8.1 SR 05-17-2021 - Laserfiche WebLink

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ARTICLE III UNDERTAKINGS BY DEVELOPER AND City Section 3.1. Total Development Costs and Public Costs. (1) Based on the Developer’s representation that the Total Development Costs for the Project are approximately $34,702,589, that the sources of revenue available to pay such costs, excluding the tax increment assistance contemplated herein, do not exceed $28,867,964, and that the Developer is unable to obtain additional private financing or investment for the estimated Total Development Costs, the City has agreed to provide tax increment financing subject to the terms and conditions as hereinafter set forth. The Developer must provide the City copies of all executed financing documents related to financing the Total Development Costs of the Project. (2) The parties agree that the Public Development Costs to be incurred by the Developer are essential to the successful completion of the Project. The Developer anticipates that the Public Development Costs for the Project which are identified in Exhibit C attached hereto will be at least $7,734,523. (3) As of January 2, 2025, the estimated market value of the Development Property, as improved by the Project, is expected to be at least $21,759,300. (4) The Developer shall acquire the Development Property. In addition, the Developer has acquired or has entered into a purchase agreement pursuant to which it will acquire fee title to the Development Property. (5) The Developer will cause the Project to be constructed in accordance with the terms of this Agreement, the Development Program, and all local, state and federal laws and regulations including, but not limited to, environmental, zoning, energy conservation, building code and public health laws and regulations. (6) The Developer shall, in a timely manner, comply with all requirements necessary to obtain, or cause to be obtained, all required permits, licenses and approvals, and will meet, in a timely manner, all requirements of all applicable local, state, and federal laws and regulations which must be obtained or met for the construction and operation of the Project. (7) The Total Development Costs shall be paid by the Developer, and the City shall reimburse the Developer for the Public Development Costs in the Reimbursement Amount solely through the issuance of the TIF Notes as provided herein. Section 3.2. TIF Notes. (1) The TIF Notes will be originally issued to the Developer, as provided in Section 3.2(2) and Section 3.2(3) hereof, in a principal amount equal to the Reimbursement Amount for the respective phase of the Project and each shall be dated as of its date of issuance. The principal of the TIF Notes shall be payable on a pay-as-you-go basis on a pro-rata basis solely from the Pledged Tax Increments as provided below. The TIF Notes shall not bear interest. 7 EL185-50-718703.v2