably withheld. B. Concurrently with delivery of the funds necessary items described in Section 11.A. above, Developer will deliver to finance City its certificate stating that to the acquisition best of the Dealership Development Parcel its knowledge and construction and continued operation of the Improvements on the Dealership Development Parcel and Swap Parcel. The Financing Plan shall include: belief; (1) A detailed development budget (including all direct, indirect, such sources of funds and financing costs) for commitments will enable Developer to timely implement the construction of Redevelopment Project by constructing the Improvements. The Developer shall update the detailed development budget to reflect any material cost changes to the development budget; Project Improvements contained therein; (2) An operating proforma the information and statements contained therein, taken as a whole, are accurate in all material respects and complete for the Development purposes for ten (10) years, which shall show debt service on all loans used and other financial obligations associated with the construction and operation of the Development, as applicable; made; (3) An updated Summary of Sources the information and Uses, including a cost breakdown for costs of constructing and operating the Improvements (including all direct, indirect, and financing costs). The update statements contained therein do not fail to the Summary of Sources and Uses shall include all assumptions for all debt and equity financing, shall show the timing of uses of each source of financing and shall break down which expenses each source of financing is funding and identifying whether it is construction or Permanent Financing; (4) To the extent applicable, a copy of state any updates to the commitment or commitments obtained by Developer for the lines of credits, loans, grants, or other financial assistance from external debt financing sources to assist in financing the construction of the Improvements certified by Developer to be true and correct copies thereof. The City shall cause such commitments to be reviewed solely to determine the validity of the commitments and the proposed amount, terms and timing of the financing to be provided under such commitments, and not for review or approval of any other business or financial terms; (5) A description of any joint ventures, partnerships or conveyances that the Developer proposes to enter into material facts necessary in order to provide equity funds for acquiringmake the statements or representations made therein, developingin light of the circumstances under which they were made, constructing not misleading. Developer’s warranties and representations as set forth herein shall be deemed to be ongoing until termination or operating the Development, including copies expiration of this Contract. C. City shall not require Developer or Xxxxxx to submit to City any then executed joint venture, partnership and/or conveyance agreements; (6) A certified of Developer’s or Menard’s internal financial statement or other financial statement in such form reasonably satisfactory to statements but Developer shall cooperate with the City evidencing other to provide sufficient financial information regarding the Developer’s sources of capital sufficient to demonstrate that Developer has adequate funds available and is committing such funds to cover the difference, if any, between costs of acquisition of the property and development and construction of the Improvements and the amount available to Developer from external sources. (b) Upon receipt by the enable City of the proposed Financing Plan, the City shall promptly review the Financing Plan and shall approve or disapprove it within fifteen (15) days after submission if it conforms to the provisions of this Agreement. The City's review of the Financing Plan shall be limited to determining if the contemplated financing will be reasonably available, if the financing contemplated in the Financing Plan would provide sufficient funds to undertake and complete the development and construction of the Improvements and determining if it is consistent with the terms of this Agreement. (c) If the Financing Plan is not approved by the City, the City shall notify Developer in writing of the reasons therefor. Developer shall thereafter resubmit a revised Financing Plan to the City for its approval within fifteen (15) days after the City's notification of disapproval. The City will either approve or disapprove the revised Financing Plan within fifteen (15) days after resubmission by Developer, and if disapproved, this Agreement may be terminated in accordance with the terms of Article 7 (including any notice and cure periods set forth therein) below. Only upon the approval of the Financing Plan shall this pre-disposition condition be met. (d) The Parties agree that notwithstanding the time requirements set forth in this Section for submission and resubmission to the City by Developer of a proposed Financing Plan and review and approval of the Financing Plan by the City, Developer is responsible for assuring that a Financing Plan in approvable form is submitted to the City in a timely manner such that the City may have the time permitted by this Section to review and approve a the Financing Plan no later than the date set forth in the Schedule of PerformancePlan. (e) Prior to the issuance of the Notice of Completion for the Improvements, any material change, modification, revision or alteration of the approved Financing Plan must first be submitted to and approved by the City for conformity to the provisions of this Agreement. If not so approved, the approved Financing Plan shall continue to control. Following the issuance of a Notice of Completion for the Improvements, Developer shall have no obligation to provide City with information or seek City approval with respect to any financing or refinancing related to the Improvements, the Property, or any portion thereof. (f) Subject to the City's legal obligations, including under the Public Records Act, City agrees to handle all financial information regarding the Developer obtained pursuant to this Agreement with confidentiality. Disclosure of information by the City shall not be prohibited if that disclosure is of information that is or becomes a matter of public record or public knowledge as a result of the closing of the transaction or from sources other than the City or its agents, employees, contractors, consultants or attorneys.