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7.1.3 Phase I Public Infrastructure Fee. The development fee for the Phase I <br /> Public Infrastructure Improvements(the"Phase I Public Infrastructure Fee")shall be an amount <br /> equal to 5%of the Proj ect Costs allocable to the total cost of the Public Infrastructure Improvements. <br /> 7.2 Payment of Development Fee. Developer shall be entitled to payment of the various <br /> portions of the Development Fee as set forth below: <br /> 7.2.1 Phase I Rental Component. Developer shall be paid the portions of the <br /> Development Fee allocable to Phase I Rental Components developed with Low Income Housing Tax <br /> Credit equity upon such schedule(s)as Developer shall negotiate with the Owner Entity or Entities <br /> and Equity Partner(s) for such component pursuant to the applicable Owner Entity Organizational <br /> Documents and any development agreement(s) between such Owner Entity or Entities and <br /> Developer, subject to the approval of IHDA and provided that such schedule shall not without the <br /> consent of DHA provide for the payment of the allocable Development Fee earliet than as follows: <br /> fifty percent (50%) upon the Closing of such component; twenty-five percent (25%) upon <br /> achievement of the Construction Completion Milestone of such component,and twenty-five percent <br /> (25%) upon stabilized occupancy for such component. For purposes of this section, stabilized <br /> occupancy shall mean such time as the Phase I Component maintains a ninety-five percent (95%) <br /> occupancy rate for six (6) successive months, provided the units are rented to eligible families in <br /> accordance with applicable requirements. <br /> 7.2.2 Phase I Homeownership Component. Developer shall be paid the portions <br /> of the Development Fee allocable to the Phase I Homeownership Component as follows: twenty- <br /> five percent (25%) upon the Closing on the construction loan for such Component; twenty-five <br /> percent(25%)on a unit pro rata basis upon construction completion;and the balance of fifty percent <br /> (50%) on a unit pro rata basis upon closing of each sale to the homeowner. <br /> 7.2.3 Phase I Public Infrastructure Component.The Phase I Public Infrastructure <br /> Fee shall be payable during the course of the performance of the applicable work in proportion to the <br /> percentage of construction completed, as indicated on the [monthly] applications for payment <br /> submitted by the General Contractor. - <br /> 7.3 Third Party Costs and Overhead. Developer will be responsible for initially <br /> funding the Third Party Costs associated with discharging its obligations hereunder. Developer will <br /> be entitled to an amount up to seventy-five percent (75%) of such eligible third party pre- <br /> development costs upon HUD approval of the pre-development budget.At the time of a Component <br /> Closing, the remaining twenty-five percent (25%) of the cost of the Component shall be paid <br /> pursuant to Project Documents. Properly stored materials that are onsite will be paid at actual cost <br /> within 7 days of receipt of funds by HUD and pursuant to receipt by DHA from Developer of proper <br /> documentation. <br /> 7.3.1 Reimbursement Process. In order to receive reimbursement for HUD and <br /> IHDA eligible Third Party Costs or Overhead as otherwise provided in this Section 7.3.1, the <br /> Developer shall provide to DHA statements of work that identify what work was performed, who <br />, performed the work,and the cost incurred based upon the Revitalization Budget,as amended. Such <br /> Third Party Costs must be supported by copies of the third parties' invoices. Notwithstanding the <br /> Decatur Housing Authority Near North Impact Area Development Agreement � <br /> Page 31 <br />