Phase Update Sample Clauses

Phase Update. If the development of the Property is done in phases, Developer shall submit to the City an update to the Project Financing Plan with respect to each Phase (each “Phase Update”) for the City’s review and approval pursuant to Section 3.2 prior to the applicable date in the schedule that contains the following documents and information, which shall be included as an update to the corresponding information for the applicable Phase that was previously included in the Project Financing Plan: (i) A breakdown of the number of Affordable Units to be developed and sold or rented within the Phase. (ii) An updated “sources and uses” breakdown of the costs of constructing the Phase. Such updated sources and uses breakdown shall reflect Developer’s then current expectations for funding sources and development costs. (iii) Copies of funding commitments for any financing source, including loans and grants, in amounts sufficient to demonstrate that the Phase is financially feasible and copies of any funding commitments for all other financing required to develop and operate the Phase. If at the time of submission of the Phase Update, Developer does not have commitments from all sources of financing, the Phase Update shall include information on Developer’s actions to obtain such financing commitments and Developer’s estimate of the likelihood of receiving such financing commitments. (iv) Any other information reasonably requested by the City that would assist the City in determining that Developer has the financial capability to pay all costs of constructing the Phase and operating the Phase. (v) An update to the Project Financing Plan for the balance of the Project. The update to the Project Financing Plan shall include the level of detail included in the original Project Financing Plan.
View SourceView Similar (2)
Phase Update. MidPen shall submit to the City an update to the Project Financing Plan with respect to each Phase (each "Phase Update") for the City's review and approval pursuant to Section 3.2 prior to the applicable date in the Milestone Schedule that contains the following documents and information, which shall be included as an update to the corresponding information for the applicable Phase that was previously included in the Project Financing Plan: (1) A breakdown of the number of Affordable Units to be developed and rented within the Phase including the number of Affordable Units to be rented to Very Low Income Households, Extremely Low Income Households and Low Income Households. (2) An updated "sources and uses" breakdown of the costs of constructing the Phase, and an updated operating proforma for the Phase. Such updated sources and uses breakdown and operating proforma shall reflect MidPen's then current expectations for funding sources and development costs. (3) Copies of funding commitments for any financing source, including loans and grants, in amounts sufficient to demonstrate that the Phase is financially feasible and copies of any funding commitments for all other financing required to develop and operate the Phase. If at the time of submission of the Phase Update, MidPen does not have commitments from all sources of financing, the Phase Update shall include information on MidPen's actions to obtain such financing commitments and MidPen's estimate of the likelihood of receiving such financing commitments. (4) A Tax Credit Reservation from TCAC and a letter of intent from an investor for equity funding for the Phase in an amount that when combined with the other sources of financing committed to the Phase demonstrates that the Phase is financially feasible, or if MidPen has not applied for tax credits at the time of submission, the Phase Update shall include MidPen's projected date for submitting an application for tax credits, the requirements for submitting an application that is likely to score sufficient points to receive a Tax Credit Reservation and MidPen's estimation of the feasibility of meeting those requirements within the time frame set out in the Phase Update. (5) Any other information reasonably requested by the City that would assist the City in determining that MidPen and each applicable Developer Affiliate has the financial capability to pay all costs of constructing the Phase and operating the Phase (6) An update to the Project Financin...
View Source

Related to Phase Update

  • Progress Update Information included with the annual Data Access Request (DAR) renewal or Closeout summarizing the analysis of controlled-access datasets obtained through the DAR and any publications and presentations derived from the work.

  • Schedule Updates the Contractor agrees to maintain the Work duration schedule updates on an ongoing basis and, when the County requests it, include the updates in its payment request. The Contractor may be required to submit a narrative report with each monthly update which shall include a description of current and anticipated problem areas, delaying factors and their impact, and an explanation of corrective action taken or proposed. Failure to do so may be considered a material breach of the Contract. Any additional or unanticipated costs or expense required to maintain the schedules shall be solely the Contractor’s obligation and Contractor agrees not to charge the County.

  • Project Completion Report At the completion of construction and once a Project is placed in service, the Subrecipient must submit a Project Completion Report that includes the total number of units built and leased, affordable units built and leased, DR-MHP units built and leased, an accomplishment narrative, and the tenants names, demographics and income for each DR-MHP unit.

  • Software Updates ▇▇▇▇▇ agrees to keep current with software licensed from Skyward and will install new versions on a timeline approved by ▇▇▇▇▇ governance. This timeline will be communicated by NWRDC to the Districts.

  • Alternative Work Schedule An alternate forty (40) hour work schedule (other than five (5) uniform and consecutive eight (8) hour days in a seven (7) day period), or for hospital personnel an eighty (80) hour workweek in a fourteen (14) day period and other mutually agreed upon schedules that comply with applicable federal and state law. Employee work schedules normally include two (2) consecutive days off.