Citys Commitments. Upon execution of this Agreement, the City shall issue Developer an initial RIF credit equal to the Credit Estimate. Within thirty (30) days of full satisfaction of the Developer Commitment, (a) if the Credit Estimate is less than the cost to fully satisfy the Developer Commitment, the City shall issue Developer an additional RIF credit in the amount of the difference between the cost to satisfy the Developer Commitment and the Credit Estimate; or (b) if the Credit Estimate is more than cost to satisfy the Developer Commitment, the RIF credit shall be reduced to an amount equal to the difference between the Credit Estimate and the cost to satisfy the Developer Commitment. Notwithstanding the foregoing or anything contained herein to the contrary, the cost to satisfy the Developer Commitment, and therefore, the RIF Credit, shall not exceed Two Hundred Nineteen Thousand Three Hundred and Seventy-Two Dollars ($ 219,372.00 ) without the approval of the Director of Engineering. Further, Developer acknowledges and agrees that, without additional action of the Fishers City Council, the City is not authorized to issue a RIF Credit in excess of $230,000.00 . RIF Credits issued pursuant to this Agreement shall only be applied to RIFs related to Xxxxxxx Falls and are not transferable to other developments.
Citys Commitments. During the Term of this Agreement (as defined below), the City shall (a) actively cooperate in good faith with Global with respect to the subject matter of this Agreement and Global’s efforts to comply with the requirements and milestones provided above, (b) promptly communicate any compliance-related concerns to Global and (c) undertake active, good-faith efforts to facilitate expeditious redevelopment of the Property for residential use, including consideration of the potential expansion of the adjoining R3 zoning district to encompass the Property.
Citys Commitments
