Alternative Construction Financing Sample Clauses

Alternative Construction Financing. (1) Developer is investigating the possibility of financing the construction of the Public Improvement with the proceeds of a short-term bond issued by the Maryland Industrial Development Financing Authority (the “MIDFA Bond”). If the MIDFA Bond is issued, the proceeds of the TIF Bonds would be used in part to repay the MIDFA Bonds upon completion of construction of the Public Improvement and acquisition of the public improvement. TIF Bonds issued to repay MIDFA Bonds shall be subject to the same terms and conditions as set forth in Section 4.0 of this Memorandum, except that the maximum aggregate principal amount of the TIF Bonds shall be reduced so that no portion of the proceeds of the TIF Bonds shall be used to pay capitalized interest unless otherwise agreed to by Issuer in its sole discretion; (2) Pursuant to the authority contained in Md. Econ. Dev. Art. Annot., Section 5-1301, et. seq (the “BRAC Act”), Issuer is investigating the possibility of establishing a BRAC Revitalization and Incentive Zone (the “BRAC Zone”) in an area to include the Property in the next round of applications due to the State Department of Business & Economic Development (“DBED”). Should such a BRAC Zone be established, Issuer shall deposit a pro rata share of the annual revenues received pursuant to the BRAC Act into the TIF Fund. The pro rata share to be deposited in the TIF Fund shall be determined by the amount of incremental County property tax revenues attributable to the XXX Development divided by the total amount of incremental County property tax revenues attributable to the entire BRAC Zone. For the purposes of determining the annual pro rata share, the date of the base year used to calculate the County property tax increment shall be the date required pursuant to the BRAC Act.
Sample 1
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