37-26 Authorizing the City to Fund Its Taxable Economic Development Revenue Note, Series 2026 (Beacon Heights Project) and Approving and Authorizing Other Actions in Respect Thereto (Substitute)

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Section 2.3. Loan . The City will fund the Loan on a draw basis (each draw on the Loan, a"Draw")by making tax increment revenues then currently on deposit in the allocation fund for the River West Allocation Area of the River West Development Area available to the Borrower as provided herein(it being understood the total amount of the Loan shall not exceed$1,250,000). The Borrower acknowledges and agrees that such tax increment revenues are subject to annual appropriations thereof by the Redevelopment Commission. Such Loan is being evidenced by the execution and delivery by the Borrower of the Note substantially in the form attached hereto as Exhibit A. To request a draw on the Loan, the Borrower shall submit a written draw request not more frequently than quarterly to the City's Department of Community Investment (the "Department")for review and approval by the Department. Each written draw request shall indicate the amount of the Draw, detail the costs of the Project to be reimbursed from such Draw, and state a recap of vendors and the amount paid to each and attach copies of invoices paid. ARTICLE III. COMPLETION OF THE PROJECT Section 3.1. Acquisition, Construction, Reconstruction, Rehabilitation, Equipping and Improving of Project. It is understood that improvements made for the Project are that of the Borrower and any contracts made by the Borrower with respect thereto shall acquire, construct, reconstruct and/or rehabilitate the Project. The Borrower shall use commercially reasonable efforts to construct, reconstruct and/or rehabilitate the Project with all reasonable dispatch and to complete the Project by no later than the Mandatory Project Completion Date,and shall pay when due all fees, costs and expenses incurred in connection with that acquisition, construction, reconstruction and/or rehabilitation from funds made available therefor. It is further understood that any contracts made by the Borrower with respect to the Project, whether construction contracts or otherwise, or any work to be done by the Borrower on the Project are made or done by the Borrower on its own behalf and not as agent or contractor for the City. Section 3.2. Completion Date. The Borrower shall notify the City of the Completion Date for the Project by a certificate signed by the Designated Representative stating: (a) the date on which the Project is substantially completed,which shall be evidenced by the issuance of a certificate of occupancy by the City, if the City provides such certificates of occupancy, (b) that all other facilities necessary in connection with the Project have been acquired, constructed, reconstructed, rehabilitated, equipped and improved, and (c) that the acquisition, construction, reconstruction, rehabilitation, equipping and improvement of the Project and those other facilities have been accomplished in such a manner as to conform with all applicable zoning, planning, building, environmental and other similar governmental regulations. The certificate shall be delivered as promptly as practicable after the occurrence of the events and conditions referred to in subsections(a)through (c) of this Section(the date of delivery of such 7