City Participation. The City does not anticipate expending any of its own resources in the initial development of the Park Site.
City Participation.
A. The City may participate with the developer on major items of construction such as lift stations, bridges or streets adjacent to the subdivision, which benefit existing or future development in addition to that being subdivided. The City shall participate in the street construction within and adjacent to new subdivisions on the following basis: All street construction not exceeding 45 feet from curb back to curb back shall be paid for and performed by the developer. If the developer's property abuts one side of a street right-of-way, the developer shall be responsible for not less than 221/2 feet of paved width. Streets in excess of 45 feet in width shall be provided by the developer in accordance with the City's Thoroughfare Plan, or on request of the City Council, but the City is to pay the cost of developing the width of the street in excess of 45 feet, not including the cost of curbs or turning lanes.
B. The construction of certain facilities required by the provisions of this chapter may not be possible or practical at the time the developer prepares his plans for public improvements. Such deletion or delay of improvements may be specified in the facilities agreement, together with provisions for escrow deposits or future payments by the City and/or developer. The City shall not be responsible for payment until the street is extended into or through property other than that being subdivided, and/or until funds are available, unless otherwise provided in the facilities agreement for the subdivision
City Participation. The City agrees to reimburse Developer in an amount equal to $38,777.00 as shown on Exhibit “B”, conditioned upon Developer constructing the Project pursuant to the design plans previously approved by the City.
City Participation. 3.1 City to provide real estate tax abatement to Developer (assignable to Developer’s successors in interest and assigns) for all taxable Improvements (for each building) in the Project Area for a period of ten (10) years, pursuant to the laws of the State of Iowa and the ordinances of the City. The parties agree that the Project Area is an "Economic Development Area'' within the meaning of Iowa Code § 403.17(10)(2021) for public improvements relating to the Uses including, but not limited to, housing and residential development or construction of housing and residential development for multi-family housing, as well as commercial development and planned unit development. The ten
City Participation. 3.1 City to provide real estate tax abatement to Developer (assignable to Developer’s successors in interest and assigns) for all taxable Improvements (for each building) in the Project Area for a period of ten (10) years, pursuant to the laws of the State of Iowa and the ordinances of the City. The parties agree that the Project Area is an "Economic Development Area'' within the meaning of Iowa Code § 403.17(10)(2021) for public improvements relating to the Uses including, but not limited to, housing and residential development or construction of housing and residential development for multi-family housing, as well as commercial development and planned unit development. The ten (10) year period to commence upon final construction and the commencement of occupancy of each building constructed in the Project Area, once fully assessed for real estate tax purposes. The exemption from real estate taxes shall be eighty percent (80%) for a period of ten years,be tiered such that real estate taxes to be paid by the Developer with respect to the real estate and the Improvements thereon in the Project Area shall be zero percent (0%) thereof for year one, ten percent (10%) thereof for year two, and so on, and taxes shall be at one hundred percent (100%) thereof after year ten, according to the following schedule: 1 80%100% 2 80%90% 3 80%80% 4 80%70% 5 80%60% 6 80%50% 7 80%40% 8 80%30% 9 80%20% 10 80%10%
3.2 City shall , in good faith, assist in the construction of the Adrina Drive culvert.
3.3 City shall pass a resolution stating the City’s support for the Workforce Housing Tax Credit Application, in the event the Developer applies for Workforce Housing Tax Credits on a project in the Development.
City Participation. A. The CITY currently has a city council liaison sitting as an Advisory Member of the RIALTO Board. A council member from time to time selected by the CITY shall continue to serve in this capacity and shall be seated with other board members during public meetings and shall otherwise be permitted to participate in such public meetings as if a member of the board in all respects except voting.
B. The CITY designates its Financial Director and Inspector General as persons authorized to monitor the financial operations of the RIALTO as follows:
1. All RIALTO financial books and records shall be made available to them;
2. Copies of all contracts entered into by the Authority shall be provided within a reasonable time to them.
3. A list of all payables shall be provided to them at least 48 hours prior to payment.
4. A copy of all checks written by the RIALTO shall be provided to them.
5. A copy of the RIALTO audit, together with any management letter(s) shall be provided to them.
6. A copy of all bank statements shall be provided to them.
7. A copy of all notes or other evidence of indebtedness shall be provided to them.
8. A copy of all vendor invoices shall be provided to them. Unless otherwise provided, the documents shall be provided within a reasonable time frame. All documents may be provided in either paper or electronic format at the discretion of the RIALTO.
C. To the extent that the Finance Director or Inspector General wish to view any other financial records of the RIALTO, those records shall be made available to them.
City Participation. In addition to contribution of the EPIP Fund described in Section 3(e) and Exhibit H, Developer will make a contribution to the City through application of a profit participation formula more fully described in Exhibit F, and which provides the City backend participation after Developer reaches a 20% unlevered investment rate of return. It is anticipated based on the Proforma’s current projections that this profit participation model will yield a return to the City of approximately $23.5 Million. Developer and City acknowledge the need to negotiate the terms for conveyance of property from the Navy. Any land acquisition payment required to be made to the Navy (which could include an up- front payment, a participation framework, or some other structure) would be considered a project cost for purposes of the Proforma.
City Participation. The CITY shall pay to OWNER forty-nine percent (49%) of the total cost of the project or improvements described in Exhibit A, or the sum of Five Hundred Dollars ($500.00), whichever is less, towards the cost of the project or improvements. Said sum shall be paid to the OWNER by the CITY upon the presentation to the CITY and the approval by the CITY of proof that the project or improvements are being completed consistent with the description in Exhibit A and DIG-IT requirements, and paid for by the OWNER.
City Participation. The City Manager, or his/her designated representative (hereinafter "City Manager"), and two other members appointed annually by the Mayor shall be voting members of the Board. All non-CITY prospective Board members shall be appointed by the Board, subject to veto of their appointment by the CITY's Mayor.
City Participation. The City agrees to pay Trott Communications in the amount of $43,003.34 for its part of the Professional Services Agreement.
