City’s Financial Obligations. The City shall have the obligations set forth in this Section 3.1 relative to financing Eligible Redevelopment Project Costs in connection with the Private Development Project. Upon the submission to the City by the Developer of a Requisition for Eligible Redevelopment Project Costs incurred and paid, the City, subject to the terms, conditions and limitation set forth in this Section 3.1 immediately below, agrees to pay or reimburse the Developer from the Fund such Reimbursement Amounts as are paid and incurred by the Developer and are directly related to the Private Development Project at the Development Project Site as follows:
(a) such Reimbursement Amounts in connection with the Private Development Project in any one calendar year shall be equal to: (i) eighty percent (80%) of the Incremental Property Taxes actually received by the City in each such calendar year which are directly attributable to any retail use component of the Private Development Project at the Development Project Site; plus, (ii) fifty percent (50%) of the Incremental Property Taxes actually received by the City in any such calendar year which are directly attributable to any office or service use component of the Private Development Project at the Development Project Site;
(b) for the purpose of determining the total amount of Incremental Property Taxes which are directly attributable to each component of the Private Development Project at the Development Project Site under subsection (a) of this Section 3.1 above under circumstances where the Developer is not in default under Section 4.8 of this Agreement, the total equalized assessed value (the “EAV”) of the Development Project Site for such calendar year shall be reduced by the initial EAV of the Development Project Site in the agreed amount of $810,235, such reduced EAV shall be multiplied by the total tax rate of all taxing districts having taxable property within the Redevelopment Project Area for any such applicable calendar year, and such result shall be allocated to either the retail use component or the office or service use component on the basis of a per parcel proration if separate parcels are applicable or otherwise on the basis of the gross floor area of each such component of use;
(c) the obligations of the City to pay or reimburse the Developer for any Reimbursement Amounts under this Section 3.1 shall be for a period of ten (10) consecutive calendar years, commencing with the calendar year immediately following th...
City’s Financial Obligations. 7 pefense of Redevelopment Project Area 9
City’s Financial Obligations. City agrees to use the following resources for implementation of this MOU:
(a) City staff time,
(b) $140,300.95 previously received from the Trust and Foundation,
(c) To the extent needed, part of the money held by City in its Library Development Impact Fees account,
(d) $285,015.18 has been provided by Foundation, by check number 10002, dated August 23, 2013 (As a side note but not as part of any party’s obligations pursuant to this MOU, with other contributions Foundation has made over several years the total amount contributed for the Charlotte’s Web Project is $656,683.),
(e) The Parties understand Foundation desires not to administer the mortgage Foundation holds on the property located at 000 Xxxx Xxxxxxxx Xxxxxx and 300 and 000 Xxxxx X Xxxxxx, Xxxxxx (APN# 000-000-00-00) (“the Mortgage”). The Parties also understand and acknowledge Foundation will use good faith efforts to transfer or sell, as soon as possible, the Mortgage and immediately upon receipt of the money from such sale, pay that amount to City for use as part of the resources described in this Section.
(f) $250,000 reserved in City’s CDBG account for children’s library purposes.
City’s Financial Obligations. The City shall have the obligations set forth in this Section 3.1 relative to financing Eligible Costs at the Development Project Site. Subject to the terms and conditions of Section 3.2 of this Agreement, the City agrees to provide to the Developer the Development Loan. The Development Loan shall be subordinate to a construction loan for Phase II of the Private Development Project and shall be payable in full no later than August 31, 2007. The Development Loan shall be a straight line of credit. Any Loan Advance under the Development Loan shall only be made upon the submission to the City of a Requisition for Eligible Costs incurred or paid in accordance with the procedures set forth in Section 5.1 of this Agreement.
City’s Financial Obligations. The City shall have the obligations set forth in this Section 3.1 relative to financing Eligible Costs in the Development Area. Upon the submission to the City by the Developer of Requisitions for Eligible Costs incurred and paid,- the City, subject to the terms, conditions and limitation set forth in this Section 3.1 immediately below, agrees to reimburse the Developer from the Fund such interest costs as may be paid and incurred by the Developer as are directly related to the Private Development in the Development Area as follows:
(a) Such reimbursement in connection with the Existing Private Development shall not exceed in any one calendar year: (i) thirty percent (30%) of the annual interest costs paid and incurred by the Developer related to the Existing Private Development in the Development Area in any such calendar year; or (ii) eighty percent (80%) of the Incremental Property Taxes actually received by the City for such calendar year which are directly attributable to the Existing Private · Development in the Development Area; whichever amount in (i) or (ii) above is less, reduced by
City’s Financial Obligations. The City shall have the obligations set forth in this Section 3.1 relative to financing Eligible Redevelopment Project Costs in connection with the Private Development Project. Subject to the terms, conditions and limitation set forth in this Section 3.1 immediately below, the City agrees to provide to or for the benefit of the Developer the Program Loan and the Program Grant as follows:
(a) The Program Loan shall be in the principal amount of up to $60,000.00, shall be payable with interest, which shall otherwise be subsidized by the City at a rate no greater than 5.5 % per annum, in sixty (60) substantially equal monthly installments, and shall be evidenced by such documentation and subject to such other terms as may be determined by the applicable participating lending institution;
(b) The Program Grant shall be in the amount of up to $6,000.00;
(c) The total amount of the proceeds from the Program Loan and the Program Grant shall not exceed the total amount of all Eligible Redevelopment Project Costs which are directly attributable and allocable to the Private Development Project at the Development Project Site; and
(d) Any Advance Amounts from the Program Grant shall only be made upon the submission to the City of a Requisition for Eligible Redevelopment Project Costs in accordance with the procedures set forth in Article V of this Agreement.
City’s Financial Obligations. The City shall have the obligations set forth in this Section 3.1 relative to providing the following financial incentives in connection with the Private Development Project:
