8.3 SR 04-04-2022 - Laserfiche WebLink

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of issuance. The principal of the TIF Note and interest thereon shall be payable on a pay-as-you- go basis solely from the Pledged Tax Increments as provided below. (2) The TIF Note shall be issued, in substantially the form attached hereto as Exhibit D and interest will commence to accrue on the TIF Note 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, 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 per Exhibit C 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 which 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, (B) the City shall have received evidence that the Declaration has been recorded against the Development Property; (C) the Developer shall have obtained from the City a certificate of occupancy for all living units in the Project and a Certificate of Completion as provided in this Agreement; (D) 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 3.4 hereof, (E) the Developer obtained the written approval of City building official that the soil and remediation work undertaken on the Development Property meet the City's requirements prior to the commencement of the construction of the building and parking lot on the Development Property in accordance Section 3.7 hereof, (F) the Developer has obtained final City zoning and planning approvals for the Project and the Development Property; (G) the Developer has received all necessary City permits for the Project in accordance with the City's normal permit process; and (H) the Developer is in material compliance with each term or provision of this Agreement required to have been satisfied as of such date. (3) Subject to the provisions thereof, the TIF Note shall bear simple, non - compounding interest at the rate of 4.00% per annum. Interest shall be computed on the basis of a 360 day year consisting of twelve 30-day months. Principal and interest on the TIF Note will be payable on each Payment Date; 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 Note shall be the Pledged Tax Increments received in the 6-month period preceding each Payment Date. The principal amount of TIF Note shall be the Reimbursement Amount. On each Payment Date the Pledged Tax Increment shall be credited against the accrued interest then due on the TIF Note and then applied to reduce the principal. In the event the Pledged Tax Increments are not sufficient to pay the accrued interest, the unpaid accrued interest shall be carried forward without interest. The Developer further acknowledges that estimates of Pledged Tax Increment prepared by the City or its financial or municipal advisors in connection with the TIF District or this Agreement are for the benefit of the City, and are not intended as representations on which the Developer may rely. All Tax Increments in excess of the Pledged Tax Increments necessary to pay the principal and accrued interest on the TIF Note 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 final Payment Date, to pay all amounts otherwise due on the TIF Note, said unpaid amounts shall then cease to be any debt or obligation of the City whatsoever. No interest will accrue during any period in which payments have been suspended pursuant to Section 4.2. 8 EL185-70-769416.d7