06-25-2018 - Laserfiche WebLink

Home Browse Search

11 516911v4 JAE MU205-47 must be made within twenty (20) days after receipt of the notice of such change. The Authority’s approval of any change in the Construction Plans will not be unreasonably withheld. Section 4.3. Commencement and Completion of Construction. (a) Subject to Unavoidable Delays and subject to any rules, regulations or varying timeframes imposed by the United States Department of Housing and Urban Development, the Developer must commence construction of the Minimum Improvements by December 31, 2018 and will substantially complete construction of the Minimum Improvements by April 30, 2020. Construction is considered to be commenced upon the beginning of physical improvements to the Development Property beyond grading. (b) All work with respect to the Minimum Improvements to be constructed or provided by the Developer on the Development Property must be in substantial conformity with the Construction Plans as submitted by the Developer and approved by the Authority. The Developer agrees for itself, its successors and assigns, and every successor in interest to the Development Property, or any part thereof, that the Developer, and its successors and assigns, will promptly begin and diligently prosecute to completion the development of the Development Property through the construction of the Minimum Improvements thereon, and that the construction will in any event be commenced and completed within the period specified in Section 4.3(a) hereof. Until construction of the Minimum Improvements has been completed, the Developer will make reports, in the detail and at the times as may reasonably be requested by the Authority, as to the actual progress of the Developer with respect to the construction. Section 4.4. Certificate of Completion. (a) Promptly after substantial completion of the Minimum Improvements in accordance with those provisions of the Agreement, the Authority will furnish the Developer with a Certificate of Completion in substantially the form attached hereto as EXHIBIT C. The certification by the Authority will be a conclusive determination of satisfaction and termination of the agreements and covenants in the Agreement and in any deed with respect to the obligations of the Developer, and its successors and assigns, to construct the Minimum Improvements and the dates for the completion thereof. The certification and the determination will not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any Holder of a Mortgage, or any insurer of a Mortgage, securing money loaned to finance the Minimum Improvements, or any part thereof. (b) The Certificate of Completion provided for in this Section 4.4 will be in the form as will enable it to be recorded in the proper office for the recordation of deeds and other instruments pertaining to the Development Property. If the Authority refuses or fails to provide any certification in accordance with the provisions of this Section 4.4, the Authority will, within thirty (30) days after written request by the Developer, provide the Developer with a written statement, indicating in adequate detail in what respects the Developer has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts it will be necessary, in the opinion of the Authority, for the Developer to take or perform in order to obtain the certification. (c) The construction of the Minimum Improvements will be considered substantially complete when the Developer has received a certificate of occupancy from the City for the Minimum Improvements. Section 4.5. Rental Housing Affordability Covenants. The Developer agrees that at all times from initial occupancy of the Minimum Improvements constructed within the TIF District through the date that the TIF District is decertified, one hundred percent (100%) of the units within the Minimum