Funding for the City Project Sample Clauses

Funding for the City Project. The City has secured local and federal funding for the City Project. This funding consists of total original funding of approximately $1,900,000.00 Dollars from the Federal Transit Agency (FTA), approximately $5,100,000.00 Dollars from the Federal Highway Agency (FHWA) and a bond approved by the voters of the City of Montpelier in the amount of $800,000.00 as the local match for the City Project. The City plans during the Pre-Permitting and Design Phase to finalize the logistics and timing for accessing these funds for the City Project and shall determine whether, and to what extent, such funds may be used for shared portions of the Project, such as footings, utilities and other shared site work. To the extent this funding requires financial commitments from Redstone (i.e., rent paid for the parking lot, lobby and property rights related to the Redstone Project), such impacts shall be determined and addressed in the Legal Structure. In addition, to the extent that federal rules attached as Exhibit “B” apply to the private development, Redstone shall comply with such rules with the additional understanding that the City will use reasonable efforts to structure the CM Contracts to avoid having the federal rules apply to Redstone’s Project.

Funding for the City Project. As a general matter, unless otherwise agreed in writing, whether in the Development Agreement or otherwise, the City will be obligated to fund the entire cost of the City Project, whether via a borrowing or an alternative source of funds. The Phase II Financing Plan may include a borrowing from the ODOT State Infrastructure Bank (the “SIB”) or an alternative source of financing (a “Phase II Borrowing”). The City acknowledges that, unless required by the SIB or other lender, the TID will not act as the primary borrower in connection with a Phase II Borrowing. To the extent the TID agrees to participate in a Phase II Borrowing as required by the SIB or other lender or otherwise in order to facilitate the administration of its proceeds, the City will be required to fully guaranty the TID’s obligations and hold the TID harmless from any related liability. The City’s obligations may include, without limitation, a pledge of available revenue stream(s). The Parties acknowledge that in executing this Agreement, no Party is committing to undertake a Phase II Borrowing. The City will fulfill its payment obligations hereunder and as set forth in the applicable budget by timely depositing the amounts of such obligations (including amounts related to any contingencies) with the TID (the “Deposit”). The TID will deposit the Deposit (less fees payable to the TID) in a segregated fund for the benefit of the City Project (the “Deposit Fund”). Within forty-five (45) days after the termination or conclusion of the City Project, the TID will deliver the balance of the Deposit Fund, if any, to the City.