6.9.B. SR 05-16-2005 - Laserfiche WebLink

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material prepared by the Developer or any Placement .Agr~ement in connection with the Developer's assignment of the Tax Increment Revenue Note to any Lender must be reviewed and approved by the City; provided that the_ City will-make no representations or warranties with respect to the information contained in any such offering material. (d) If <md to the extent Available Tax Increments collected in any year are in exceSs of the Pledged Tax Increment and the Parking Lot Pledged Tax Increment, the excess shall be retained by the City. Section 5.3 Reduction of Assistance. (a) The Developer shall maintain books and records relating to the financing, construction, leasing and sales of the Minim~ Improvements in accordance with generally accepted accounting principles consi5tently applied. - - (b) - On or before the later of the Cash Flow Determination Date or the Profit Determination Date, the Developer shall, at its sole expense but as a Total Development Cost, cause a certified public accountant acceptable to the City to have prepared and deliv~red to the _City a Sources and Uses Statement, a Profit - Statement with respect to the Bluff Block Development and a Cash Flow Statement with respect to the Jackson Block Development. The Developer shall also -furnish such additional documentation as the City may reasonably request. Within thirty (30) days of receipt, the City shall notify the Developer of any necessary adjustments. Within thirty (30) days after the Developer provides a revised Sources and Uses Statement, Profit Statement and/or Cash Flow Statement(s) to the satisfaction of the City, or within thirty (30) days of the original receipt thereof if the City requires no adjustments, the City - shall notify the Developer in writing whether the Sources and Uses Statement, Profit Statement and Cash Flow Statements are determined by it to be acceptable. . (c)' Within thirty (30) days of the acceptance of the Sources and Uses Statement, Profit Statement and Cash Flow Statement by the City, if the Rate of Return for the Jackson Block Commercial Project is at or above the Targeted Return and the Developer has received a development fee at.least equal to 12% of development costs approved by the Minnesota Housing Finance Agency with respect to the Jac"kson Block Housing Project, the Developer shall pay to the City the lesser of (i) the sum of the Excess _ Funding and the Excess Profit, if any, and (ii) the amount of SAC and WAC reimbursed to the Developer pursuant to Section 5.7(a) plus the difference between the fair market value of the Jackson Block Property as set forth in Section 3.4 and the purchase price of the Jackson Block Property paid by the Developer. To the extent the Developer fails to pay such amount to the City, the City may apply Available Tax Increments to reimburse itself for such an:lount and no amount shall be payable under the Tax Increment Revenue Note until the City has been fully reimbursed. Such amounts paid to the City shall be credited against the payments otherwise due under the Tax -Increment Revenue Note. (d) To the- extent the sum of the Excess Funding and the Excess Profit exceeds the amount paid by the Developer to the City pursuant to Section 5.3( c), the Reinlbursement ~ount, and correspondingly the principal amount of the Tax Increment Revenue Note, shall be reduced by the difference between (i) the sum of the Excess Funding and the Excess Profit and (ii) the amount paid by the Developer to the City pursuant to Section 5.3(c) and within thirty (30) 1674205v9 29