Common use of Development Proposal Clause in Contracts

Development Proposal. The Developer shall prepare, at its sole cost and expense, and submit to CADA for review and approval, the required copies of a draft development proposal for the Project (the “Development Proposal”) by . The Development Proposal shall be consistent with Development concepts and requirements set forth in Section 2 and shall include the following:  Design Program  Estimated Project Sources and Uses  Development and Operating Pro Forma  Preliminary Development Schedule  Market Study The primary objective of the Design Program is to present to CADA a clearly defined, feasible development project and to present it in a form that result in CADA’s understanding and approval. The Design Program shall define the most appropriate Project. The Design Program shall establish the general scope and conceptual design of the Project illustrating the scale and relationship of the Project components. The Design Program shall include, but not be limited to, the planned number of residential units, number of parking spaces, and square footage of retail space. The Design Program documents shall include a site plan, building plans with elevations and sections, a perspective sketch of the elevation and a statistical summary of the design area including, but not limited to, floor areas, unit floor plans, common areas, parking areas and unit mixes and types. Preliminary selections of major building systems and construction materials shall be set forth in the Design Program. The Design Program shall also note code references (seismic, UBC, City, etc.) and any significant variance thereto. The Design Program documents shall include light and shadow renderings, and color presentation poster boards depicting relationships and heights to adjacent properties and neighborhood. The Project Sources and Uses submitted with the Design Program shall include projected soft and hard costs and sources of funding. The Development and Operating Pro Forma shall include estimated cost of sales and revenue projections. The Developer and its architect will participate in community workshops, organized by CADA, to obtain neighborhood input into the Design Program. In the event the Developer fails to submit or resubmit the complete Development Proposal to CADA within the time set forth in this Section, CADA may, at its option, terminate this Agreement by written notice to the Developer. Neither party shall have any further rights against or liability to the other under this Agreement. The Market Study shall be commissioned by the Developer and shall be completed by an independent, third-party real estate broker expert in downtown, infill projects.