City’s Obligations Regarding Additional Public Funds Sample Clauses

City’s Obligations Regarding Additional Public Funds. (a) In addition to the bonding requirement of the City set forth in Section 5.2 of this Agreement, the City and the Agency shall use commercially reasonable efforts to obtain additional public funds from state and/or federal sources in the aggregate amount, net of any matching funds requirement, of at least $30,000,000 (the “Additional Public Funds”) to fund a portion of the Public Improvements Costs and other construction costs incurred by Redeveloper in performing its obligations under this Agreement. Such efforts shall include but not be limited to applying for and pursuing such applications and processing any such funds in a commercially reasonable manner to enable Redeveloper to meet its construction and funding obligations hereunder. The City and the Agency shall keep the Redeveloper fully informed as to the status of the Additional Public Funds, the identification of the programs under which such funds are granted or administered, and the restrictions on the use or disbursement of such Additional Public Funds imposed by any Governmental Authority having jurisdiction with respect thereto. Notwithstanding the terms of any grant agreement or other grant document relating to the Additional Public Funds utilized for the Project, the Redeveloper, and not the City, shall be responsible for any matching funds requirement required with respect to such Additional Public Funds (other than such portion thereof, if any, that is payable from the Net Bond Proceeds utilized by the City to satisfy its obligations under Section 8.4 of this Agreement).
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City’s Obligations Regarding Additional Public Funds. (a) In addition to the bonding requirement of the City set forth in Section 5.2 of this Agreement, the City and the Agency shall use commercially reasonable efforts to obtain additional public funds from state and/or federal sources in the aggregate amount, net of any matching funds requirement, of at least $30,000,000 (the “Additional Public Funds”) to fund a portion of the Public Improvements Costs and other construction costs incurred by Redeveloper in performing its obligations under this Agreement. Such efforts shall include but not be limited to applying for and pursuing such applications and processing any such funds in a commercially reasonable manner to enable Redeveloper to meet its construction and funding obligations hereunder. The City and the Agency shall keep the Redeveloper fully informed as to the status of the Additional Public Funds, the identification of the programs under which such funds are granted or administered, and the restrictions on the use or disbursement of such Additional Public Funds imposed by any Governmental Authority having jurisdiction with respect thereto. Notwithstanding the terms of any grant agreement or other grant document relating to the Additional Public Funds utilized for the Project, the Redeveloper, and not the City, shall be responsible for any matching funds requirement required with respect to such Additional Public Funds (other than such portion thereof, if any, that is payable from the Net Bond Proceeds utilized by the City to satisfy its obligations under Section 8.4 of this Agreement). As used in this Section 5.3(a), “commercially reasonably efforts” shall not require any expenditure in excess of an aggregate amount of $150,000 in APF Expenses unless Redeveloper agrees in writing to bear the cost of such excess; furthermore, in the event that Redeveloper terminates this Agreement pursuant to Section 4.1(b) for the failure of the City and the Agency to obtain the Additional Public Funds in the amount of at least $30,000,000, and provided that the City and the Agency have used commercially reasonable efforts to procure such Additional Public Funds, the Redeveloper shall reimburse the City and the Agency for the APF Expenses incurred by them prior to the date of termination, which obligation shall survive termination of this Agreement.
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