Common use of PWRF Funds and Fundraising Clause in Contracts

PWRF Funds and Fundraising. (a) As reflected in Exhibit F, the Preliminary Project Budget currently totals between Twenty-six Million Dollars to Thirty-five Million Dollars ($26,000,000 – $35,000,000) 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 Mayor (and/or Mayor’s designee) when making their determinations under Section 5.4. Such evaluation shall include review of PWRF’s private sector donor pledges, pledge payment experience and such other relevant information the Mayor or designee may reasonably require. PWRF’s private sector donor pledges will be reviewed by the Mayor and/or designee under procedures to protect the confidentiality of donors and PWRF donor-related information to the extent possible. PWRF will submit to the Mayor or designee a copy of the pledges in a form acceptable to the Mayor, with donor names verified by the Mayor or designee but omitted from the copy submitted. The Mayor will approve a pledge if it is from a person or entity of substantial net worth in relation to the amount pledged and the Mayor knows of no reason the pledge will not be honored. (b) If requested by PWRF, the City will consider providing financing or credit enhancement for PWRF financing that may be needed to bring City-approved pledges forward to facilitate commencement of construction. (c) If PWRF determines that, its best efforts notwithstanding, it is unlikely to be able to secure sufficient funding to complete the Project as presently conceived and as represented in the Preliminary Project Design, it shall so advise the City. The Parties shall confer and determine whether a mutually agreeable alternative project may be constructed and operated within projected reasonably available resources. In the event the Parties concur that such an alternative project would be mutually acceptable, the requirements of this Agreement may be modified to reflect such a modified project, including revising the Project design, budget and schedule for completing it, as appropriate. If the Parties cannot achieve concurrence on such an alternative project, particularly if the PWRF concludes, in its sole discretion, that its fundraising efforts are unlikely to yield sufficient resources to construct any project that would fulfill its vision and aspirations, this Agreement shall be terminated, as provided in Section 7.16.2.

PWRF Funds and Fundraising. (a) As reflected in Exhibit FD, the Preliminary Project Budget currently totals between Twenty-six Million Dollars to Thirty-five Million Dollars ($26,000,000 – $35,000,000$ ,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 Mayor (and/or Mayor’s designee) City Administrator when making their determinations under Section 5.44.4. Such evaluation shall include review of PWRF’s private sector donor pledges, pledge payment experience and such other relevant information the Mayor or designee City Administrator may reasonably require. PWRF’s private sector donor pledges will be reviewed by the Mayor and/or designee City Administrator under procedures to protect the confidentiality of donors and PWRF donor-related information to the extent possible. PWRF will submit to the Mayor or designee City Administrator a copy of the pledges in a form acceptable to the MayorCity Administrator, with donor names verified by the Mayor or designee City Administrator but omitted from the copy submitted. The Mayor City Administrator will approve a pledge if it is from a person or entity of substantial net worth in relation to the amount pledged and the Mayor City Administrator knows of no reason the pledge will not be honored. (b) If requested by PWRF, the City will consider providing financing or credit enhancement for PWRF financing that may be needed to bring City-approved pledges forward to facilitate commencement of construction. (c) If PWRF determines that, its best efforts notwithstanding, it is unlikely to be able to secure sufficient funding to complete the Project as presently conceived and as represented in the Preliminary Project Design, it shall so advise the City. The Parties shall confer and determine whether a mutually agreeable alternative project may be constructed and operated within projected reasonably available resources. In the event the Parties concur that such an alternative project would be mutually acceptable, the requirements of this Agreement may be modified to reflect such a modified project, including revising the Project design, budget and schedule for completing it, as appropriate. If the Parties cannot achieve concurrence on such an alternative project, particularly if the PWRF concludes, in its sole discretion, that its fundraising efforts are unlikely to yield sufficient resources to construct any project that would fulfill its vision and aspirations, this Agreement shall be terminated, as provided in Section 7.16.26.16.2.

PWRF Funds and Fundraising. (a) As reflected in Exhibit FG, the Preliminary Project Budget currently totals between Twenty-six Million Dollars to Thirty-five Million Dollars ($26,000,000 $ – $35,000,000$ ) 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. ExhibitF. PWRF’s success in achieving its fundraising objectives shall be evaluated by the Mayor (and/or Mayor’s designee) City Administrator when making their determinations under Section 5.4. Such evaluation shall include review of PWRF’s private sector donor pledges, pledge payment experience and such other relevant information the Mayor or designee City Administrator may reasonably require. PWRF’s private sector donor pledges will be reviewed by the Mayor and/or designee City Administrator under procedures to protect the confidentiality of donors and PWRF donor-related information to the extent possible. PWRF will submit to the Mayor or designee City Administrator a copy of the pledges in a form acceptable to the MayorCity Administrator, with donor names verified by the Mayor or designee City Administrator but omitted from the copy submitted. The Mayor City Administrator will approve a pledge if it is from a person or entity of substantial net worth in relation to the amount pledged and the Mayor City Administrator knows of no reason the pledge will not be honored. (b) If requested by PWRF, the City will consider providing financing or credit enhancement for PWRF financing that may be needed to bring City-approved pledges forward to facilitate commencement of construction. (c) If PWRF determines that, its best efforts notwithstanding, it is unlikely to be able to secure sufficient funding to complete the Project as presently conceived and as represented in the Preliminary Project Design, it shall so advise the City. The Parties shall confer and determine whether a mutually agreeable alternative project may be constructed and operated within projected reasonably available resources. In the event the Parties concur that such an alternative project would be mutually acceptable, the requirements of this Agreement may be modified to reflect such a modified project, including revising the Project design, budget and schedule for completing it, as appropriate. If the Parties cannot achieve concurrence on such an alternative project, particularly if the PWRF concludes, in its sole discretion, that its fundraising efforts are unlikely to yield sufficient resources to construct any project that would fulfill its vision and aspirations, this Agreement shall be terminated, as provided in Section 7.16.2.

PWRF Funds and Fundraising. (a) As reflected in Exhibit FD, the Preliminary Project Budget currently totals between Twenty-six two Million Dollars Nine Hundred Ninety-Five Thousand Fifty to ThirtyThirty Million Five Hundred Sixty-five Million four Thousand Five Hundred Dollars ($26,000,000 22,995,050 – $35,000,00030,564,500) 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 Mayor (and/or Mayor’s designee) City Administrator when making their determinations under Section 5.44.4. Such evaluation shall include review of PWRF’s private sector donor pledges, pledge payment experience and such other relevant information the Mayor or designee City Administrator may reasonably require. PWRF’s private sector donor pledges will be reviewed by the Mayor and/or designee City Administrator under procedures to protect the confidentiality of donors and PWRF donor-related information to the extent possible. PWRF will submit to the Mayor or designee City Administrator a copy of the pledges in a form acceptable to the MayorCity Administrator, with donor names verified by the Mayor or designee City Administrator but omitted from the copy submitted. The Mayor City Administrator will approve a pledge if it is from a person or entity of substantial net worth in relation to the amount pledged and the Mayor City Administrator knows of no reason the pledge will not be honored. (b) If requested by PWRF, the City will consider providing financing or credit enhancement for PWRF financing that may be needed to bring City-approved pledges forward to facilitate commencement of construction. (c) If PWRF determines that, its best efforts notwithstanding, it is unlikely to be able to secure sufficient funding to complete the Project as presently conceived and as represented in the Preliminary Project Design, it shall so advise the City. The Parties shall confer and determine whether a mutually agreeable alternative project may be constructed and operated within projected reasonably available resources. In the event the Parties concur that such an alternative project would be mutually acceptable, the requirements of this Agreement may be modified to reflect such a modified project, including revising the Project design, budget and schedule for completing it, as appropriate. If the Parties cannot achieve concurrence on such an alternative project, particularly if the PWRF concludes, in its sole discretion, that its fundraising efforts are unlikely to yield sufficient resources to construct any project that would fulfill its vision and aspirations, this Agreement shall be terminated, as provided in Section 7.16.26.16.2.