RES 17918 - Laserfiche WebLink

studies may include design studies, appraisal, financial feasibility analyses and legal review. Any studies or reports obtained by Sunflower Hill from third parties through the use of the predevelopment funds provided in Section 1, above, shall become the property of the City if the Project is not built. c. Financing. Sunflower Hill will be required to demonstrate the financial feasibility of Project construction and operation, and shall provide the City with a detailed financial pro forma containing matters typically included in pro form as (such as financing sources, uses, project income and expenses) and a description of proposed arrangements for the provision of tenant services. Sunflower Hill will prepare and present a preliminary financial pro forma and budget for construction and operation of the Project(for both the housing and on-site amenities), subject to the approval of the Assistant City Manager no later than September 30, 2019. As part of the negotiation of a DDA, including future City contribution of a portion of Project's costs through a predevelopment loan agreement, ground lease and other permanent financing from the City, Sunflower Hill shall submit a financing proposal for Project construction and permanent financing. Sunflower Hill shall provide this proposal to the City no later than March 31, 2020. Any purchase and sale agreement, ground lease, loan documents or other documents between the City and Sunflower Hill, which may be assignable with the City's consent, will address the terms and conditions for any construction and/or permanent financing that the City will provide to the Project. d. City Future Financial Contribution. Such preliminary budget/pro forma may include the $1,000,000 to be paid by Developer to the City as provided in Irby Ranch's Affordable Housing Agreement, which $1,000,000 shall be applied to further predevelopment and Project construction costs. The proposed budget may also include other proposed City funding for partial funding of the Project, which shall not exceed $2,250,000 inclusive of the aforementioned $1,000,000 being p rovided by Developer. Sunflower Hill acknowledges that any and all City funding is subject to approval by the City Council. e. 2021 deadline. No activities described in this section shall be extended later than September 30, 2021, unless as described in Section 5. f. Extensions. The deadlines provided in this Section 2, with the exception of Subsection e, may be extended in the reasonable discretion of the City Manager and reported to the City Council. g. Merger. Upon execution of a DDA between the parties, the terms of the DDA shall control the entire subject matter contained within this Agreement. 3. Good Faith Efforts to Negotiate. As Sunflower Hill meets the milestones described in Section 2, above, the City and Sunflower Hill shall use their best efforts to successfully negotiate a purchase and sale agreement,ground lease,loan documents or other related documents which shall describe the terms and conditions that will govern the transfer of the Inclusionary Parcel to Sunflower Hill for its Project. In no event shall this Agreement impose any binding obligation on the City to convey the Inclusionary Parcel to Sunflower Hill, nor does it obligate 3