Common use of Alternative Issuance of TIF Indebtedness and Reimbursement Clause in Contracts

Alternative Issuance of TIF Indebtedness and Reimbursement. Notwithstanding Section 502.A above, the Redeveloper may fund in full the Redeveloper Priority Expenses in Section 503A below at Redeveloper's own cost and expense and seek reimbursement as described below. No Redeveloper Priority Expenses shall be deemed to have been funded by Redeveloper until Redeveloper shall have first submitted to the City evidence of the costs of the Redeveloper Priority Expenses supported by receipts, invoices, proof of payment, or other documentation satisfactory to the City to verify the expenditures were for eligible costs for the Redeveloper Priority Expenses and evidence that the Redeveloper has paid or caused to be paid all amounts lawfully due to all persons supplying or issuing Redeveloper, Redeveloper's contractor, or his or her subcontractors with labor or materials used in prosecution of the Central Hotel/13th & O Street Redevelopment Project and Redeveloper Improvements and that the City's acceptance of the Redeveloper's Certificate of Completion of Improvements has been executed by the City. The City shall approve or reject the same with reasons stated based upon review of the documents within thirty (30) days of receipt of the same. Upon completion of its review and approval and upon the request of the Redeveloper, the City shall issue a TIF Bond to Redeveloper in the principal aggregate amount of the approved TIF Priority Expenses as reimbursement to Redeveloper for funding such TIF Priority Expenses, but in no event shall the principal aggregate amount of the TIF Bond exceed $385,000.00 as provided in Section 502A above. Thereafter, Debt Service for TIF Indebtedness and Tax Increment Deficiency on TIF Bond shall be governed by Sections 504 and 505 respectively.

Alternative Issuance of TIF Indebtedness and Reimbursement. Notwithstanding Section 502.A 902.A above, the Redeveloper may fund in full the Redeveloper Priority Expenses in Section 503A 903 below at Redeveloper's ’s own cost and expense and seek reimbursement as described below. No Redeveloper Priority Expenses shall be deemed to have been funded by Redeveloper until Redeveloper shall have first submitted to the City evidence of the actual costs of the Redeveloper Priority Expenses supported by receipts, invoices, proof of payment, or other documentation satisfactory to the City to verify the expenditures were for eligible costs for the Redeveloper Priority Expenses and evidence that the Redeveloper has paid or caused to be paid all amounts lawfully due to all persons supplying or issuing Redeveloper, Redeveloper's ’s contractor, or his or her subcontractors with labor or materials used in prosecution of the Central Hotel/13th & O Street Redevelopment Project and Phase of the Sharp Building Redeveloper Improvements and that the City's ’s acceptance of the Redeveloper's ’s Certificate of Completion of Improvements for said Phase has been executed by the City. The City shall approve or reject the same with reasons stated based upon review of the documents within thirty (30) days of receipt of the same. Upon completion of its review and approval and upon the request of the Redeveloper, the City shall issue a TIF Bond series to Redeveloper in the principal aggregate amount of the approved TIF Priority Expenses for said Phase as reimbursement to Redeveloper for funding such TIF Priority Expenses, but in no event shall the principal aggregate amount of the TIF Bond Indebtedness exceed One Million Three Hundred Seventy- Six Thousand Eight Hundred Ninety-Four and No/100 Dollars ($385,000.00 1,376,894.00) as provided in Section 502A 902A above. Thereafter, Debt Service for TIF Indebtedness and Tax Increment Deficiency on TIF Bond shall be governed by Sections 504 904 and 505 905 respectively.

Alternative Issuance of TIF Indebtedness and Reimbursement. Notwithstanding Section 502.A 602.A above, the Redeveloper may fund in full the Redeveloper Priority Expenses in Section 503A 603A below at Redeveloper's own cost and expense and seek reimbursement as described below. No Redeveloper Priority Expenses shall be deemed to have been funded by Redeveloper until Redeveloper shall have first submitted to the City evidence of the costs of the Redeveloper Priority Expenses supported by receipts, invoices, proof of payment, or other documentation satisfactory to the City to verify the expenditures were for eligible costs for the Redeveloper Priority Expenses and evidence that the Redeveloper has paid or caused to be paid all amounts lawfully due to all persons supplying or issuing Redeveloper, Redeveloper's contractor, or his or her subcontractors with labor or materials used in prosecution of the Central Hotel/13th & O Street Redevelopment Project 2 Landmark Centre Redevlopment Agreement and Redeveloper Improvements and that the City's acceptance of the Redeveloper's Certificate of Completion of Improvements has been executed by the City. The City shall approve or reject the same with reasons stated based upon review of the documents within thirty (30) days of receipt of the same. Upon completion of its review and approval and upon the request of the Redeveloper, the City shall issue a TIF Bond to Redeveloper in the principal aggregate amount of the approved TIF Priority Expenses as reimbursement to Redeveloper for funding such TIF Priority Expenses, but in no event shall the principal aggregate amount of the TIF Bond exceed $385,000.00 3,500,000.00 as provided in Section 502A 602A above. Thereafter, Debt Service for TIF Indebtedness and Tax Increment Deficiency on TIF Bond shall be governed by Sections 504 604 and 505 605 respectively.

Alternative Issuance of TIF Indebtedness and Reimbursement. Notwithstanding Section 502.A above, the Redeveloper may fund in full the Redeveloper Priority Expenses in Section 503A below at Redeveloper's own cost and expense and seek reimbursement as described below. No Redeveloper Priority Expenses shall be deemed to have been funded by Redeveloper until Redeveloper shall have first submitted to the City evidence of the costs of the Redeveloper Priority Expenses supported by receipts, invoices, proof of payment, or other documentation satisfactory to the City to verify the expenditures were for eligible costs for the Redeveloper Priority Expenses and evidence that the Redeveloper has paid or caused to be paid all amounts lawfully due to all persons supplying or issuing Redeveloper, Redeveloper's contractor, or his or her subcontractors with labor or materials used in prosecution of the Central Hotel/13th & O Street Redevelopment Project Xxxxx Building and Redeveloper Improvements and that the City's acceptance of the Redeveloper's Certificate of Completion of Improvements has been executed by the City. The City shall approve or reject the same with reasons stated based upon review of the documents within thirty (30) days of receipt of the same. Upon completion of its review and approval and upon the request of the Redeveloper, the City shall issue a TIF Bond to Redeveloper in the principal aggregate amount of the approved TIF Priority Expenses as reimbursement to Redeveloper for funding such TIF Priority Expenses, but in no event shall the principal aggregate amount of the TIF Bond exceed $385,000.00 550,000.00 as provided in Section 502A above. Thereafter, Debt Service for TIF Indebtedness and Tax Increment Deficiency on TIF Bond shall be governed by Sections 504 and 505 respectively.

Alternative Issuance of TIF Indebtedness and Reimbursement. Notwithstanding Section 502.A above, the Redeveloper may fund in full the Redeveloper Priority Expenses in Section 503A below at Redeveloper's own cost and expense and seek reimbursement as described below. No Redeveloper Priority Expenses shall be deemed to have been funded by Redeveloper until Redeveloper shall have first submitted to the City evidence of the costs of the Redeveloper Priority Expenses supported by receipts, invoices, proof of payment, or other documentation satisfactory to the City to verify the expenditures were for eligible costs for the Redeveloper Priority Expenses and evidence that the Redeveloper has paid or caused to be paid all amounts lawfully due to all persons supplying or issuing Redeveloper, Redeveloper's contractor, or his or her subcontractors with labor or materials used in prosecution of the Central Hotel/13th & O Street Redevelopment Project Terminal Building and Redeveloper Improvements and that the City's acceptance of the Redeveloper's Certificate of Completion of Improvements has been executed by the City. The City shall approve or reject the same with reasons stated based upon review of the documents within thirty (30) days of receipt of the same. Upon completion of its review and approval and upon the request of the Redeveloper, the City shall issue a TIF Bond to Redeveloper in the principal aggregate amount of the approved TIF Priority Expenses as reimbursement to Redeveloper for funding such TIF Priority Expenses, but in no event shall the principal aggregate amount of the TIF Bond exceed $385,000.00 3,900,000.00 as provided in Section 502A above. Thereafter, Debt Service for TIF Indebtedness and Tax Increment Deficiency on TIF Bond shall be governed by Sections 504 and 505 respectively.