CID. The State of New Mexico Construction Industries Division.
CID. Charge-injection device.
CID. If and to the extent that Developer shall construct the Retail Space described in Section 2.2(b) above, the parties agree that the Project shall be funded in part by CID Proceeds. Developer has identified certain Project Costs which may be reimbursed with CID Proceeds (as defined below) if and to the extent that such Project Costs are eligible for payment or reimbursement pursuant to the CID Act (the “CID Eligible Expenses”). In connection with the CID, the parties hereby agree as follows:
CID. The Agreement also governs a CID approved by the City on July 22, 2019, which CID imposes a sales tax of one-half of one percent (0.5%) on retail sales to be added on top of the base sales taxes within the CID, the proceeds of which may be used for pay-as-you-go financing to the Developer. This CID overlaps with much of the TDD and the parties agree that it will be increased to one and one-half percent (1.5%) when the 1% TDD terminates – this creates a consistent 1.5% add-on sales tax for shoppers within the CID for the entire 22-year life of the CID.
CID. (a) On or about August 16, 2016, the Developer submitted a petition (the “Petition”) to the City requesting the formation of a community improvement district (the “District”). A copy of the Petition is attached hereto as Exhibit J. A legal description and map of the boundaries of the District is set forth on Exhibit K attached hereto.
CID. CID RESOURCES, INC., a Delaware corporation By: /s/ Xxxxxx X. Xxxxxx, Xx., Xxxxxx X. Xxxxxx, Xx., Vice President SGHI: SUPERIOR GROUP HOLDINGS, INC., a Texas corporation By: /s/ Xxxxxxx X. Xxxxxxxxx Xxxxxxx X. Xxxxxxxxx Vice President LENDER: BRANCH BANKING AND TRUST COMPANY a North Carolina banking corporation By: /s/ Xxxxxx X. Xxxxxxx Name: Xxxxxx X. Xxxxxxx Title: Senior Vice President
CID. Developer has filed a CID Petition requesting the establishment of a 22-year CID that would allow the imposition of a 1% additional sales tax within the boundaries of the CID District, all of which would be pledged to pay eligible reimbursable costs as detailed on Exhibit H of the Agreement. The CID revenue would be capped at $9,816,435 (the "CID Cap") and would be available to Developer on a "pay-as-you-go only" basis – without any opportunity to issue bonds based on the CID revenues. The Alaskan Fur part of the Project is in the CID District and Developer will be entitled to an amount equal to $150,000 to reimburse Developer's costs for that part of the Project. Thereafter, Section 4.07 of the Agreement says that the Developer and Alaskan Fur will come to the City and request that either (a) the Alaskan Fur site be removed from the CID District, or (b) additional eligible expenses be approved for Alaskan Fur improvements. The City is not contractually bound to either of the foregoing choices – only to consider those requests.
CID. FAMAT will inform the supplier of applicable CID. Supplier will introduce those CID according to GE requirements and provide evidence of introduction as required by FAMAT.
CID. It is contemplated by the parties that the UG Contribution, plus Interest, shall be reimbursed with CID Proceeds. When and if the UG has been fully reimbursed for the UG's Contribution plus Interest, then the Developer may utilize any remaining CID Proceeds for the balance of the CID Collection Period for eligible Project Costs as described in the Total Project Budget, attached hereto as Exhibit H, and any other hard construction costs authorized by the CID Petition and legally eligible under the CID Act. In connection with the CID, the parties hereby agree as follows:
CID. Notwithstanding anything set forth in the Development Agreement to the contrary, the parties hereby agree that the City will not issue any more CID Bonds in connection with the Project, and so the parties have agreed to amend the Development Agreement to contemplate only Pay-As-You-Go CID Financing to pay for Phase 2 CID Project Costs. Additionally, notwithstanding anything set forth in the Development Agreement (including without limitation Exhibits J and M) which is seemingly to the contrary, Developer agrees that only CID Project Costs which are actually incurred by Developer may be reimbursed with Pay- As-You-Go CID Financing; no costs incurred by parties other than Developer, including without limitation costs incurred by third party transferees, assignees, or tenants shall be considered to be CID Project Costs and the same shall not be reimbursable with Pay-As-You-Go CID Financing. Accordingly, the parties hereby agree to amend and restate Section 4.03 of the Development Agreement as follows:
