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03-22-2021 EDA
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03-22-2021 EDA
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5/20/2021 10:38:23 AM
Creation date
5/20/2021 10:37:27 AM
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MV EDA
EDA Document Type
Packets
Date
3/22/2021
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DRAFT NOT APPROVED <br />4 <br />MU205\52\637644.v5 <br />(i) Submit to the EDA a design proposal to be reviewed by the EDA <br />showing the location, size, and nature of the proposed Development, including layouts, <br />renderings, elevations, and other graphic or written explanations of the Development. The <br />design proposal shall be accompanied by a proposed schedule for the starting and <br />completion of the Development; <br />(ii) Submit an over-all cost estimate for the design and construction of <br />the Development; <br />(iii) Submit a time schedule for the Development; <br />(iv) Undertake and obtain such other preliminary economic feasibility <br />studies, income and expense projections, and such other economic information as <br />Developer may desire to further confirm the economic feasibility and soundness of the <br />Development; <br />(v) Submit to the EDA the Developer’s financing plan showing that the <br />proposed Development is financially feasible; <br />(vi) Furnish satisfactory financial data to the EDA evidencing <br />Developer’s ability to undertake the Development; and <br />(vii) Furnish information in its possession and assist the EDA with <br />obtaining all available business subsidy assistance which the EDA may deem appropriate. <br />(b) Developer understands that the Tax Increment Financing sought for the <br />proposed Development must be obtained as outlined by law. <br />(c) Developer understands that the Housing Tax Credits sought for the <br />proposed Development must be obtained as outlined by law. <br />5. Feasibility. <br />It is expressly understood that execution and implementation of any purchase and <br />development agreement (together with any other agreements entered into between the parties <br />hereto contemporaneously therewith) shall be subject to: <br />(a) A determination by the EDA in its sole discretion that its undertakings are <br />feasible based on (i) satisfaction of City Code requirements; (ii) the purposes and objectives <br />of any development plan created or proposed for the Development; (iii) the Studies, if any; <br />and (iv) the best interests of the EDA. <br />(b) A determination by Developer that the Development is feasible and in the <br />best interests of Developer. <br />6. Effective Date; Term; Expiration.
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