5.1. HRSR 12-06-2004 - Laserfiche WebLink

Home Browse Search

"Developer's Representative" means the President of the Developer, or his or her designee evidenced in writing to the City. • "Development" means the Development Property and the Minimum Improvements. "Development Property" means the Bluff Block Property and the Jackson Block Property. "Eligible Costs"means the costs identified on Exhibit G attached hereto. "Event of Default"means any of the events described in Sections 9.2 or 9.3. "Excess Profit" means the total amount of Profit received by the Developer from Sale of the units in the portion of the Development in which units are sold and not leased in excess of Allowable Profit, as determined by the Profit Statements submitted by the Developer and calculated as described in Section 5.3. "Excess Funding" means the total amount of Funding for the portion of the Development in which units are leased and not sold in excess of Total Development Costs of such portion of the Development, as determined by the Sources and Uses Statement submitted by the Developer and calculated as described in Section 5.3. "Fair Market Value" means the estimated fair market value as determined by the "Three Appraiser Method," whereby the Developer and the City each select an appraiser who submits a sealed appraisal. Upon simultaneous opening of the two appraisals, Fair Market Value shall be defined as the arithmetic average between the two appraisals, unless the two appraisals shall be lip more than 5.0% apart in value. If the two appraisals are more then 5.0% apart, the two appraisers shall jointly select a third appraiser and the Fair Market Value shall be determined as the arithmetic average between the three appraisals. If the two appraisers cannot agree upon the selection of a third appraiser, either the Developer or the City may submit the selection to binding arbitration. "Final Payment Date"means February 1, 2032 or on such later date as the City receives available Tax Increment as a result of the payment of real property taxes that were delinquent on February 1, 2032. "Funding" means the portion of the Construction Loan, cash equity contributed by the Developer, the Tax Increment Revenue Note, any additional assistance provided by any other governmental entity and any other sources of funding for the Minimum Improvements as set forth in the Sources and Uses Statement. "Jackson Block Commercial Project" means approximately 13,000 square feet of retail space, together with related parking facilities, to be constructed on the Jackson Block Property. "Jackson Block Development" means the demolition and clearance of the existing structures located on the Jackson Block Property and the construction of the Jackson Block Housing Project and the Jackson Block Commercial Project. • 1674205v8 6