Representations as to Development. The Developer represents and agrees that its undertakings under this Agreement are for the purpose of development of the Property. The Developer further represents and agrees that;
Representations as to Development. Developer represents and agrees that its undertaking pursuant to this Agreement, are, and will be used, for the purpose of development of the Project Site as set forth in the Agreement and not for speculation in land holding. Developer further recognizes the importance of the development of the Project Site to the general welfare of the community, and the substantial financial and other public commitments that have been made available by law and through the assistance of local government for the purpose of making such development possible. Developer further acknowledges that the qualifications and identity of Developer, the Principals and their respective business experience, reputation, financial capacity to carry out the obligation and responsibilities in connection with the Project and their respective development track record within the community is of particular concern to the community and the Agency because it is by such experience, financial capacity, qualifications, reputation, past performance and identity, now in effect, that the Agency is entering into this Agreement with Developer for the benefit of the community and the Plan and, in so doing, is further willing to accept and rely on the obligations of Developer for the faithful performance of all undertakings and covenants described in this Agreement.
Representations as to Development. The Developer represents and agrees that its undertakings under this Agreement are for the purpose of development of the Property. The Developer further represents and agrees that; the development of the Property is important to the general welfare of the Authority and the City; upon approval of Reimbursable Project Costs, the proceeds of the District Bonds will be available to make such development possible; and the qualifications and identity of the Developer and its principals are of particular concern to the Authority. The Developer recognizes that it is because of such qualifications and identity that the Authority is entering into this Agreement with the Developer, and is willing to accept and rely on the obligations of the Developer for the faithful performance of all of its undertakings and covenants under this Agreement.
