Agenda - Council - 03/24/2015 - Laserfiche WebLink

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ARTICLE VI TIF FINANCING Section 6.1 Issuance of the TIF Note. The City will insert the amount of the TIF Note, as determined in accordance with Section 6.2, into the TIF Note, execute and date the TIF Note and deliver the TIF Note to Developer when,and only when: (a) Developer has acquired the Development Property; (b) Developer has substantially completed the construction of Minimum Improvements in accordance with the Final Construction Plans; (c) Developer has notified the City that Developer has substantially completed the Minimum Improvements and is entitled to receive the Certificate of Completion described in Section 5.5; (d) Developer has submitted to the City invoices showing the Eligible Costs Developer actually incurred and for which Developer is seeking reimbursement; (e) Developer has submitted to the City evidence, reasonably acceptable to the City, that Developer paid those invoices from a source or sources other than the proceeds of the Loan No. 1; and (f) Borrower has repaid Loan No. 2, in full, on or before the date due. Notwithstanding the foregoing, the City shall have no obligation to execute, date, or deliver the TIF Note if, Developer is in default in the performance of Developer's obligations under this Agreement. If Developer or Borrower is in default in the performance of Developer's obligations under this Agreement at the time the requirements set forth in subsections (a) through (f) are satisfied. Section 6.2 Amount of the TIF Note. If the City is obligated to issue the TIF Note pursuant to Section 6.1, the TIF Note shall be for an amount equal to the least of: (a) $3,000,000.00; (b) the sum of all Eligible Costs Developer has actually incurred and paid; or (c) an amount equal to the City's estimate of 85% of the tax increment that will be derived from Development Property and paid to the City between January 1, of the year that is two years following the City's issuance of Certificate of Completion and February 1, 2038 and that the City will be entitled to retain pursuant to the terms of the Tax Increment Act, as in effect at the time of the City's estimate, assuming that during each year between the year following the year in which the City issues the Certificate of Completion and 2036 the Development Property will have an assessed value for purposes of calculating ad valorum real estate taxes that is equal to the assessed value that the Anoka County Assessor establishes for the Development Property for purposes of ad valorum real estate taxes assessed in the year following 11 2695614v16