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11.23.2022 <br />design proposal shall be accompanied by a proposed schedule for the starting and <br />completion of the Development; <br />Development; <br />Submit an over-all cost estimate for the design and construction of the <br />(ii) Submit a time schedule for the Development; <br />Undertake and obtain such other preliminary economic feasibility studies, <br />income and expense projections, and such other economic information as Developer may <br />desire to further confirm the economic feasibility and soundness of the Development; <br />(iii) Submit to the EDA the Developer's financing plan showing that the <br />proposed Development is financially feasible; <br />Furnish satisfactory financial data to the EDA evidencing Developer's <br />ability to undertake the Development; and <br />(iv) 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 />Developer understands that the Housing Tax Credits sought for the proposed <br />Development must be obtained as outlined by law. <br />5. Feasibility. <br />It is expressly understood that execution and implementation of any development <br />agreement or contract for private development (together with any other agreements entered into <br />between the parties 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 />A determination by Developer that the Development is feasible and in the best <br />interests of Developer. <br />6. Effective Date; Expiration. <br />This Agreement is effective from the Effective Date until May 31, 2023. After such date, <br />neither party shall have any obligation hereunder except as expressly set forth to the contrary <br />herein. <br />7. Costs; Escrow. <br />4 <br />MU205\59\835592.v10 <br />