Laserfiche WebLink
Section 8.5 Repayment Terms. As set forth in <br />the City Note, commencing on April 1, 2014 and <br />continuing on each April 1 thereafter until April 1, 2029, <br />Developer must pay to the City, in certified or wire <br />transferred funds and for application to the outstanding <br />principal and interest, if any, due under the City Note, an <br />amount equal to 20% of the Net Cash Flow for the <br />immediately preceding year. If, prior to April 1, 2029, <br />Developer refinances a Construction Loan, Developer <br />must make an additional payment to the City, for <br />application to the outstanding principal due under the <br />City Note, in an amount equal to 20% of the difference <br />between the principal amount of the new Construction <br />Loan and the amount of the outstanding principal and <br />accrued, unpaid interest under the Construction Loan <br />that is being refinanced. The preceding sentence applies <br />each time Developer refinances a Construction Loan. <br />Notwithstanding anything else in this Section 8.5, if <br />Developer refinances a Construction Loan to obtain <br />additional funds that are necessary to complete the initial <br />construction of the Minimum Improvements, Developer <br />is not obligated to pay to the City 20% of the amount of <br />the new loan that Developer uses to pay costs of <br />completing the initial construction of the Minimum <br />Improvements. The entire outstanding principal amount <br />of the City Loan and all accrued interest, if any, is due <br />and payable in full upon the earlier of April 1, 2029 or a <br />Sale of the Development Property. <br />Section 8.6 Limitations on Disbursements. As <br />set forth in the City Loan Agreement, the City will not <br />disburse any of the proceeds of the City Loan to <br />Developer and the City's obligations to make the City <br />Loan to Developer terminates if Developer does not <br />commence construction of the Minimum Improvements <br />on or before June 30, 2011, and the City will only <br />disburse proceeds of the City Loan on or before <br />December 31, 2011 and only for costs of developing and <br />constructing the Project that Developer has actually <br />incurred on or before December 31, 2011. The City will <br />not disburse proceeds of the City Loan to pay for <br />Eligible Costs. <br />Section 8.7 Submission of Financial Information. <br />On or before April 1, 2014 and on or before each April 1 <br />thereafter until April 1, 2029, the Developer must <br />provide the City with a statement from a certified public <br />16 <br />