PWRF Funds and Fundraising. (a) As reflected in Exhibit D, the Preliminary Project Budget currently totals Million Dollars ($ ,000,000) to complete the development and construction of the Project, to be provided from all available sources. PWRF will be responsible for securing the funding needed to fully fund the eventual Final Project Budget, increased or decreased as appropriate resulting from scope, design and schedule changes and any cost overruns, all as provided herein. PWRF’s fundraising commitment shall be increased to reflect the additional cost of any financing necessary to ensure the availability of funding as needed during construction of the Project (above the projected cost of any such financing reflected in the Final Project Budget). PWRF agrees to use its best efforts to secure commitments from private individuals, corporations and foundations, and governmental sources (other than the City) for such funds on a schedule consistent with its Fundraising Plan, attached hereto as Exhibit E. PWRF’s success in achieving its fundraising objectives shall be evaluated by the City Manager when making their determinations under Section 4.4. Such evaluation shall include review of PWRF’s private sector donor pledges, pledge payment experience and such other relevant information the City Manager may reasonably require. PWRF’s private sector donor pledges will be reviewed by the City Manager under procedures to protect the confidentiality of donors and PWRF donor-related information to the extent possible. PWRF will submit to the City Manager a copy of the pledges in a form acceptable to the City Manager, with donor names verified by the City Manager but omitted from the copy submitted. The City Manager will approve a pledge if it is from a person or entity of substantial net worth in relation to the amount pledged and the City Manager knows of no reason the pledge will not be honored.
