City Undertakings. The proceeds of the Bonds allocated to the City will be available to fund qualifying Open Space Projects and related Eligible Transaction Costs and Project Costs which are determined by the Council to meet the purposes established in the Open Space Act and the powers authorized in the November 6, 2018 Open Space General Obligation Bond Ballot more generally described herein at Article II, Section 2.1. Lead Staff will work with the OSAC and the Council to identify, review and assess proposed Open Space Projects. The Council, with review and recommendation from OSAC, will determine funding decisions for qualified Open Space Projects. Details of each Open Space Project will be determined as part of developing the project proposal, and will be presented to the Council, as part of the administrative record developed and presented at public meetings and public hearings, prior to approval of bond funding for an Open Space Project. Eligible Transaction Costs and Project Costs will be outlined with more certainty as additional planning, engineering, due diligence and budgeting are developed for each Open Space Project. The City will ensure the proceeds of the Bonds are applied to Open Space Projects in a manner that accomplishes the Open Space Bonds purpose. The City will prioritize the investment of City Open Space Bond funds within the greater Missoula Planning Region based on the five broad project categories, or “Undertakings”, detailed below in Sections 2.3(a)-(e). These five Undertakings were established by the City in June 2018 after considering public input via the FY2019 Budget Process, 2019 PROST survey, and related adopted Plans. Approval and allocation of Open Space Bond funds for Open Space Projects tiering under any of the below described Undertakings shall include additional citizen input, using the process provided in the City’s Open Space Ordinance, Title 12, Chapter 12.56 (hereinafter MMC 12.56), and as determined by Council.
City Undertakings. (a) City agrees to make application for the MBIA loan to MDECD, in the amount of Two Million Dollars ($2,000,000.00), in order to finance the Non-Road Infrastructure related to the Project on terms as set out in Sections 3(a) and (b) hereof. If such costs exceed Two Million Dollars ($2,000,000.00), the City agrees to apply to MBIA for an increase in the amount of the MBIA loan to cover any cost overruns with respect to the construction of the Non-Road Infrastructure. In the event that the City is unable to obtain such an increase, the City shall have no obligation to proceed with construction of the Non-Road Infrastructure as contemplated herein unless the Companies shall provide, or cause to be provided, funds to cover such cost overruns from another source. In the event that the costs to construct the Non-Road Infrastructure are less than Two Million Dollars ($2,000,000.00), then the City agrees to use the excess funds to extend the water, sewer and gas lines provided for in this Section 6 further north, to the extent of the excess proceeds and to the extent and in a manner which are mutually agreeable to the City, Hewsxx xxx Willxxxx-Xxxoma; provided, however, that the City shall only be required to extend the water, sewer and gas lines into areas which are certificated to the City and which are not subject to any decertification option in favor of Metro DeSoto Utilities Co., Inc. ("Metro"). At the request and option of the Companies (or either of them) the City agrees that it shall promptly prepay in full the MBIA loan provided that the company which makes such request pays to the City (by special tax or assessment, or otherwise in a manner satisfactory to such Company and the City) and amount of money equal to such prepayment.
City Undertakings. City will undertake the design and construction of certain improvements to the public right of way within the Redevelopment Project Area described in Section 403 (“City Public Improvements”).
City Undertakings. Subject to satisfaction of all conditions in Section 5 below, and solely from Tax Increment on hand or proceeds of the Bonds, the City agrees to reimburse the Developer for, or, as applicable, pay the Eligible Costs in an amount not to exceed $2,168,312. The Parties acknowledge and agree that, subject to the terms and conditions of this Agreement, (i) the actual sum of all Eligible Costs may exceed $2,168,312, but $2,168,312 is the maximum amount that the City will reimburse the Developer for Eligible Costs; and (ii) if the actual sum of all Eligible Costs exceeds $2,168,312, the City has discretion to allocate the reimbursable amount among the Eligible Costs as it sees fit. The City may issue the Bonds in its sole discretion to pay or reimburse all or a portion of the Eligible Costs to be paid or reimbursed. The Bonds, if authorized and issued, will have such terms and conditions as are approved by the City Commission. This Agreement does not require or imply that the City has any obligation to issue the Bonds.
City Undertakings. Subject to satisfaction of all conditions in Section 5 below, and solely from Tax Increment on hand, the City agrees to reimburse the Developer for the Project in an amount not to exceed $800,000, of which up to $336,000 is expected to come from DBID Tax Increment and up to $464,000 is expected to come from M-URD Tax Increment. The Parties acknowledge and agree that, subject to the terms and conditions of this Agreement, the actual costs of the Project may exceed $800,000, but $800,000 is the maximum amount that the City will reimburse the Developer for the Project pursuant to this Agreement. Notwithstanding anything herein to the contrary, the maximum amount of DBID Tax Increment committed pursuant to this Agreement is $336,000 and the maximum amount of M-URD Tax Increment committed pursuant to this Agreement is $464,000. If DBID Tax Increment in the amount of $336,000 is not available, the City shall have no obligation hereunder to increase the amount of M-URD Tax Increment committed hereunder; if M-URD Tax Increment in the amount of $464,000 is not available, the City shall have no obligation hereunder to increase the amount of DBID Tax Increment committed hereunder.
City Undertakings. The City agrees to issue the Series 2015 Bonds payable from Tax Increment in a principal amount not to exceed $1,364,400. The Series 2015 Bonds will be sold to the Original Purchaser on terms set forth in the Bond Resolution. Proceeds of the Series 2015 in an amount equal to $518,230 will be expended for the purposes and in the estimated amounts shown on Exhibit C hereto, and any such amount not needed for any particular category of Infrastructure Improvements may, in the sole discretion of the MRA (for and on behalf of the City), be applied to any of the other Infrastructure Improvements shown on Exhibit C hereto. The remaining proceeds of the Series 2015 Bonds will be expended for certain other eligible improvements (excluding the Infrastructure Improvements), capitalized interest on the Series 2015 Bonds and costs of issuance of the Series 2015 Bonds.
City Undertakings. The City agrees to issue the Series 2017 Bonds payable from Tax Increment in a principal amount not to exceed $723,514. The Series 2017 Bonds will be sold to the Original Purchaser on terms set forth in the Bond Resolution. Proceeds of the Series 2017 Bonds in an amount equal to $384,473 are authorized to be expended for the purposes and in the estimated amounts shown on Exhibit D-1 hereto, and any of such amount not needed for any particular category of Infrastructure Improvements may, in the sole discretion of the MRA (for and on behalf of the City), be applied to any of the other Infrastructure Improvements shown on Exhibit D-1 hereto or to any of the Street Improvements shown on Exhibit D-2 hereto. Proceeds of the Series 2017 Bonds in an amount equal to $302,423 are authorized to be expended for the purposes described in Exhibit D-2 hereto, and any of such amount not needed for Street Improvements may, in the sole discretion of the MRA (for and on behalf of the City), be applied to any of the Infrastructure Improvements shown on Exhibit D-1 hereto. The remaining proceeds of the Series 2017 Bonds will be expended for costs of issuance of the Series 2017 Bonds.
