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

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Section 8.6 Limitations on Disbursements and Disbursement of Costs of Issuance. As set forth in the Loan Agreement, the HRA is not obligated to advance proceeds of Loan No. 2 before the later of: the date thirty (30) days after the date the HRA conveys the Development Property to Developer, the date Developer commences construction of the Minimum Improvements, as defined in Section 4.8 of the Loan Agreement or June 1, 2012; the HRA is only obligated to advance up to $1,000,000.00 of the proceeds of Loan No. 2 between the 31St day and 60th day following the HRA's conveyance of the Development Property to Developer; and the HRA is only obligated to advance up to an additional $1,000,000.00 of the proceeds of Loan No. 2 between the 61st day and 90th day following the HRA's conveyance of the Development Property to Developer. As additional consideration for Loan No. 2, Borrower has agreed to pay the HRA, out of the proceeds of Loan No. 2, an amount equal to the City's Costs of Issuance. Immediately upon Borrower's execution and delivery of Note No. 2 to Borrower, Borrower will be deemed to have authorized the HRA to, and the HRA shall make an "advance," as defined in the Development Agreement, to itself from the proceeds of Loan No. 2 in an amount equal to the Costs of Issuance. The HRA's advance to itself of an amount equal to the Costs of Issuance shall not be subject to or count against the limitations on advances set forth in this Section 8.6. Section 8.7 Credit Against Interest. Borrower shall receive a credit against the interest accruing on Note No. 2 pursuant to Section 8.3 in an amount equal to any Tax Increments paid to the City in 2014. ARTICLE IX PARKING RAMP IMPROVEMENTS Section 9.1 Parking Ramp Improvements. As a part of the City's construction of the Parking Ramp Addition pursuant to the Purchase Agreement, the City will cause its contractors to construct and install the additional improvements described on Exhibit H. Upon the City's completion of the additional improvements described on Exhibit H, Developer must reimburse the City for all costs and expenses the City incurs to construct and install the additional improvements described on Exhibit H. ARTICLE X REAL ESTATE TAX PAYMENTS AND ASSESSMENT AGREEMENT Section 10.1 Real Property Taxes. Developer agrees that prior to December 31, 2038: (a) It will not seek administrative review or judicial review of the applicability of any tax statute relating to the taxation of all or any portion of the Development Property determined by any tax official to be applicable to the Development Property or Developer or raise the inapplicability of any such tax statute as a defense in any proceedings, including delinquent tax proceedings; provided, however, "tax statute" does not include any local ordinance or resolution levying a tax; 16 2695614v16