Agenda - Council - 12/12/2000 - Laserfiche WebLink

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I I I I I I I I I I I ! I I I I I ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1. Site Improvements. The parties agee that the Site Improvements to be constructed by the Developer are essential to the successful completion of the Project. The costs of the Development Property and the costs of the installation of the Site Improvements, which shall include engineering and all other costs directly related to the~ making of the Development Property and the Site Improvements are estimated to be at least $431,000. The costs of the Development Property and the Site Improvements shalI be paid by the Developer. The City shall reimburse the Developer for a portion of $431,000, or the costs of the Development Property and the Site Improvements actually incurred and paid by the Developer as further provided in Section 3.2 hereof (the "Reimbursement Amount"). The Developer shall pay all Legal and Administrative Expenses. Section 3.2. Reimbursement: Tax Increment Revenue Note. The City shall reimburse the Developer for expenses identified under Section 3.1 in an amount not to exceed $166,432 through the issuance of the City's Tm'< Increment Revenue Note in substantially the form attached to this Agreement as Exhibit C, subject to the following conditions: (1) The Note shall be dated, issued and delivered when the Developer shall have demonstrated in writing to the reasonable satisfaction of the City that the construction of the Project has been completed and that the Developer has paid all costs of the Site Improvements, as and limited by Section 3. I and shall have submitted said invoices in an amount not less than $431,000. (2) The unpaid principal amount of the Note shall bear interest from the date of issuance of the Note, at six (6) % per annum. Interest shall be computed on the basis of a 360. day year consisting of twelve (12) 30-day months. (3) The principal amount of the Note and the interest thereon shall be payable solely. from the Tax Increments. (4) On each Note Payment Date and subject to the provisions of the Note, the City shall pay against the principal and interest outstanding on the Note, the amount of Tax Increments listed on Exhibit F for the applicable Note Payment Date under the heading "Increment for Housing Improvements." In the event that the semiannual Tax Increments received are less than the amount listed under the heading "Semiannual Gross Tax Increment" such difference shall be deducted from the amounts to be paid to the Developer as "Increment for Housing Improvements" as set forth in Exhibit F. All payments shall first be applied to accrued and unpaid interest on the Note and then to principal of the Note. (5) Any interest accruing on Tax Increments held by the City pending the Note Payment Dates shall accrue to the benefit of the City. -181-