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Requirements & Conditions

Developer Contact


	For Developers
	Requirements & Conditions
	Developer Contact

1	Detailed description of the project (description of building(s), rendering, market description, prospective tenants, construction timetable, expected lease rates, absorption period, etc.).

2	Site specifics; description of site, location, land cost, ownership status (under option, owned by developer, etc.), site plan, status of zoning and site plan approval.

3	Detailed list of estimated project costs (hard and soft costs).

4	Financial projection demonstrating the viability of the project.

5	Principals/entities involved in project; developer, investors, general contractor, etc.

6	Brief discussion of market and competitive advantages of the project.

7	Personal References/Developer Financial Statements.

8	Financing required. construction loan. equity from BUILD.

1	An ALTA survey.

2	An ALTA extended title policy with: First American Title Insurance Company/NCS C/o Brian Lobuts VP & Associate Regional Director 1801 K Street, NW Suite 200-K Washington, D.C. 20006 202-530-1200 ext.804

3	A current environmental report (Phase I and, if necessary, Phase II). The BUILD Fund must be named as a party on the report, however in some situations a reliance letter may be acceptable.

4	An acceptable USPAP conforming appraisal by a firm that is acceptable to LMFA and BUILD and substantiates BUILD’s investment/loan. The appraisal should include “as is”, “as completed”, and “as stabilized” values for the project. The BUILD Fund must be named as a party on the report.

5	Proof of final regulatory approval for the project, including zoning and site plan approval. Building permits can be pulled when actual construction starts.

6	Project plans, specifications, and a final project budget in sufficient detail to properly evaluate the project.

7	A signed, acceptable guaranteed maximum price construction contract that includes language requiring the use of 100% union labor working in the proper jurisdiction and a final payment hold-back provision that requires certification from the general and/or subcontractors that all labor fringe benefits have been paid before final payments to contractors are released. The contract must be signed by an entity acceptable to LMFA or full performance or payment bonding will be required.

8	If applicable, closing on a construction/mini-permanent loan from a bank on terms and conditions that are comparable to the market. The senior loan documents must require construction draw requests that are in accordance with standard AIA conforming construction documents.

9	If applicable, an acceptable purchase agreement for the project site.

10	If applicable, an acceptable lease(s) with prospective tenants.

11	As applicable, acceptable loan and subordination agreements with BUILD or an acceptable Operating Agreement for the LLC.

12	Various representations from Developer, including that the project budget is final and will not be exceeded, that all land use requirements are met, and that all environmental issues are and will be in compliance.