Funding Goals Sample Clauses
The Funding Goals clause defines the specific financial targets or milestones that must be achieved within a project or agreement. It typically outlines the total amount of funding required, the timeline for reaching these goals, and may specify how funds will be allocated or disbursed as targets are met. For example, it might state that certain project phases will only commence once a set funding threshold is reached. This clause ensures all parties have a clear understanding of the financial expectations and benchmarks, helping to align efforts and manage risk by setting transparent objectives for funding progress.
Funding Goals. Developer and the Agency are entering into the DDA, which includes this Financing Plan, with the following financial goals for the Project (collectively, the “Funding Goals”):
(i) to follow City policies adopted by the voters under Proposition G to: (A) minimize the adverse impact of the Project on the City’s General Fund; (B) use the Low and Moderate Income Housing Fund to help finance Affordable Units in the Project Site, including ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units; (C) promote financial self-sufficiency in the development of the Project by encouraging substantial private capital investment, contributing public land in the Project Site to facilitate the provision of public benefits of the Project, and using Funding Sources to finance Qualified Project Costs; (D) to the extent feasible, use State, federal, and other sources of funds to help pay for environmental remediation and transportation and other infrastructure improvements for the Project; and (E) except for the Low and Moderate Income Housing Fund, prohibit the use of property tax increment from any part of a redevelopment area outside of the Project Site to finance improvements in the Project Site;
(ii) to provide mechanisms and Funding Sources that will allow Developer to achieve the Developer Return and the Project to contribute to the Community Benefits Fund if Developer achieves the Developer Return;
(iii) to maximize Funding Sources available to finance Qualified Project Costs by, among other things, to the extent reasonably feasible and consistent with this Financing Plan, using tax-exempt debt;
(iv) to minimize the costs to Developer (such as costs of credit enhancement) associated with Funding Sources to the extent reasonably feasible and to use debt requiring credit enhancement only at Developer’s request or with Developer’s written consent;
(v) to provide Housing Increment for the priorities set forth in Section 3.4(a)(ii), including ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units and Agency Affordable Units; and
(vi) to implement sound and prudent public fiscal policies that protect the City’s General Fund, the Agency’s general funds, and the City’s and the Agency’s respective financial standings and fiduciary obligations, while operating within the constraints of this Financing Plan and, as applicable, the CCRL, the CFD Act, the CFD Goals, and the Tax Laws.
Funding Goals. Developer and the Agency are entering into the DDA, which includes this Financing Plan, with the following financial goals for the Project (collectively, the “Funding Goals”):
(i) to follow City policies adopted by the voters under Proposition G to: (A) minimize the adverse impact of the Project on the City’s General Fund;
Funding Goals. Developer and Authority are entering into the DDA, and Developer and City are entering into the City DA, both of which include this Financing Plan as an exhibit, with the following financial goals for the Project (collectively, the “Funding Goals”):
1.1.1. Ensure that the proposed Project is economically and fiscally feasible.
1.1.2. Fund the proposed Project’s capital costs and on-going operation and maintenance costs relating to the development and long-term operation of the Project Site (including the Authority’s administrative expenses, community facilities, open space maintenance and transportation) from revenues generated by the Project that would not exist but for the Project – including land sales, lease revenues, project-generated public financing revenues, and tax revenues created by the Project – in a manner that does not negatively impact the City’s General Fund revenues over the life of the Project, except as set forth herein.
1.1.3. Ensure that the provision of the community benefits and facilities described in the DDA and City DA are a priority of the Project.
1.1.4. Provide a mechanism for Authority and Navy participation in Net Cash Flow from the development of the Project in the event the Developer achieves a return in excess of agreed upon rates of return, and as consistent with the terms of the Conveyance Agreement.
1.1.5. Incorporate the legal restrictions on the allowable uses of Gross Revenues arising under (i) the Conveyance Agreement and (ii) State law applicable to the Tidelands Trust.
1.1.6. Provide mechanisms and Funding Sources that will allow Developer to maximize the Developer’s IRR.
1.1.7. Maximize Funding Sources available to finance Qualified Project Costs, by, among other things, to the extent reasonably feasible and consistent with this Financing Plan, using tax-exempt debt.
1.1.8. Minimize the costs to Developer (such as costs of credit enhancement) associated with the Funding Sources to the extent reasonably feasible and to use debt requiring credit enhancement only with Developer’s written consent.
1.1.9. Provide financing of the Housing Costs in the manner set forth in
1.1.10. Implement sound and prudent public fiscal policies that protect the City’s General Fund, Authority’s general funds, and the City’s and Authority’s respective financial standings and fiduciary obligations, while operating within the constraints of this Financing Plan and, as applicable, the IFD Act, the CFD Act, the CFD Goals, and Tax Laws.