Common use of Base Increment Clause in Contracts

Base Increment. The Developer may submit only one (1) written request to the DSD Director for the payment of the Base Increment for an Acquisition Improvement constructed by the Developer upon the substantial completion of the construction of such Acquisition Improvement in accordance with the approved Plans and Specifications. The criteria for determining “substantial completion” of each such Acquisition Improvement is described in Exhibit “C” and shall mean generally that construction, or work with respect to such Acquisition Improvement has progressed to the point where it is sufficiently complete so that such Acquisition Improvement can be utilized for the purpose for which it was intended. Substantial completion of such an Acquisition Improvement shall also mean that all components of such Acquisition Improvement are substantially complete, e.g., in the case of Acquisition Improvement including streets, the components are described in Exhibit “C.” Each Base Increment payment request must be in the form attached hereto as Exhibit “E,” which is incorporated herein by this reference, and conform to the requirements of (f) below. The request for payment of the Base Increment for an Acquisition Improvement shall be accompanied by a copy of the following documents related to the construction of such Acquisition Improvement: (1) each construction contract and copy of bid notice for such contract, (2) each change order, (3) each invoice submitted pursuant to such construction contracts, (4) evidence of payment of each such invoice such as copies of cancelled checks or other evidence of payment satisfactory to the City Engineer, and (5) written conditional lien releases executed by each applicable contractor, subcontractor and materialman in a form satisfactory to the City Attorney of the City (the “City Attorney”) for such Acquisition Improvement.

Base Increment. The Developer Owner may submit only one (1) written request to the DSD Director City Engineer for the payment of the Base Increment for an Acquisition Improvement constructed by the Developer Owner upon the substantial completion of the construction of such Acquisition Improvement in accordance with the approved Plans and Specifications. The criteria for determining “substantial completion” of each such Acquisition Improvement is described in Exhibit “C” B and shall mean generally that construction, or work with respect to such Acquisition Improvement has progressed to the point where it is sufficiently complete so that such Acquisition Improvement can be utilized for the purpose for which it was intended. Substantial completion of such an Acquisition Improvement shall also mean that all components of such Acquisition Improvement are substantially complete, e.g., in the case of Acquisition Improvement including streetsstreets [(other than streets included in the Traffic Enhancement Improvements)], the components are described in footnote 1 to Exhibit “C.” A. Each Base Increment payment request must be in the form attached hereto as Exhibit “E,” D, which is incorporated herein by this reference, and conform to the requirements of (f) below. The request for payment of the Base Increment for an Acquisition Improvement shall be accompanied by a copy of the following documents related to the construction of such Acquisition Improvement: (1) each construction contract and copy of bid notice for such contract, (2) each change order, (3) each invoice submitted pursuant to such construction contracts, (4) evidence of payment of each such invoice such as copies of cancelled checks or other evidence of payment satisfactory to the City Engineer, and (5) written conditional lien releases executed by each applicable contractor, subcontractor and materialman in a form satisfactory to the City Attorney of the City (the “City Attorney”) for such Acquisition Improvement.

Base Increment. The Developer may submit only one (1) written request to the DSD Director for the payment of the Base Increment for each Discrete Phase of an Acquisition Improvement constructed by the Developer upon the substantial completion of the construction of such Acquisition Improvement Discrete Phase in accordance with the approved Plans and Specifications. The criteria for determining “substantial completion” of each such Acquisition Improvement Discrete Phase is described in Exhibit “C” and shall mean generally that construction, or work with respect to such Acquisition Improvement Discrete Phase has progressed to the point where it is sufficiently complete so that such Acquisition Improvement Discrete Phase can be utilized for the purpose for which it was intended. Substantial completion of such an Acquisition Improvement a Discrete Phase shall also mean that all components of such Acquisition Improvement Discrete Phase are substantially complete, e.g., in the case of Acquisition Improvement the Discrete Phase including streetsstreets and surface improvements, the components are described in Exhibit “C.C,” items A-G and in the case of the Discrete Phase that includes landscape and irrigation, the components are included in items H and I. Each Base Increment payment request must be in the form attached hereto as Exhibit “E,” which is incorporated herein by this reference, and conform to the requirements of (f) below. The request for payment of the Base Increment for an Acquisition Improvement a Discrete Phase shall be accompanied by a copy of the following documents related to the construction of such Acquisition Improvement: (1) each construction contract and copy of bid notice for such contract, (2) each change order, (3) each invoice submitted pursuant to such construction contracts, (4) evidence of payment of each such invoice such as copies of cancelled checks or other evidence of payment satisfactory to the City Engineer, and (5) written conditional lien releases executed by each applicable contractor, subcontractor and materialman in a form satisfactory to the City Attorney of the City (the “City Attorney”) for such Acquisition ImprovementDiscrete Phase.