5.1. SR 10-17-2005 - Laserfiche WebLink

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"PHF/dug Lot }\ll:Jte" means the tax increment revenue note, in substantially the form attached hereto as Exhibit F hereto to be issued by the City pursuant to the provisions of Section 5.9 hereof. "PHF/dug Ll:Jt Pledged TtlX !ncrement" means, as of any Payment Date, 6% of the lesser of the actual.L^..vailable Tax Increment received by the City since the last Payment Date based on the lesser of the current actual Market Value of the Minimum Improvements as determined by the County .^..ssessor or the County Assessor's Market Value of the Minimum Improvements as of the January 2 immediately following the Completion Date. "Party" means the Developer or the City, as the context may require. "Parties" means the Developer and the City. "Payment Date" means each February 1 and August 1, commencing with the first February 1 or August 1 occurring after the date of issuance of a certificate of completion for the shell of the Bluff Block Development; provided, that if any such Payment Date should not be a Business Day, the Payment Date shall be the next succeeding Business Day. "Person" means any individual, corporation, partnership, joint venture, limited liability company or partnership, association, trust, unincorporated organization, or government, or any agency or political subdivision thereof. "Placement Agent" means any underwriter or placement agent, cooperatively selected by the City and the Developer, which assists the Developer in placing the Tax Increment Revenue Note with a Lender. "Pledged Tax Increment" means, as of any Payment Date, -89.2.5% of the actual Available Tax Increment received by the City since the last Payment Date based on the lesser of the current actual Market Value of the Minimum Improvements as determined by the County Assessor or the County Assessor's Market Value of the Minimum Improvements as of the January 2 immediately following the Completion Date. "Profit" means the amount by which Sales Proceeds exceed Total Development Costs of the portion of the Development in which units are sold and not leased; provided that if the Profit Determination Date is prior to the date of the Sale of the last unit to be sold the Developer shall forecast Profit with respect to units which have not yet been sold based on projected Sales prices of remaining units and in forecasting such Profits. "Profit Determination Date" means the first day of the first month that is sixty (60) days after both the Bluff Block Development and the Jackson Block Development are 80% leased and/or sold or such earlier date as the City may require. "Profit Statement" means the profit analysis provided by the Developer pursuant to Section 5.3 and to be attached as Exhibit ML hereto in substantially the form and content as set forth in Exhibit -bK hereto, prepared by a firm of certified public accountants reasonably acceptable to the City calculating the Profit, which shall detail all actual sources and uses of funds associated with the portion of the Development in which units are sold and not leased and I 824344vRED V2 to VI; 10/12/05 8