06-10-2026 Council Packet - Laserfiche WebLink

Home Browse Search

6 Error! Unknown document property name. project funds, including the Other Project Financing, sufficient, together with the LCDA Loan, to pay all unpaid LCDA Project Costs. (d) All filing and permit fees, charges, expenses and taxes shall have been paid by Borrower; and all required insurance policies shall be in appropriate amounts, name all insureds, and be in full force and effect as evidenced by the certificates of insurance. (e) Construction Plans relating to the Project shall have been approved in writing by the City and Lender. (f) Evidence satisfactory to Lender that Borrower has established a separate account ledgering system within the Project’s line-item budgeting for the exclusive purpose of recording the receipt and expenditure of the LCDA Proceeds. (g) No LCDA Proceeds shall be disbursed prior to the Construction Start Date. (h) No Event of Default as defined in Section 5.01 or event which would constitute such an Event of Default but for the requirement that notice be given or that a period of grace or time elapse, shall have occurred and be continuing and all representations and warranties made by Borrower in Article 4 shall continue to be true and correct as of the date of such disbursement. (i) No determination shall have been made by Lender or Title that the undisbursed amount of the LCDA Proceeds and the other financing committed to the Project, including Lender Loans and the Other Project Financing are less than the amount required to pay all costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the Project, including Projects Costs; or if such a determination has been made and notice thereof sent to Borrower, Borrower has deposited the necessary funds with Title in accordance with the Disbursement Agreement. (j) The disbursement requirements hereof and of Title set forth in the Disbursement Agreement and any master disbursement agreement for the Project have been satisfied. (k) Borrower shall have provided to Lender such evidence of compliance with all of the provisions of this Agreement as Lender may reasonably request. (l) If required by the Lender or Title, Lender and Title shall be furnished with a statement of Borrower and of Contractor, in form and substance required by Lender or Title, setting forth the names, addresses and amounts due or to become due as well as the amounts previously paid to every contractor, subcontractor, person, firm or corporation furnishing materials or performing labor for the construction of the Project. (m) No license or permit necessary for the environmental remediation of the Project shall have been revoked or the issuance thereof subjected to challenge before any court or other governmental authority having or asserting jurisdiction thereover. (n) Borrower is prepared to commence construction of the Project promptly after the Date of Closing in accordance with the Construction Plans. (o) Lender shall have received evidence that all requisite permits and other approvals have been issued.