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green certification fees); $527,598 for developer's fees (consultants, manager, etc.); <br /> $76,700 for financing costs; $100,389 for reserves (operating, real estate, and <br /> replacement), $61,000 for real estate taxes and insurance during construction, and <br /> $423,264 for general conditions, contractor overhead, and contractor profit. (Note - <br /> developer will update these closer to closing.) <br /> 5. NOTICE TO PROCEED REQUIRED. Owner shall neither expend nor obligate funds under <br /> this agreement until a written Notice to Proceed is issued by the City. The Economic and <br /> Community Development Department shall issue a Notice to Proceed upon sufficient <br /> demonstration by Owner of all of the following conditions: 1) completion of <br /> environmental review requirements as required by the U.S. Department of Housing and <br /> Urban Development (hereinafter, "HUD") Regulations and program requirements, 2) <br /> confirmation of additional funding sources and layering subsidy approval, and 3) <br /> receipt by City of an updated title insurance policy naming the City of Decatur as <br /> additional insured. <br /> 6. TIME LIMITATIONS. City shall have no obligation to reimburse Owner for expenditures <br /> made pursuant to this Agreement, unless said expenditures shall have been incurred <br /> within one year from the date of the Notice to Proceed. During the construction, and <br /> during the initial occupancy phases, Owner shall provide City written monthly reports, <br /> detailing construction progress, amounts expended, and any other matters as may from <br /> time to time be reasonably required by City or applicable HUD program regulations. <br /> 7. PROPOSED PROJECT SCHEDULE. <br /> a. Owner has identified the following schedule for the HOME Housing project: <br /> February 22. 2022-Initial Closing <br /> March 1, 2022-Potential Construction Start Date <br /> December 1. 2022-(9 month schedule) Construction Finish Date <br /> December 1, 2022-Rent Start <br /> February 1, 2023-Anticipated Full Occupancy <br /> b. Owner may request a construction extension on the schedule up to, but not to <br /> exceed, six-months. City shall be under no obligation to grant an extension absent <br /> proof by Owner of the existence of extenuating circumstances beyond Owner's <br /> control, such as weather, or material delivery delays, that Owner reasonably could <br /> not have anticipated. City shall be under no obligation to consider any request <br /> unless the same shall be in writing, setting forth in adequate detail the basis for the <br /> request. City shall promptly consider Owner's extension request and shall inform <br /> the Owner of City's decision to grant or deny Owner's request within three (3) <br /> weeks of receipt of the request. <br /> 8. OWNER'S OBLIGATIONS. Owner shall be additionally obligated to:: <br /> a) Maintain the property to minimum code standards of the City; <br /> b) Maintain the property as residential rental property; and <br /> 3 <br />