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, , <br /> , <br /> HOUSING DEVELOPMENT AGREEMENT <br /> THIS AGREEMENT, entered into on the 21st day of November, 2005 by and between the City ' <br /> of Decatur, Illinois, hereinafter called the "City" and the Heritage Place at Lakeshore Limited ' <br /> Partnership. <br /> NOW, THEREFORE, the parties in consideration thereto mutually agree and covenant as <br /> follows: <br /> I. SCOPE OF SERVICE <br /> A. Heritage Place at Lakeshore Limited Partnership may receive up to $250,000 from the <br /> City to implement the proposed activities. Funding will be dispersed based upon actual <br /> project expenditures with demonstrated dollar match, for a total not to exceed the loan <br /> amount of 250 000. <br /> B. Heritage Place at Lakeshore Limited Partnership shall use the funds as outlined in the <br /> proposal dated September 2005, specifically which may include the eligible costs of pre- <br /> development, construction, soft costs and other eligible items associated with the <br /> construction of the 80 unit aparhnent for seniors located at: (see attached legal <br /> description). All additional sources of funds for the proj ect must be confirmed prior to the <br /> start of the project. <br /> C. Heritage Place at Lakeshore Limited Partnership shall not obligate or expend any <br /> funds under the terms of this agreement until a written Notice to Proceed is issued by the <br /> Economic and Urban Development Department of the City. <br /> D. Duration of Agreement. This Agreement shall be in effect until such time the loan is <br /> satisfied. All funds must be expended and the housing units available for rent no later <br /> than 24 months from the date of this agreement. <br /> II. REPORTING AND REIMBURSEMENT PROCEDURE <br /> A. Monthly Reporting <br /> Heritage Place at Lakeshore Limited Partnership shall provide the City with monthly <br /> progress and financial reports. Monthly reports shall be submitted to the City by th� <br /> tenth (lOth)working day of the succeeding calendar month. Monthly reports shall include <br /> the status of all projects currently underway, financial expenditures to date, any <br /> anticipated revisions to the proj ect budget, and any other pertinent information. The City <br /> reserves the right to request additional information as necessary before processing <br /> reimbursement requests. Reimbursements will only be processed if submissions of <br /> monthly reports are occurring. <br /> B. Reimbursement <br /> Reimbursements will be made upon receipt by the City of Pay Requests and all <br /> supporting documentation. Supporting documentation shall include invoices or receipts <br /> for payment, lien waivers, and final inspection reports on any work for which City <br /> 1 <br />