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City of any financial, administrative, or regulatory approval which will be required of the City in <br />order for PRHA to meet its obligations to Developer under the Development Agreement, and to <br />bring about the successful development of the Retail Project. <br /> <br /> 2.3 PRHA financial responsibilities. PRHA shall be financially prudent in the <br />performance of its duties and the exercise of its rights and powers under the Development <br />Agreement. <br /> <br /> ARTICLE III <br /> OBLIGATIONS OF THE CITY <br /> <br /> 3.1 Financial obigations. <br /> <br /> 3.1.1. Property acquisition. The Development Agreement provides in Section 3.1.D and <br />related sections for PRHA to assemble certain property which will ultimately be used for <br />the Retail Project (the "Property"). The City shall provide to PRHA the cost of acquiring <br />the Property to the extent that PRHA may be unable to secure other sources of funding, <br />and any such possible payment by the City to PRHA shall be reimbursed by PRHA to the <br />extent that there are proceeds from the sale of the Property to Developer. <br /> <br /> 3.1.2. Public improvements. The Development Agreemem provides in Section 3.1.E(iv) <br />("Storm Water Management"), 7.5 ("Post-Delivery Sitework"), and 7.7 <br />("Improvements") for the construction of certain public improvements (the "Public <br />Improvements") which are required for the development and successful operation of the <br />Retail Project. The Public Improvements are more particularly set forth in Exhibits B, E, <br />F, and G to the Development Agreement. The City shall provide funding for and <br />construct or cause to be constructed the Public Improvements within the schedule called <br />for in the Development Agreement. <br /> <br /> 3.1.3. Damages. The Development Agreement provides in Sections 11.1 ("Refund of <br />Development Fee") and 11.3 ("Developer Reimbursement") for certain possible or <br />contingent monetary payments by PRHA to Developer. The City shall provide any <br />possibly needed funding for these amounts, to the extent that PRHA may not have other <br />reasonably available sources of funding. <br /> <br /> 3.2 Administrative obligations. The City will provide all administrative support <br />reasonably needed for PRHA to meet its obligations under the Development Agreement and to <br />bring about successful development of the Retail Project, including without limitation the <br />providing of all reports, records, and information which are within the City's control and which <br />are to be produced to the Developer, and the expedient granting of any needed administrative <br />approval for the Retail Project for which proper application has been filed. <br /> <br />-3- <br /> <br /> <br />