My WebLink
|
Help
|
About
|
Sign Out
RES 2024040
City of Pleasanton
>
CITY CLERK
>
RESOLUTIONS
>
2020-present
>
2024
>
RES 2024040
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/18/2024 4:24:22 PM
Creation date
6/18/2024 4:22:47 PM
Metadata
Fields
Template:
CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
DESTRUCT DATE
PERMANENT
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
127
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />4879-3324-5885v3 <br />13 <br /> <br /> (vi) A financial audit of the books and records of the Project prepared in <br />accordance with generally accepted auditing standards by an independent certified public <br />accountant; and <br /> <br />(vii) In accordance with Section 1.3 of the Note, a calculation of Project surplus <br />cash for the preceding calendar year accompanied by the supporting documentation described in <br />the Note. <br />City may, in its reasonable discretion, from time to time request additional information, and <br />Owner shall promptly supply such information in the Annual Report. <br /> 4.4.2 Annual Budget. In accordance with Section 1.3 of the Note, by not later <br />than November 1 of each year, Owner shall provide to City a proposed Project budget for the <br />following calendar year which shall include estimated Project revenue, expenses and debt <br />service, and an estimate of Surplus Cash. City will review the proposed budget and, if <br />acceptable, approve it, which approval shall not be unreasonably withheld, provided, however, if <br />the proposed budget has not been rejected by City within forty-five (45) days of receipt, City <br />shall be deemed to have accepted the budget. If the budget is not acceptable, City shall specify <br />the reasons for disapproval. Once approved, any changes to the budget that exceed ten percent <br />(10%) of the total budget shall require City's prior written consent, which consent shall not be <br />unreasonably withheld. Upon City’s request, the budget shall include a long-term capital needs <br />and replacement reserve plan supported by a physical needs assessment prepared by a third-party <br />at Borrower’s expense. <br /> <br /> 4.5 Maintenance and Inspection of Books and Records; Audits. <br /> <br />4.5.1 Maintenance of Books and Records. Owner shall keep and maintain at the <br />Property or Owner’s principal place of business, or elsewhere with City’s consent, full, complete <br />and accurate books, records, and accounts relating to the Project, including all such books, <br />records, and accounts necessary to evidence and substantiate compliance with the City <br />Documents, without limitation, the records required to substantiate compliance with Relocation <br />Laws and if applicable to the Project, California Labor Code Section 1720 et seq. (Prevailing <br />Wage Laws), the calculation of payments required under the Note and the Ground Lease, and the <br />records required to substantiate compliance with this Agreement. Books shall be kept and <br />maintained in accordance with generally accepted accounting principles consistently applied. <br /> <br />Owner shall maintain all records regarding the rehabilitation of the Project for <br />five (5) years after final payment and all other pending matters are closed. Owner shall also <br />maintain tenant leases, income certifications and other matters related to the leasing of the <br />Project for a period of five (5) years after the final date of occupancy by each tenant. If any <br />litigation, claim, negotiation, audit exception, monitoring, inspection or other action relating to <br />the use of the Loan is pending at the end of the record retention period stated herein, then Owner <br />shall retain such records until such action and all related issues are resolved. <br />
The URL can be used to link to this page
Your browser does not support the video tag.