Phase Update Sample Clauses
Phase Update. If the development of the Property is done in phases, Developer shall submit to the City an update to the Project Financing Plan with respect to each Phase (each “Phase Update”) for the City’s review and approval pursuant to Section 3.2 prior to the applicable date in the schedule that contains the following documents and information, which shall be included as an update to the corresponding information for the applicable Phase that was previously included in the Project Financing Plan:
(i) A breakdown of the number of Affordable Units to be developed and sold or rented within the Phase.
(ii) An updated “sources and uses” breakdown of the costs of constructing the Phase. Such updated sources and uses breakdown shall reflect Developer’s then current expectations for funding sources and development costs.
(iii) Copies of funding commitments for any financing source, including loans and grants, in amounts sufficient to demonstrate that the Phase is financially feasible and copies of any funding commitments for all other financing required to develop and operate the Phase. If at the time of submission of the Phase Update, Developer does not have commitments from all sources of financing, the Phase Update shall include information on Developer’s actions to obtain such financing commitments and Developer’s estimate of the likelihood of receiving such financing commitments.
(iv) Any other information reasonably requested by the City that would assist the City in determining that Developer has the financial capability to pay all costs of constructing the Phase and operating the Phase.
(v) An update to the Project Financing Plan for the balance of the Project. The update to the Project Financing Plan shall include the level of detail included in the original Project Financing Plan.
Phase Update. MidPen shall submit to the City an update to the Project Financing Plan with respect to each Phase (each "Phase Update") for the City's review and approval pursuant to Section 3.2 prior to the applicable date in the Milestone Schedule that contains the following documents and information, which shall be included as an update to the corresponding information for the applicable Phase that was previously included in the Project Financing Plan:
(1) A breakdown of the number of Affordable Units to be developed and rented within the Phase including the number of Affordable Units to be rented to Very Low Income Households, Extremely Low Income Households and Low Income Households.
(2) An updated "sources and uses" breakdown of the costs of constructing the Phase, and an updated operating proforma for the Phase. Such updated sources and uses breakdown and operating proforma shall reflect MidPen's then current expectations for funding sources and development costs.
(3) Copies of funding commitments for any financing source, including loans and grants, in amounts sufficient to demonstrate that the Phase is financially feasible and copies of any funding commitments for all other financing required to develop and operate the Phase. If at the time of submission of the Phase Update, MidPen does not have commitments from all sources of financing, the Phase Update shall include information on MidPen's actions to obtain such financing commitments and MidPen's estimate of the likelihood of receiving such financing commitments.
(4) A Tax Credit Reservation from TCAC and a letter of intent from an investor for equity funding for the Phase in an amount that when combined with the other sources of financing committed to the Phase demonstrates that the Phase is financially feasible, or if MidPen has not applied for tax credits at the time of submission, the Phase Update shall include MidPen's projected date for submitting an application for tax credits, the requirements for submitting an application that is likely to score sufficient points to receive a Tax Credit Reservation and MidPen's estimation of the feasibility of meeting those requirements within the time frame set out in the Phase Update.
(5) Any other information reasonably requested by the City that would assist the City in determining that MidPen and each applicable Developer Affiliate has the financial capability to pay all costs of constructing the Phase and operating the Phase
(6) An update to the Project Financin...