Developer Services. (a) Developer shall, directly or indirectly, in accordance with all applicable federal, state, and local laws and regulations, undertake the construction of a twenty-eight (28) unit affordable housing project for low to moderate income households, with five (5) of the housing units being assisted hereunder (the “HOME Units”), in furtherance of the Consortium’s housing strategy and as approved by the City. The affordable housing project, as described herein, may be referred to as the “Fuel and Iron Project” or the “Project.” Ownership of the Project is to be held by either the Developer or by a limited liability partnership in which Developer or its affiliate acts as the managing member, or by a limited liability company in which Developer is the managing member. Developer shall satisfactorily perform and complete, or cause to be performed and completed, all services and items of work, and the furnishing of all labor and materials encompassed within or reasonably necessary to construct all of the improvements for the Project, and accomplish the tasks and functions described in the Scope of Services attached hereto as Exhibit “A” and incorporated herein by reference, in full compliance with all of the provisions of this Agreement. Before proceeding with the Project, Developer shall furnish City with all reasonable information which City may request concerning the Project, execute all certifications, security instruments required by this Agreement and applicable laws and regulations, demonstrate eligibility of the Project for assistance under this Agreement and the Act, and obtain the written approval of City’s authorized representatives as to the Project, which approval will not be unreasonably withheld. Upon project completion, housing must meet or exceed the minimum property standards required by 24 CFR 92.251. Owner must continue to maintain the housing in compliance with 24 CFR 92.251 during the period of affordability. (b) Developer warrants and represents that (i) it has the requisite authority and capacity to perform all terms and conditions on Developer’s part to be performed hereunder; (ii) that it is duly organized as a for-profit limited liability company under the laws of the State of Colorado;
Appears in 1 contract
Developer Services. (a) Developer shall, directly or indirectly, in accordance with all applicable federal, state, state and local laws and regulations, undertake the construction of a twentynew seventy-eight two (2872) unit affordable housing project for low to moderate income households, with five all seventy-two (572) of the housing units being assisted hereunder (the “HOME Units”)hereunder, in furtherance of the Consortium’s housing strategy and as approved by the City. The affordable housing project, as described herein, may be referred to as the “Fuel and Iron Upland Townhomes Project” or the “Project.” Ownership Developer may undertake same as the Project sponsor with ownership of the Project is to be held by either the Developer or by a limited liability partnership or limited liability limited partnership in which Developer or its affiliate acts as the managing memberpartner, or by a limited liability company in which Developer is the managing member. Developer shall satisfactorily perform and complete, or cause to be performed and completed, all services and items of work, and the furnishing of all labor and materials encompassed within or reasonably necessary to construct all of the improvements for the Project, and accomplish the tasks and functions described in the Scope of Services attached hereto as Exhibit “A” and incorporated herein by reference, in full compliance with all of the provisions of this Agreement. Before proceeding with the Project, Developer shall furnish City with all reasonable information which City may request concerning the Project, execute all certifications, security instruments required by this Agreement and applicable laws and regulations, demonstrate eligibility of the Project for assistance under this Agreement and the Act, and obtain the written approval of City’s authorized representatives as to the Project, which approval will not be unreasonably withheld. Upon project completion, housing must meet or exceed the minimum property standards required by 24 CFR 92.251. Owner must continue to maintain the housing in compliance with 24 CFR 92.251 during the period of affordability.
(b) Developer warrants and represents that (i) it has the requisite authority and capacity to perform all terms and conditions on Developer’s part to be performed hereunder; (ii) that it is duly organized as a for-profit limited liability company public housing authority under the laws of the State of Colorado, including but not limited to the Colorado Housing Authority Law, as amended, '29-4-201 et seq., C.R.S. (Vol. 9, 2000); (iii) that it is aware of and understands its duty to perform all functions and services in accordance with the regulatory requirements of 24 CFR Part 92 and those identified in Exhibit "C" hereto; and (iv) that it is accepting federal financial assistance hereunder subject to certain mandatory repayment provisions.
(c) Time is of the essence hereof. Developer agrees that it shall meet the following deadlines with respect to the Project:
(i) Developer shall obtain satisfactory evidence that it has the financial ability to undertake and construct the Project, including proof that it has secured approval for tax credits, obtained loan commitments for a construction loan and the primary loan permanent financing for the Project, and furnish such evidence to City, on or before October 31, 2017.
(ii) Developer shall obtain commitments for all required loans on or before October 31, 2017;
(iii) Developer shall commence construction of the Project not later than November 15, 2017;
(iv) Developer shall substantially complete construction of the Project not later than April 4, 2019; and
(v) Lease-up of the Project shall be accomplished by not later than July 15,
Appears in 1 contract
Developer Services. (a) Developer shall, directly or indirectly, in accordance with all applicable federal, state, state and local laws and regulations, undertake the construction rehabilitation of a twenty-eight four (284) unit affordable housing project for low to moderate income householdsproject, the construction of two (2) single-family for-sale projects, and the clearance and demolition of a substandard single-family home, with five (5) all of the housing units being assisted hereunder (the “HOME Units”)hereunder, in furtherance of the Consortium’s housing strategy and as approved by the City. The affordable housing projectprojects, as described herein, may be referred to as the “Fuel and Iron ProjectNeighborWorks Affordable Housing Program” or the “Project.” Ownership ”. Developer may undertake same as the Project sponsor with ownership of the Project is to be held by either the Developer or by a limited liability partnership or limited liability limited partnership in which Developer or its affiliate acts as the managing membersole general partner, or by a limited liability company in which Developer is the managing member. Developer shall satisfactorily perform and complete, or cause to be performed and completed, all services and items of work, and the furnishing of all labor and materials encompassed within or reasonably necessary to construct all of the improvements for the Project, and accomplish the tasks and functions described in the Scope of Services attached hereto as Exhibit “A” and incorporated herein by reference, in full compliance with all of the provisions of this Agreement. Before proceeding with the Project, Developer shall furnish City with all reasonable information which City may request concerning the Project, execute all certifications, security instruments required by this Agreement and applicable laws and regulations, demonstrate eligibility of the Project for assistance under this Agreement and the Act, and obtain the written approval of City’s authorized representatives as to the Project, which approval will not be unreasonably withheld. Upon project completion, housing must meet or exceed the minimum property standards required by 24 CFR 92.251. Owner must continue to maintain the housing in compliance with 24 CFR 92.251 during the period of affordability.
(b) Developer warrants and represents that (i) it has the requisite authority and capacity to perform all terms and conditions on Developer’s part to be performed hereunder; (ii) that it is duly organized as a for-profit limited liability company nonprofit corporation under the laws of the State of Colorado; (iii) that it is aware of and understands its duty to perform all functions and services in accordance with the regulatory requirements of 24 CFR Part 92 and those identified in Exhibit "C" hereto; and (iv) that it is accepting federal financial assistance hereunder subject to certain mandatory repayment provisions.
(c) Time is of the essence hereof. Developer agrees that it shall meet the following deadlines with respect to the Project:
(i) Developer shall obtain satisfactory evidence that it or the Owner of the Project has the financial ability to undertake, rehabilitate and develop the Project, including proof that it has secured funds necessary, obtained loan commitments for any construction loan(s) needed for financing for the Project, and furnish such evidence to City, on or before August 15, 2014.
(ii) Developer or Owner shall obtain all required funds and loans on or before August 15, 2014;
(iii) Developer or the Project Owner shall commence rehabilitation and construction and demolition of the Project not later than August 15, 2014;
(iv) Developer or the Project Owner shall substantially complete all elements of the Scope of Service of the Project not later than June 28, 2015; and
Appears in 1 contract
Developer Services. (a) Developer shall, directly or indirectly, in accordance with all applicable federal, state, state and local laws and regulations, undertake the construction rehabilitation of a twenty100-eight (28) unit affordable housing project for low to moderate income householdsperson homeless shelter project, with five (5) of the housing units shelter space being assisted hereunder (the “HOME Units”)hereunder, in furtherance of the ConsortiumCity’s housing strategy and as approved by the Citystrategy. The affordable housing project, as described herein, may be referred to as the “Fuel and Iron ProjectPueblo Rescue Mission Homeless Shelter” or the “Project.” Ownership ”. Developer may undertake same as the Project sponsor with ownership of the Project is to be held by either the Developer or by a limited liability partnership or limited liability limited partnership in which Developer or its affiliate acts as the managing membersole general partner, or by a limited liability company in which Developer is the managing member. Developer shall satisfactorily perform and complete, or cause to be performed and completed, all services and items of work, and the furnishing of all labor and materials encompassed within or reasonably necessary to construct all of the improvements for the Project, and accomplish the tasks and functions described in the Scope of Services attached hereto as Exhibit “A” and incorporated herein by reference, in full compliance with all of the provisions of this Agreement. Before proceeding with the Project, Developer shall furnish City with all reasonable information which City may request concerning the Project, execute all certifications, certifications and security instruments required by this Agreement and applicable laws and regulations, demonstrate eligibility of the Project for assistance under this Agreement and the ActAgreement, and obtain the written approval of City’s authorized representatives as to the Project, which approval will not be unreasonably withheld. Upon project completion, housing must meet or exceed the minimum property standards required by 24 CFR 92.251. Owner must continue to maintain the housing granted in compliance with 24 CFR 92.251 during the period of affordabilityCity’s sole and absolute discretion.
(b) Developer warrants and represents that (i) it has the requisite authority and capacity to perform all terms and conditions on Developer’s part to be performed hereunder; (ii) that it is duly organized as a for-profit limited liability company nonprofit corporation under the laws of the State of Colorado; (iii) that it is aware of and understands its duty to perform all functions and services in accordance with the regulatory requirements of those identified in Exhibit "C" hereto; and (iv) that it is accepting financial assistance hereunder subject to certain mandatory repayment provisions.
(c) Time is of the essence hereof. Developer agrees that it shall meet the following deadlines with respect to the Project:
(i) Developer shall obtain satisfactory evidence that it or the Owner of the Project has the financial ability to undertake, rehabilitate and develop the Project, including proof that it has secured funds necessary, obtained loan commitments for any construction loan(s) needed for financing for the Project, and furnish such evidence to City, on or before August 26, 2019.
(ii) Developer or Owner shall obtain all required funds and loans on or before September 30, 2019;
(iii) Developer or the Project Owner shall commence rehabilitation and construction and demolition of the Project not later than October 1, 2019; and
(iv) Developer or the Project Owner shall substantially complete all elements of the Scope of Service of the Project not later than January 10, 2020.
Appears in 1 contract
Developer Services. (a) Developer shall, directly or indirectly, in accordance with all applicable federal, state, and local laws and regulations, undertake the construction of a twentynew forty-eight nine (2849) unit affordable housing project for low to moderate income households, with five (5) of the housing units being assisted hereunder (the “HOME Units”), in furtherance of the Consortium’s housing strategy and as approved by the City. The affordable housing project, as described herein, may be referred to as the “Fuel and Iron ▇▇▇▇▇▇▇▇ Townhomes Project” or the “Project.” Ownership Developer may undertake same as the Project sponsor with ownership of the Project is to be held by either the Developer or by a limited liability partnership or limited liability limited partnership in which Developer or its affiliate acts as the managing membersole member of the general partner, or by a limited liability company in which Developer is the sole member of the managing member. Developer shall satisfactorily perform and complete, or cause to be performed and completed, all services and items of work, and the furnishing of all labor and materials encompassed within or reasonably necessary to construct all of the improvements for the Project, and accomplish the tasks and functions described in the Scope of Services attached hereto as Exhibit “A” and incorporated herein by reference, in full compliance with all of the provisions of this Agreement. Before proceeding with the Project, Developer shall furnish City with all reasonable information which City may request concerning the Project, execute all certifications, security instruments required by this Agreement and applicable laws and regulations, demonstrate eligibility of the Project for assistance under this Agreement and the Act, and obtain the written approval of City’s authorized representatives as to the Project, which approval will not be unreasonably withheld. Upon project completion, housing the HOME Units must meet or exceed the minimum property standards required by 24 CFR 92.251. Owner must continue to maintain the housing HOME Units in compliance with 24 CFR 92.251 during the period of affordability.
(b) Developer warrants and represents that (i) it has the requisite authority and capacity to perform all terms and conditions on Developer’s part to be performed hereunder; (ii) that it is duly organized as a for-profit limited liability company public housing authority under the laws of the State of Colorado, including but not limited to the Colorado Housing Authority Law, as amended, C.R.S. § 29-4-201 et seq. (Vol. 9, 2000); (iii) that it is aware of and understands its duty to perform all functions and services in accordance with the regulatory requirements of 24 CFR Part 92 and those identified in the exhibits hereto; and (iv) that it is accepting federal financial assistance hereunder subject to certain mandatory repayment provisions.
(c) Time is of the essence hereof. Developer agrees that it shall meet the following deadlines with respect to the Project:
(i) Developer shall obtain satisfactory evidence that the Owner has the financial ability to undertake and construct the Project, including proof that it has secured approval for tax credits, obtained loan commitments for a construction loan and the primary loan permanent financing for the Project, and furnish such evidence to City, on or before July 21, 2022.
(ii) Developer shall obtain commitments for all required loans on or before July 21, 2022;
(iii) Developer shall commence construction of the Project not later than August 15, 2022;
(iv) Developer shall substantially complete construction of the Project not later than January 15, 2024; and
(v) Lease-up of the Project shall be accomplished by not later than July 15,
Appears in 1 contract
Developer Services. (a) Developer shall, directly or indirectly, in accordance with all applicable federal, state, state and local laws and regulations, undertake the construction of a twentynew fifty-eight one (2851) unit affordable housing project for low to moderate income households, with five (5) of the housing units being assisted hereunder (the “HOME Units”)hereunder, in furtherance of the Consortium’s housing strategy and as approved by the City. The affordable housing project, as described herein, may be referred to as the “Fuel and Iron Mountain View Townhomes Project” or the “Project.” Ownership Developer may undertake same as the Project sponsor with ownership of the Project is to be held by either the Developer or by a limited liability partnership or limited liability limited partnership in which Developer or its affiliate acts as the managing membersole member of the general partner, or by a limited liability company in which Developer is the sole member of the managing member. Developer shall satisfactorily perform and complete, or cause to be performed and completed, all services and items of work, and the furnishing of all labor and materials encompassed within or reasonably necessary to construct all of the improvements for the Project, and accomplish the tasks and functions described in the Scope of Services attached hereto as Exhibit “A” and incorporated herein by reference, in full compliance with all of the provisions of this Agreement. Before proceeding with the Project, Developer shall furnish City with all reasonable information which City may request concerning the Project, execute all certifications, security instruments required by this Agreement and applicable laws and regulations, demonstrate eligibility of the Project for assistance under this Agreement and the Act, and obtain the written approval of City’s authorized representatives as to the Project, which approval will not be unreasonably withheld. Upon project completion, housing must meet or exceed the minimum property standards required by 24 CFR 92.251. Owner must continue to maintain the housing in compliance with 24 CFR 92.251 during the period of affordability.
(b) Developer warrants and represents that (i) it has the requisite authority and capacity to perform all terms and conditions on Developer’s part to be performed hereunder; (ii) that it is duly organized as a for-profit limited liability company public housing authority under the laws of the State of Colorado, including but not limited to the Colorado Housing Authority Law, as amended, C.R.S. § 29-4-201 et seq. (Vol. 9, 2000); (iii) that it is aware of and understands its duty to perform all functions and services in accordance with the regulatory requirements of 24 CFR Part 92 and those identified in the exhibits hereto; and (iv) that it is accepting federal financial assistance hereunder subject to certain mandatory repayment provisions.
(c) Time is of the essence hereof. Developer agrees that it shall meet the following deadlines with respect to the Project:
(i) Developer shall obtain satisfactory evidence that the Owner has the financial ability to undertake and construct the Project, including proof that it has secured approval for tax credits, obtained loan commitments for a construction loan and the primary loan permanent financing for the Project, and furnish such evidence to City, on or before April 30, 2020.
(ii) Developer shall obtain commitments for all required loans on or before April 30, 2020;
(iii) Developer shall commence construction of the Project not later than June 1, 2020;
(iv) Developer shall substantially complete construction of the Project not later than July 31, 2021; and
(v) Lease-up of the Project shall be accomplished by not later than July 31,
Appears in 1 contract
Developer Services. (a) Developer shall, directly or indirectly, in accordance with all applicable federal, state, state and local laws and regulations, undertake the construction rehabilitation of a twenty-eight seven (287) unit single room occupancy affordable housing project for low to moderate income households, with five (5) of the housing units being assisted hereunder (the “HOME Units”), in furtherance of the Consortium’s housing strategy and as approved by the City. The affordable housing project, as described herein, may be referred to as the “Fuel and Iron Project” or ”. Developer may undertake same as the “Project.” Ownership Project sponsor with ownership of the Project is to be held by either the Developer or by a limited liability partnership or limited liability limited partnership in which Developer or its affiliate acts as the managing membersole general partner, or by a limited liability company in which Developer is the managing member. Developer shall satisfactorily perform and complete, or cause to be performed and completed, all services and items of work, and the furnishing of all labor and materials encompassed within or reasonably necessary to construct all of the improvements for the Project, and accomplish the tasks and functions described in the Scope of Services attached hereto as Exhibit “A” and incorporated herein by reference, in full compliance with all of the provisions of this Agreement. Before proceeding with the Project, Developer shall furnish City with all reasonable information which City may request concerning the Project, execute all certifications, security instruments required by this Agreement and applicable laws and regulations, demonstrate eligibility of the Project for assistance under this Agreement and the Act, and obtain the written approval of City’s authorized representatives as to the Project, which approval will not be unreasonably withheld. Upon project completion, housing must meet or exceed the minimum property standards required by 24 CFR 92.251. Owner must continue to maintain the housing in compliance with 24 CFR 92.251 during the period of affordability.
(b) Developer warrants and represents that that: (i) it has the requisite authority and capacity to perform all terms and conditions on Developer’s part to be performed hereunder; (ii) that it is duly organized as a for-profit limited liability company nonprofit corporation under the laws of the State of Colorado;; (iii) that it is aware of and understands its duty to perform all functions and services in accordance with the regulatory requirements of 24 CFR Part 92 and those identified in Exhibit "C" hereto; and (iv) that it is accepting federal financial assistance hereunder subject to certain mandatory repayment provisions.
(c) Time is of the essence hereof. Developer agrees that it shall meet the following deadlines with respect to the Project:
(i) Developer shall obtain satisfactory evidence that it or the Owner of the Project has the financial ability to undertake, rehabilitate and develop the Project, including proof that it has secured funds necessary, obtained loan commitments for any construction loan(s) needed for financing for the Project, and furnish such evidence to City, on or before May 1, 2017.
(ii) Developer or Owner shall obtain all required funds and loans on or before May 1, 2017.
(iii) Developer or the Project Owner shall commence rehabilitation and construction of the Project not later than June 1, 2017.
(iv) Developer or the Project Owner shall substantially complete all elements of the Scope of Service of the Project not later than September 15, 2017.
Appears in 1 contract