Benefit Districts for Internal Infrastructure Improvements Clause Samples

Benefit Districts for Internal Infrastructure Improvements. The Developer has submitted or will submit petitions for the creation of one or more benefit districts encompassing all or portions of the Property related to the Internal Infrastructure Improvements. In the event the TIF District is created, and the City issues TIF Bonds to finance the Internal Infrastructure Improvements, the City will not proceed with benefit district assessments or financing for the Internal Infrastructure Improvements. However, in the event (a) the TIF District is not created, (b) a project plan encompassing the Internal Infrastructure Improvements is not approved, or (c) TIF Bonds are not issued, then the Developer may request that the City abandon any phase of the Internal Infrastructure Improvements that has not commenced construction and that the City is not contractually obligated to complete and otherwise the City will continue with construction of the Internal Infrastructure Improvements in reliance upon these petitions, and in that case when construction of the Internal Infrastructure Improvements is complete and as required under state law, the City will levy special assessments against the Property. If the TIF District is created and a project plan encompassing the Internal Infrastructure Improvements is approved but TIF Bonds are not issued, then after the special assessments are levied the City will apply the tax increment generated by the Property towards payment of the special assessments or to reimbursement the Developer for special assessments it may have paid prior to sufficient available tax increment. The Developer will comply with