Common use of City’s Financial Obligations Clause in Contracts

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 the calendar year in which a certificate of occupancy is first issued for any part or phase of the Private Development Project; (d) the total amount of all such annual payments or reimbursements of the Reimbursement Amounts pursuant to subsection (a) of this Section 3.1 above 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 or $1,000,000.00, whichever is less; and (e) the obligations of the City to reimburse the Developer for any Reimbursement Amounts under this Section 3.1 shall terminate on December 31 of the calendar year in which the last reimbursement obligation of the City under subsection (c) of this Section 3.1 is paid to the Developer in accordance with Article V of this Agreement.

City’s Financial Obligations. The City shall have the obligations set forth in this Section 3.1 3.2 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 3.2 immediately below, agrees to pay or and 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 (as described in Section 2.1.a) at the Development Project Site as follows: (a) such Reimbursement Amounts in connection with the Private Development Project shall not exceed in any one calendar year shall be equal to: (i) eighty sixty-five percent (8065%) 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 actually received by the City for any such calendar year 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 AgreementSite, 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 $810,23559,670, such reduced EAV and the result 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 3.2 shall be for a period of ten (10) consecutive calendar years, commencing with the calendar year immediately following 2006, and shall terminate upon payment or reimbursement by the City in accordance with Article V of this Agreement for calendar year in which a certificate of occupancy is first issued for any part or phase of the Private Development Project;2016; and (d) the total amount of all such annual payments or reimbursements of the Reimbursement Amounts pursuant to subsection (a) of this Section 3.1 3.2 above 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 or $1,000,000.00, whichever is less; and (e) the obligations of the City to reimburse the Developer for any Reimbursement Amounts under this Section 3.1 shall terminate on December 31 of the calendar year in which the last reimbursement obligation of the City under subsection (c) of this Section 3.1 is paid to the Developer in accordance with Article V of this AgreementSite.

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 Developer Project shall not exceed in any one calendar year shall be equal to: (i) eighty sixty 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 Site or $250,000 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 Siteaggregate over three years; (b) for the purpose of determining the total amount of Incremental Property Taxes actually received by the City for any such calendar year 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 AgreementSite, 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 $810,235349,030.00, such reduced EAV and the result 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 the calendar year in which a certificate of occupancy is first issued for any part or phase of the Private Development Project; (d) the total amount of all such annual payments or reimbursements of the Reimbursement Amounts pursuant to subsection (a) of this Section 3.1 above 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 or $1,000,000.00, whichever is lessSite; and (ed) the obligations of the City to reimburse the Developer for any Reimbursement Amounts under this Section 3.1 shall terminate on December 31 be for a period of the three (3) consecutive calendar years, commencing with calendar year in which the last 2005, and shall terminate upon reimbursement obligation of by the City under subsection (c) of this Section 3.1 is paid to the Developer in accordance with Article V of this AgreementAgreement for calendar year 2007.

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 ProjectArea. 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 in the Development Project Site Area as follows: (a) such Reimbursement Amounts in connection with the Private Development Project shall not exceed in any one calendar year shall be equal to: (i) eighty seventy percent (8070%) of the Incremental Property Taxes actually received by the City in each for such calendar year which are directly attributable to any retail use component of the Private Development Project at in 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 SiteArea; (b) for the purpose of determining the total amount of Incremental Property Taxes actually received by the City for any such calendar year 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 AgreementDevelopment, the total equalized assessed value (the “EAV”) of the Development Project Site Area for such calendar year shall be reduced by the initial EAV of the Development Project Site Area for the tax year of 2001 in the agreed amount of $810,235295,840.00, such reduced EAV and the result 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 the calendar year in which a certificate of occupancy is first issued for any part or phase of the Private Development Project; (d) the total amount of all such annual payments or reimbursements of the Reimbursement Amounts pursuant to subsection (a) of this Section 3.1 above shall not exceed the total amount of all Eligible Redevelopment Project Costs qualifying as redevelopment project costs under Section 5/11-74.3(q) (2) and (11) of the Act, which are directly attributable and allocable to the Private Development Project at in the Development Project Site or $1,000,000.00, whichever is lessArea; and (ed) the obligations of the City to reimburse the Developer for any Reimbursement Amounts under this Section 3.1 shall terminate on December 31 of the calendar year in which the last upon reimbursement obligation of by the City under subsection (c) of this Section 3.1 is paid to in connection with the Requisition therefor submitted by the Developer in accordance with Article V Section 5.1 of this AgreementAgreement on or after September 1, 2009 for calendar year 2008.

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 ProjectArea. 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 in the Development Project Site Area as follows: (a) such Reimbursement Amounts in connection with the Private Development Project Office Building One shall not exceed in any one calendar year seventy percent (70%) of the Incremental Property Taxes actually received by the City for such calendar year which are directly attributable to Office Building One in the Development Area; (b) such Reimbursement Amounts in connection with Office Building Two shall be equal to: (i) not exceed in any one calendar year eighty percent (80%) of the Incremental Property Taxes actually received by the City in each for such calendar year which are directly attributable to any retail use component of the Private Development Project at Office Building Two in the Development Project Site; plus, Area; (iic) fifty such Reimbursement Amounts in connection with any Retail Facility shall not exceed in any one calendar year one hundred percent (50100%) of the Incremental Property Taxes actually received by the City in any for such calendar year which are directly attributable to any office or service use component of the Private Development Project at such Retail Facility in the Development Project Site; (b) for Area; reduced by the purpose applicable portion of determining the total such amount of Incremental Property Taxes which are is 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 any such Retail Facility, as is not prorated on a day for day basis for any period in default under Section 4.8 of this Agreement, the total equalized assessed value (the “EAV”) of the Development Project Site for any 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 that 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 Retail Facility is not continuously operated or otherwise open for business on a regular continuing basis as a Retail Facility, unless the basis Corporate Authorities subsequently agree in writing; provided, however, that any such reduction as provided above shall not be applicable to any temporary or interim periods of the gross floor area of each such component of use; fourteen (c14) 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 the calendar year in which a certificate of occupancy is first issued for any part or phase of the Private Development Project;less continuous days; and (d) the total amount of all such annual payments or reimbursements of the Reimbursement Amounts pursuant to subsection (a), (b) and (c) of this Section 3.1 above shall not exceed the total amount of all Eligible Redevelopment Project Costs qualifying as redevelopment project costs under Section 5/11-74.3(q) (2) and (11) of the Act, which are directly attributable and allocable to Office Building One, Office Building Two or any Retail Facility constituting the Private Development Project at in the Development Project Site or $1,000,000.00, whichever is less; and (e) the Area. The obligations of the City to reimburse the Developer for any Reimbursement Amounts under this Section 3.1 shall terminate on December 31 of the calendar year in which the last upon reimbursement obligation of by the City under subsection (c) of this Section 3.1 is paid to in connection with the Requisition therefor submitted by the Developer in accordance with Article V Section 5.1 of this AgreementAgreement on or after September 1, 2012 for calendar year 2011.