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I <br />I <br />I <br />I <br />I <br /> I <br />I <br />I <br />I <br />i <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />to or on behalf of the ACHRA or to which the ACHRA may be entitled with respect to <br />the Project (excluding security deposits) and all proceeds from use and occupancy <br />insurance and rental loss insurance, including investment earnings on the foregoing. <br /> <br /> The City shall pledge a combination of one or more enterprise funds and/or tax increment <br />funds in such amount or amounts as necessary in each year to cause pledged revenues of the <br />Project to equal at least 110% of debt service on the bonds. <br /> <br /> C. Reimbursement of Expenses. Upon closing of the financing for the Project, <br /> <br />Bond proceeds shall be applied to reimburse each party for all of such party's costs and expenses <br />in implementing the Project, including, without limitation, the following: <br /> <br /> 1) All fees of Architect which were actually paid by such party. <br /> <br /> 2) All of such party's out-of-pocket expenses incurred in the planning.and <br /> implementation of the Project, including, without limitation, att0meys' fees, engineers' <br /> fees, consultants' fees (including but not limited to fees for the development consultant, <br /> market study, bond counsel, and fiscal advisor), permit fees, publication costs, taxes, <br /> surveys, as documented by such party, in an amount not to exceed the amounts set forth in <br /> the &'aft pro forma developed pursuant to Section 2.A. of this Agreement. <br /> <br />SECTION 3. CONSTRUCTION SUPERVISION. <br /> The ACHRA shall supervise construction of the Project, and shall allow the City to send a <br />representative to assist in any construction review. <br /> <br />SECTION 4. OWNERSHIP AND MANAGEMENT. <br /> <br /> Upon completion of construction of the Project, ACHRA shall continue in ownership of <br />the Project Site upon which the Project is located, and shall not transfer ownersh/p of the Project <br />Site to any other entity except in accord with the provisions of a Right of First Refusal in favor of <br />the City, which is detailed on hereto attached Exhibit B, and which shall be recorded as an <br />encumbrance upon the land upon its conveyance to the ACHRA as contemplated hereby. <br /> <br />Further, following construction of the Project, ACHRA shall manage the buildings and grounds of <br /> <br /> <br />