Community Facilities District. Without obtaining the prior written consent of Agent, Grantor shall not consent to, or vote in favor of, the inclusion of all or any part of the Property in any Community Facilities District formed pursuant to the Community Facilities District Act, §§ 48-701, et seq., as amended from time to time. Grantor shall immediately give notice to Agent of any notification or advice that Grantor may receive from any municipality or other third party of any intent or proposal to include all or any part of the Property in a Community Facilities District. Agent shall have the right to file a written objection to the inclusion of all or any part of the Property in a Community Facilities District, either in its own name or in the name of Grantor, and to appear at, and participate in, any hearing with respect to the formation of any such district. [Signatures appear on the following page.]
Community Facilities District. Buyer acknowledges and agrees that Seller shall have the right to encumber the Property with a supplemental special tax related to a replacement and/or newly formed Community Facilities District (“CFD”); provided, however, (i) Buyer and Seller shall work together, in good faith, during the Inspection Period to understand the scope of the CFD and the associated tax burden on the Property; (ii) Buyer may terminate this Agreement at any time during the Inspection Period if Buyer does not approve of the CFD (or the associated tax burden), and (iii) following the expiration of the Inspection Period, no changes may be made to the CFD or the associated tax burden without Buyer’s consent.
Community Facilities District. Vertical Developer hereby acknowledges that the Property is and will continue to be subject to the lien of Special Taxes for community facilities districts (collectively, the “CFDs”), including: (i) the Redevelopment Agency of the City and County of San Francisco Community Facilities District No. 7 (Hunters Point Shipyard Phase One Improvements), as set forth in the Second Amended and Restated Notice of Special Tax Lien recorded in the Official Records of the City and County of San Francisco on September 15, 2008, as instrument number 2008I645982; and (ii) Redevelopment Agency of the City and County of San Francisco Community Facilities District No. 8 (Hunters Point Shipyard Phase One Maintenance), as set forth in the Notice of Special Tax Lien recorded in the Official Records of the City and County of San Francisco on September 15, 2008, as instrument number 2008I645983. Such CFDs were formed, and bonds have been and will be issued, to finance construction of certain infrastructure and other improvements, including Open Space, and to provide certain services, including maintenance of the Open Space. The Agency and Vertical Developer, as required, shall cooperate to provide the City, the Agency and the CFD administrator(s) with the information required by the CFDs to calculate and levy Special Taxes on the Property in any year. Vertical Developer shall not, at any time, contest, protest, or otherwise challenge the formation of the CFDs or the issuance of additional bonds or other financing secured by Special Taxes.
Community Facilities District. Without obtaining the prior written consent of Lender, Borrower shall not consent to, or vote in favor of, the inclusion of all or any part of the Property in any Community Facilities District formed pursuant to the Community Facilities District Act, A.R.
Community Facilities District. The City intends to form a community facilities district over the Property or to annex the Property into an existing community facilities district (the “CFD”) to pay for the costs of certain infrastructure and municipal services. The Owner agrees to provide commercially reasonable cooperation to City at all times in connection with the formation or annexation to the CFD and not to oppose a determination or other action by the City to form the CFD or to annex the Property into an existing CFD, including a determination to subject all or any portion of the Property and the improvements thereon to such CFD in compliance with the terms of this paragraph. Provided that as of the date of issuance of the first certificate of occupancy for a building on the Property: (a) the City has facilitated or approved all steps required for such formation or annexation, (b) the City has formed the CFD or annexed the Property into an existing CFD, (c) the formation or annexation is finally approved and not subject to challenge or litigation then formation of or annexation to the CFD shall be a condition precedent to the issuance of the first certificate of occupancy on the Property. Special taxes in the CFD shall be levied on all parcels of property subject to a certificate of occupancy at a rate of $0.05 per square foot of building square footage annually which special tax shall escalate at a rate of two percent (2%) annually. The CFD special tax shall have a term of not less than 50 years. The costs of formation of the CFD shall be paid by the Owner and shall be reimbursed to the Owner from the Bond proceeds, if any, received by the City. If the CFD elects to issue bonds secured by the special taxes, the Owner agrees to cooperate with the CFD in the issuance of such bonds, including but not limited to providing any information related to the Owner, the Property and the Owner’s development, sales, leasing and financing plans necessary to comply with federal securities laws and to enter into a written agreement to provide annual or semi-annual continuing disclosure to owners of the bonds if determined by the CFD to be necessary in connection with the issuance of such bonds.
Community Facilities District. (a) It is the mutual intent of the Parties that the development of the Project will not have any impact on or require any contribution from the General Fund of the City. To facilitate such intent, the City and Developer shall use reasonable efforts to form a Community Facilities District(s) (“CFD”), pursuant to Chapter 2.5 of Part 1 of Division 2 of the California Government Code (the “CFD Act”), for the purposes of financing facilities and services required to be constructed, provided or funded under this Agreement, as the City determines are lawfully and appropriately financed by the CFD. Such facilities and services may include but are not limited to fees, construction and installation of landscaping, and future costs for the maintenance of landscaping and irrigation of the landscaped area.
Community Facilities District. 20 14.1. Districts...................................................... 20 14.2.
Community Facilities District. 6.2.1 Developer intends to propose the formation of a community facilities district or districts by the City pursuant to the Xxxxx-Xxxx Community Facilities District Act of 1982 (Gov. Code §§ 53311–53368.3) (the “Xxxxx-Xxxx Act”) to finance public facilities. The City agrees to, upon Xxxxxxxxx’s presentation of a landowner’s petition and Developer’s payment of a fee, as described in subdivision (d) of Government Code section 53318, use its best efforts to commence proceedings to form a CFD to finance certain public facilities, so long as Developer’s proposal is consistent with the City’s CFD Goals (Resolution No. 50-17 ) and would not, if approved, allow the effective tax rate to exceed 1.75% or the term of the bonds to exceed 35 years. The City Council is not obligated to approve the CFD.
Community Facilities District. 8 6.8. CONTESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Community Facilities District. As contemplated in Section 4.5 of this Agreement and 4.6.2.8 of the Disposition and Development Agreement the City shall cooperate with the Developer to establish one or more CFDs pursuant to the Xxxxx Xxxx Act and as permitted by State law to finance capital improvements and related infrastructure, public facilities, public services, and ongoing maintenance cost obligations that may be required in connection with the Project and the development of the Property, pursuant to the terms of this Agreement.
