Review of Financing Plan Updates By City Sample Clauses

Review of Financing Plan Updates By City. Upon receipt by the City of the proposed Phase Update, the City Administrator shall either approve or disapprove in writing the submitted plan or update within thirty (30) days from the date the City Administrator receives the proposed plan or update. If the proposed plan or update is not approved by the City Administrator, then the City Administrator shall notify the Developer in writing of the reasons for disapproval and the required revisions to the previously submitted plan or update. Developer shall thereafter submit a revised plan or update within thirty (30) days of the notification of disapproval.

Review of Financing Plan Updates By City. Upon receipt by the City of the proposed Phase Update, the City Manager shall either approve or disapprove in writing the submitted plan or update within thirty (30) days from the date the City Manager receives the proposed plan or update. If the proposed plan or update is not approved by the City Manager, then the City Manager shall notify MidPen in writing of the reasons for disapproval and the required revisions to the previously submitted plan or update. MidPen shall thereafter submit a revised plan or update within thirty (30) days of the notification of disapproval. The City Manager shall either approve or disapprove in writing the submitted revised Phase Update within thirty (30) days of the date such revised plan or update is received by the City. The City Manager shall approve the initial or revised plan or update if (i) it contains the elements described in the definition of the Phase Update as applicable, contained in Section 3.1 above, (ii) demonstrates sufficient funding to pay the total development costs of the Project or Phase, as applicable and all other applicable obligations of the Developer under this Agreement. If the City disapproves the revised proposed Phase Update, this Agreement may be terminated pursuant to Article 14. If, at the time of submission of the Phase Update, the Developer does not have commitments for all financing required to pay for the costs of constructing the Phase and a Tax Credit Reservation, the City Manager, in his or her sole discretion, may conditionally approve the Phase Update, in which event, the City's conditional approval will require that MidPen submit amendments to the Phase Update demonstrating progress on obtaining the necessary financing within time frames to be determined by the City based on information provided by MidPen in the submitted Phase Update. The City shall not be obligated to convey the applicable portion of the Property to a Developer Affiliate until the City has unconditionally approved a Phase Update.