5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:37/ST. 9:28/NO. 4261218754 P 20 • (iii) No TIF payments will be made until the second calendar year after the year in which a Certificate of Completion has been issued for all of the Initial Improvements. (iv) Each payment shall be in the amount due pursuant to the payment schedule attached to the Note, or in the amount of Available Tax Increment at the time the payment is due, or in the amount which will make Authority's total Reimbursements to Redeveloper equal to Redeveloper's actual payments of Reimbursable land acquisition costs, whichever is less. If a partial payment is made because Available Tax Increment is insufficient to make the scheduled payment the balance of the scheduled payment shall be paid,with interest,as soon as Available Tax Increment is sufficient to make the payment. (d) Prepayment. Authority shall have the right to prepay all or any portion of the principal amount of the Note at any time, except that Authority shall not at any time have paid to Redeveloper an amount in excess of Redeveloper's Reimbursable land acquisition costs actually paid as of that time. (e) Payment in Full. TIF payments shall be made to the Redeveloper until the Note is paid in full, except that no payments will be made following termination of this Agreement or expiration or decertification of the TIF District. Section 3.6 Payment of Public Improvement Costs. In addition to the Reimbursable • Redevelopment Costs to be paid by Authority, City will incur approximately $1,955,000 of Public Improvement Costs for public infrastructure and land acquisition within the TIF District to serve the Shopping Center Project, including costs for trunk water and sewer facilities, roads, storm water facilities and related public infrastructure. The Public Improvement Costs will be funded by the issuance of public improvement bonds (the Bonds) and Internal Loans, both of which will he repaid with Tax Increment generated by TIF District No. 19. Other portions of the Public Improvement Costs will be specially assessed to the Development Property pursuant to the Shopping Center Developer Agreement and the Business Park Developer Agreement. Section 3.7 Reserve Requirements. The Parties covenant and agrcc that payment of and security for the Bonds and the Internal Loans is paramount and prior to the reimbursement of any Reimbursable Redevelopment Costs to Redeveloper and, accordingly, the Parties hereby agree as follows: (a) Authority shall establish a Reserve for Bond and Internal Loan payments in an amount equal to the total annual debt service due on the Bonds and the Internal Loans. The Reserve shall be used to make Bond and Internal Loan payments in any year that Tax Increments received are not sufficient to do so. If Bond or Internal Loan Payments are made from the Reserve Requirement,the Reserve shall be re-established as provided in Section 3.7(b). (b) The Reserve Requirement shall be established as follows: -16-