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

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Section 5.8 Issuance of Tax Increment Revenue Refundin2: Bonds. (a) The Parties understand and agree that the Develeper's willingness to' undertake its activities under this Agreement was predicated en the understanding that the Develeper weuld achieve the Allewable Prefit and receive the develeper fees and the Targeted Rate ef Return centemplated by this Agreement. The Parties alsO' understeed at the time ef executien ef this Agreement that in erder to' achieve such Allewable Profit and receive such develeper fees and such Targeted Rate ef Return it might be necessary fer the City to' issue tax increment bends to' refund the Ta..-x Increm~nt Revenue Nete (the "Refunding Bends") and that if such bends are issued after the Completien Date cests 'Of financing could be reduced, thereby enhancing the fmancial feasibility ef the Develepment. Therefere, the City agrees, to the extent permitted by law that, at the prior written request ef the Develeper, but nO' earlier than the Pre fit Determinatien Date, to' use its best 'efforts to issue Refunding Bends subject to' the fellowing cenditiens: . (i) . The principal ameunt ef the Refunding Bends shall be based en a Debt Service Ceverage RatiO' as is necessary to' sell the Refunding Bends at par. The principal ameunt ef the Refunding Bends will net exceed the le~ser ef (i) t~e ameunt that can be _ amertized using the Pledged Ta..-x Increment generated by the Minimum Imprevements and (ii) the ameunt necessary after reasenable trl3?sactien cests, reserves and capitalized interest to' create net preceeds equal to'. the eutstanding principal balance ~f the Tax Increment Revenue Note sO' leng as the tetal aggregate debt service payable with respect to' the Refunding Bends dees net exceed the tetal aggregate debt service that weuld have been payable ever the term efthe Ta..-xIncrement Revenue Nete; (ii) The legal autherity ef the City to' issue such Refunding Bends and pledge the Available Tax Increment at the time efthe Develeper's request; and (iii) The ability ef any Placement Agent to' market the Refunding Bends. (b) The Develeper acknewledges that the maximum ameunt the City will pledge to' repay the Tax Increment Refunding Bends is the Pledged Tax Increment generated by the Minimum Imprevements, and that the CitY will determine, in its sele discretien, the principal ameun:t ef the Refunding Bends to' be issued. In determining the principal ameunt of the Refunding Bends to' be issued, the City will censider, ameng ether thiIigs, the Market Values of the cempleted Minimum Improvements. In additien and if feasible, the City will issue separate . Refunding Bends for each'efthe cempenents efthe Develepment. ( c) The terms and cenditiens ef the Refunding Bends will be set ferth in a reselutien to b~ adepted by the City Ceuncil ef the City (the "Bend Reselutien"). In the event ef a conflict between the terms and cenditiens 'hereef and the terms and cenditiens ef the Bend Resolutien, theterrns and ~enditions efthe Bend Reselutien shall prevail. ~ Section 5.9 Issuance of Parking Lot Note. (a). When requested by the Develeper, but net prier to' the Clesing en the Jacksen Bleck Property and tlw clesing on the Censtructien Loan fer the Bluff Bleck Develepment, the City shall commence censtruction efthe King Avenue parking let previded that:. 1674205v9 33