Agenda - Council - 12/21/1999 - Special

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ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY. Section 3.1. Development Property and Legal and Administrative Expenses. The City shall reimburse the Developer for the Development Property over the life of the tax increment district and upon satisfaction of the conditions identified in Section 3.2. The amount of reimbursement shall be limited to i~[~[~[~[[~!. The City shall reimburse itself from 90% of the Tax Increments for.the cost of the Development Property in the amount of up to $ The Developer shall pay to the City all Legal and Administrative Expenses within 15 days of a notice by the City indicating the Legal and Administrative Expenses that are currently due and owing. Section 3.2. Conditions to Reimbursement for D~velopm~nt Property; Limitag~on ~f Costs; Methods of P~ym~n~. (1) The City's obligation to reimburse the Developer for the Development PrOperty shall be subject to satisfac- tion of the following conditions precedent: (a) The Developer shall be in material compliance with all the terms and provisions of this Agreement; (b) The Developer shall have submitted to the City Construction Plans for the Project and the City shall have approved such Construction Plans; (c) Execution of an Assessment Agreement relating to the Project by the City, the County, the holder of the first mortgage and the Developer pursuant to Section 3.4 of this Agreement; (d) The Developer shall furnish the City evidence, in a form satisfactory to the City such as a letter of commitment from a bank or other lending institution, that the Developer has firm commitments for financing of the Project in an amount sufficient, together with equity commitments, to complete the Project in conformance with the Construction Plans, or the City shall receive such other evidence of financial ability as in the reasonable judgment of the City is required; and (e) issuance of a building permit for the Project.