8.1 SR 05-17-2021 - Laserfiche WebLink

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(2) The Phase One TIF Note shall be issued, in substantially the form attached hereto as Exhibit D only when: (A) the Developer shall have submitted written proof and other documentation as may be reasonably satisfactory to the City of the exact nature and amount of the Public Development Costs incurred by the Developer relating to the Phase One Project, together with such other information or documentation as may be reasonably necessary and satisfactory to the City to enable the City to substantiate the Developer’s tax increment expenditures for Public Development Costs in accordance with Exhibit C attached hereto and/or to comply with its tax increment reporting obligations to the Commissioner of Revenue, the Office of the State Auditor or other applicable official; (B) the Developer shall have obtained from the City a certificate of occupancy for all residential units in the Phase One Project and a certificate of occupancy; (C) the Developer shall have paid all of the City’s Administrative Costs required to have been paid as of such date in accordance with Section 3.3 hereof; (D) the Developer shall be in material compliance with each term or provision of this Agreement required to have been satisfied as of such date. The documentation provided in accordance with Section 3.2(2)(A) shall include specific invoices for the particular work from the contractor or other provider and shall include paid invoices, copies of remittances and/or other suitable documentary proofs of the Developer’s payment thereof. (3) The Phase Two TIF Note shall be issued, in substantially the form attached hereto as Exhibit E only when: (A) the Developer shall have submitted written proof and other documentation as may be reasonably satisfactory to the City of the exact nature and amount of the Public Development Costs incurred by the Developer relating to the Phase Two Project, together with such other information or documentation as may be reasonably necessary and satisfactory to the City to enable the City to substantiate the Developer’s tax increment expenditures for Public Development Costs in accordance with Exhibit C attached hereto and/or to comply with its tax increment reporting obligations to the Commissioner of Revenue, the Office of the State Auditor or other applicable official; (B) the Developer shall have obtained from the City a certificate of occupancy for all residential units in the Phase Two Project and a certificate of occupancy; (C) the Developer shall have paid all of the City’s Administrative Costs required to have been paid as of such date in accordance with Section 3.3 hereof; (D) the Developer shall be in material compliance with each term or provision of this Agreement required to have been satisfied as of such date. The documentation provided in accordance with Section 3.2(3)(A) shall include specific invoices for the particular work from the contractor or other provider and shall include paid invoices, copies of remittances and/or other suitable documentary proofs of the Developer’s payment thereof. (4) The TIF Notes shall not bear interest. Principal on the TIF Notes will be payable on each Phase One Payment Date and Phase Two Payment Date, respectively; however, the sole source of funds required to be used for payment of the City’s obligations under this Section and correspondingly under the TIF Notes shall be the Pledged Tax Increments received in the 6-month period preceding each Phase One Payment Date or Phase Two Payment Date, respectively. The TIF Notes shall be payable on a pro-rata basis. (5) On each Phase One Payment Date and Phase Two Payment Date, respectively the Pledged Tax Increment shall be applied to reduce the principal on a pro rata basis. All Tax Increments in excess of the Pledged Tax Increments necessary to pay the principal on the TIF Notes are not subject to this Agreement, and the City retains full discretion as to any authorized application thereof. To the extent that the Pledged Tax Increments are insufficient through the 8 EL185-50-718703.v2