8.3 SR 04-04-2022 - Laserfiche WebLink

Home Browse Search

ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY Section 3.1. Total Development Costs and Public Costs. (1) The Developer's estimate of the Total Development Costs of the Project and sources of revenue to pay such costs are set forth on Exhibit H attached hereto. (2) Based on the Developer's representation that the Total Development Costs are approximately $8,890,974, that the funding sources available to pay such costs, excluding the tax increment assistance contemplated herein, is $7,922,974, and that the Developer is unable to obtain additional private financing or other public funding 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. (3) 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 which are identified on Exhibit C attached hereto will be at least $968,000. (4) As of January 2, 2025, the estimated market value of the Development Property, as improved, is expected to be at least $6,363,000. (5) The Developer has or will acquire fee title to the Development Property, and 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 will obtain, or cause to be obtained, in a timely manner, 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 Developer will construct the Project in accordance with the Geotechnical Report and Section 3.7 hereof. The Developer will engage a technical engineer to monitor and verify that the Project is constructed in accordance with the Geotechnical Report. (8) The Public 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 Note. Section 3.2. TIF Note. (1) The TIF Note will be originally issued to the Developer, as provided in Section 3 2(2), in a principal amount equal to the Reimbursement Amount and shall be dated as of its date 7 EL185-70-769416.d7