Common use of Authority Administrative Fee; Retainer Clause in Contracts

Authority Administrative Fee; Retainer. Commencing in the calendar year 2020, an administrative fee (the “Authority Administrative Fee”) in the amount of $60,000 of the total annual TIF Revenue, escalating at a rate of two percent (2%) annually in each subsequent year, as more particularly shown on Exhibit D, shall be retained and collected annually by the Authority from the total TIF Revenue initially deposited in the Special Fund, the proceeds of which shall be used to defray the Authority’s costs of administering the Urban Renewal Plan, including, but not limited to, overhead, administration, accounting and reporting of the collection and disbursement of Pledged Revenues. On the date the District Bonds are issued, the District will pay to the Authority $183,624, which amount shall be credited against the obligation to pay the Authority Administrative Fee for the years 2020, 2021 and 2022. Notwithstanding the foregoing, commencing in 2023 until such time as the TIF Revenue is annually in excess of an amount required to fund an Authority Administrative Fee of not less than the applicable amount provided on Exhibit D, Developer will pay to the Authority an Authority Administrative Fee in such amount annually not later than June 30 of each year. The Authority shall determine the extent to which the Authority Administrative Fee is available from TIF Revenue based on calculations provided by the El Paso County Assessor. Any Authority Administrative Fee paid by Developer (a) shall be a Reimbursable Project Cost; and (b) shall bear interest at the rate of eight percent (8%) per annum from the date it is paid. Any accrued but unpaid balance of the Authority Administrative Fee owing to the Authority by Developer shall bear interest at the rate of eight percent (8%) per annum from the date it became due. In addition to the Authority Administrative Fee, Developer agrees to fund and maintain on retainer with the Authority an amount equal to $15,000, to be used by the Authority pay extraordinary direct expenses of the Authority relating to Developer’s project, not included in the cost of issuance of Bonds or are outside the normal duties of the Authority in administering this Agreement, such extraordinary direct expenses include, but are not limited to, the costs associated with the engineer’s certification of costs, any accounting costs in excess of $3,000 associated with the certification of costs, legal and accounting costs related to any future financing of project costs, legal costs associated with defending the Authority’s ability to collect the Pledged Revenue, legal costs associated with defending the terms of this Agreement, and any other costs incurred that are not outlined by this Agreement (plus 15%). If the Authority applies any funds from such retainer, the Authority will provide an invoice to Developer showing the funds applied and the applicable costs, and Developer agrees to replenish the funds in the retainer account to the initial amount within ten (10) days thereafter.

Authority Administrative Fee; Retainer. Commencing in the calendar year 2020, an administrative fee (the “Authority Administrative Fee”) in the amount of $60,000 of the total annual TIF Revenue, escalating at a rate of two percent (2%) annually in each subsequent year, as more particularly shown on Exhibit D, shall be retained and collected annually by the Authority from the total TIF Revenue initially deposited in the Special Fund, the proceeds of which shall be used to defray the Authority’s costs of administering the Urban Renewal Plan, including, but not limited to, overhead, administration, accounting and reporting of the collection and disbursement of Pledged Revenues. On the date the District Bonds are issued, the District will pay to the Authority $183,624, which amount shall be credited against the obligation to pay the Authority Administrative Fee for the years 2020, 2021 and 2022. Notwithstanding the foregoing, commencing in 2023 until such time as the TIF Revenue is annually in excess of an amount required to fund an Authority Administrative Fee of not less than the applicable amount provided on Exhibit D$60,000, Developer will pay to the Authority an Authority Administrative Fee in such the amount of $60,000 annually not later than June 30 of each year. The Authority shall determine the extent to which the Authority Administrative Fee is available from TIF Revenue based on calculations provided by the El Paso County Assessor. Any Authority Administrative Fee paid by Developer (a) shall be a Reimbursable Project Cost; and (b) shall bear interest at the rate of eight percent (8%) per annum from the date it is paid. Any accrued but unpaid balance of the Authority Administrative Fee owing to the Authority by Developer shall bear interest at the rate of eight percent (8%) per annum from the date it became due. In addition to the Authority Administrative Fee, Developer agrees to fund and maintain on retainer with the Authority an amount equal to $15,000, to be used by the Authority pay extraordinary direct expenses of the Authority relating to Developer’s project, not included in the cost of issuance of Bonds or are outside the normal duties of the Authority in administering this Agreement, such extraordinary direct expenses include, but are not limited to, the costs associated with the engineer’s certification of costs, any accounting costs in excess of $3,000 associated with the certification of costs, legal and accounting costs related to any future financing of project costs, legal costs associated with defending the Authority’s ability to collect the Pledged Revenue, legal costs associated with defending the terms of this Agreement, and any other costs incurred that are not outlined by this Agreement (plus 15%). If the Authority applies any funds from such retainer, the Authority will provide an invoice to Developer showing the funds applied and the applicable costs, and Developer agrees to replenish the funds in the retainer account to the initial amount within ten (10) days thereafter.. CONSTRUCTION OF IMPROVEMENTS

Authority Administrative Fee; Retainer. Commencing in the calendar year 20202022 and continuing through calendar year 2046, an administrative fee (the “Authority Administrative Fee”) in the annual amount of $60,000 45,000 of the total annual TIF Revenue, escalating at a rate of two percent (2%) annually in each subsequent year, as more particularly shown on Exhibit D, Revenue shall be retained and collected annually by the Authority from the total TIF Revenue initially deposited in the Special Fund, the proceeds of which shall be used used, among other things, to defray the Authority’s costs of administering the Urban Renewal Plan, including, but not limited to, overhead, administration, accounting and reporting of the collection and disbursement of Pledged TIF Revenues. On Notwithstanding the date the District Bonds are issuedforegoing, so long as no Event of Default exists and is continuing hereunder, the District will pay Authority agrees to the Authority $183,624, which amount shall be credited against the obligation to pay defer annual retention of TIF Revenues for collection of the Authority Administrative Fee for the first fifteen (15) years 2020of the Urban Renewal Plan (i.e., 2021 and 2022. Notwithstanding through 2035, which TIF Revenues for such years, if any, would be payable in arrears in the foregoingyears 2022 through 2036), commencing in 2023 until such time as the TIF Revenue is annually in excess of an amount required to fund an Authority Administrative Fee of not less than the applicable amount provided on Exhibit D, Developer will pay to the Authority an Authority Administrative Fee in such amount annually not later than June 30 of each year. The Authority shall determine the extent to which that the Authority Administrative Fee is available from TIF Revenue based on calculations provided shall accrue for such period, together with interest thereon at an annual rate of five percent (5.0%) simple interest, and be collected by the El Paso County Assessor. Any Authority Administrative Fee paid by Developer (a) shall be a Reimbursable Project Cost; and (b) shall bear interest at the rate of eight percent (8%) per annum from the date it is paid. Any accrued but unpaid balance TIF Revenues in the final ten (10) years of the Authority Administrative Fee owing to Urban Renewal Plan (i.e., 2036 through 2045, which TIF Revenues for such years, if any, would be payable in arrears in the Authority by Developer shall bear interest at the rate of eight percent (8%) per annum from the date it became dueyears 2037 through 2046). In addition to the Authority Administrative Fee, Developer Xxxxxxxxx agrees to fund and maintain on retainer with the Authority an amount equal to $15,000, to be used by the Authority pay extraordinary direct expenses of the Authority relating to Developer’s project, not included in the cost of issuance of Bonds or are outside the normal duties of the Authority in administering this Agreement, such extraordinary direct expenses include, but are not limited to, the costs associated with the engineer’s certification of costs, any accounting costs in excess of $3,000 associated with the certification of costs, legal and accounting costs related to any future financing of project costs, legal costs associated with defending the Authority’s ability to collect the Pledged Available Revenue, legal costs associated with defending the terms of this Agreement, and any other costs incurred that are not outlined by this Agreement (plus 15%). If the Authority applies any funds from such retainer, the Authority will provide an invoice to Developer showing the funds applied and the applicable costs, and Developer agrees to replenish the funds in the retainer account to the initial amount within ten (10) days thereafter. In the event that the Developer fails to replenish the retainer or pay any other amount advanced by the Authority and reimbursable by the Developer under this Agreement, the Authority may apply interest to such amount at a rate equal to the greater of (i) Wall Street Journal Prime plus two percent or (ii) eight percent (8.0%) per annum. The Authority may further offset any such obligation against Available Revenues as available.