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b. The proceeds of the Loan shall be used by the Owner exclusively for the purpose of
<br /> development of twenty (20) HOME rental units located at 1370 E. Carrie Lane,
<br /> within the corporate limits of the City, which shall thereafter be used by the Owner
<br /> exclusively as income qualifying rental properties subject to all applicable
<br /> requirements of the HOME Investment Partnership Program, as it exists currently
<br /> and as amended in the future.
<br /> c. Owner shall expend loan proceeds exclusively for the development and
<br /> improvements of the parcel of real property located in Decatur, Macon County,
<br /> Illinois,legally described as:
<br /> Lot 1 in TKCCK Addition as per Plat recorded in Book 5000 Page 91 as of the
<br /> Records in the Recorder's Office of Macon County, Illinois.
<br /> Situated in Macon County, Illinois
<br /> Commonly known as 1370 East Carrie Lane, Decatur, IL.
<br /> Parcel Identification Number: 07-07-35-477-003
<br /> (hereinafter,the "Subject Property").
<br /> d. The use of said Loan proceeds for any property other than the Subject Property, or
<br /> any improvements, without the prior written approved of the City, shall constitute
<br /> a breach of this Agreement.
<br /> 3. USE OF FUNDS. The Loan proceeds may be used only for actual costs for the Subject
<br /> Property development costs, including soft costs and labor and materials, which shall
<br /> be spent or obligated by Owner to bring the development into compliance with the
<br /> City's Ordinances, Codes, and Housing Quality Standards, as established by the
<br /> Department of Housing and Urban Development, the International Property
<br /> Maintenance Code, and all other applicable City building and housing codes. The loan
<br /> proceeds shall be used as described in Owners' proposal dated March 25, 2021, hereto
<br /> attached and incorporated as Exhibit D, and specifically for eligible project costs for the
<br /> Subject Property.
<br /> 4. ADDITIONAL FUNDING REQUIRED. Owner agrees to commit all necessary and
<br /> additional sources of funding for the project, and shall submit sufficient descriptions of
<br /> same to allow City to confirm the availability of said additional sources of funding prior
<br /> to City authorizing release of the Loan proceeds. The Owner acknowledges an
<br /> aggregate of $4,555,636 in Illinois Housing Development Authority's Permanent
<br /> Supportive Housing funds, $25,000 of Andreas Foundation funds, $100,000 of James
<br /> Millikin Trust funds, $125,000 of Macon County Mental Health Board funds, and
<br /> $30,000 of Woodford Homes, Inc. funds. Available project funds total $5,085,636.
<br /> Owners' Project Budget shall include at a minimum: $100,000 in Land and holding and
<br /> transfer Costs; $421,375 in Construction Site Work Costs; $2,601,951 in construction
<br /> trade; $152,000 for construction contingency; $50,000 permits and impact fees
<br /> (utility); $621,359 for construction soft costs (architectural, engineering, legal,
<br /> environmental, marketing, title and recording, survey, appraisal, and accounting, and
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