Developer Contribution. Without limitation, and for no additional charge or credit to Stonehenge’s Capital Account, Stonehenge Member shall cause Developer to contribute to the Company all of (a) Developer’s ownership and contract rights in and to the subject lands and/or purchase agreements (including but not limited to Developer’s Affiliate’s rights to acquire the Property in accordance with that certain Purchase and Sale Agreement dated May 16, 2012, between Horsepower, J.V., a Tennessee joint venture and Stonehenge Real Estate Group, LLC, a Tennessee limited liability company the “Land Contract”), (b) all design and construction plans for the Project (at Developer’s actual cost, free and clear of all liabilities) and (c) all other tangible and intangible rights associated with the Project and (d) all other items appurtenant to the development of the Project (collectively, the “Developer Rights”).
Developer Contribution. Without limitation, and for no additional charge, or credit to the TriBridge Member’s Capital Account, TriBridge Member shall cause its Affiliates (including Developer) to contribute, in the manner contemplated under the Contribution Agreement and to the extent applicable solely to the Project, to the Borrower all of their (a) ownership and contract rights in and to the subject lands and/or purchase agreements, (b) rights to any and all design and construction plans for the Project (free and clear of all liabilities), (c) other tangible and intangible rights associated with the Project and (d) other items and rights appurtenant to the development of the Project (collectively, the “Developer Rights”). TriBridge Member confirms that all such Developer Rights are in fact owned or controlled by Developer. Without limitation, the TriBridge Member shall cause any Affiliate (i.e. other than the Developer) who owns or who have rights to any approvals, permits or other development rights relating to the Project to contribute the same to the Borrower, for no additional charge, in the manner contemplated in Section 15.16 of the Contribution Agreement.
Developer Contribution. The Developer agrees that it shall contribute the Developer Contribution to the School District to be used as determined by the Board. As used in this Section 5, the “Developer Contribution” shall be equal to fifty percent (50%) of the amount of the School District's portion of the real property taxes exempted for each parcel pursuant to the TIF Ordinance in the first year that the value of the Improvements as completed first appears on the tax duplicate for such Parcels (the “First Year Exemption”), net of TIF Revenue Payments to be paid to the School District pursuant to Section 2 for the first tax year for which such amounts would be payable (the “First Year TIF Revenue Payments”). Inasmuch as the First Year Exemption will not appear on the tax duplicate prior to the closing of construction financing for the Phase I Development (and First Year TIF Revenue Payments will not be known), the Developer shall provide an estimate of such First Year Exemption (the “Estimated Exemption”) and the First Year TIF Revenue Payments for the Phase I Parcels (collectively, the “Estimated Developer Contribution”) to the School District not later than five (5) business days prior to the closing of construction financing. The Estimated Developer Contribution shall be paid as follows:
(a) Seven Hundred Fifty Thousand Dollars ($750,000) shall be paid to the School District within thirty (30) days after the passage of a TIF Ordinance by the City following the acquisition of the Adjacent Site by the City, provided however, that in no event shall the payment be due later than October 15, 2020; and
(b) The balance of the Estimated Developer Contribution shall be paid to the School District upon closing of construction financing for the Phase I Development. A sample Calculation of Developer Contribution is attached hereto and incorporated herein by reference as Exhibit A. When the full value of the Phase I Improvements first appears on the tax duplicate for the Phase I Parcels, the Developer shall compute the exact amount of the First Year Exemption and the TIF Revenue Payments for the Phase I Parcels and provide that computation to the School District not later than February 28 of the calendar year in which the exact amount of the Developer Contribution is determined. If the Estimated Developer Contribution was greater than the exact amount of the Developer Contribution, the difference between the amount paid and the Estimated Developer Contribution shall be credited to the Deve...
Developer Contribution. Developer shall have deposited into escrow for disbursement to City at closing the sum of One Hundred Fifteen Thousand Dollars ($115,000.00) which the City will deposit in a fund to be available for use by City for the City’s Senior Safety Net Program or any other project or affordable housing program determined from time to time at City’s discretion.
Developer Contribution. Without limitation, and for no additional charge or credit to the Catalyst Member 's Capital Account, Catalyst Member shall cause Developer to contribute to the Borrower all of (a) Developer's ownership and contract rights in and to the subject lands and/or purchase agreements (including but not limited to Developer's Affiliate's rights to acquire the Property in accordance with the Purchase Agreement (as defined in the Cost-Sharing Agreement) (the "Land Contract"), (b) all design and construction plans for the Project (at Developer 's actual cost, free and clear of all liabilities) and (c) all other tangible and intangible rights associated with the Project and (d) all other items appurtenant to the development of the Project (collectively, the "Developer Rights").
Developer Contribution. For no additional charge or credit to the TCR Member’s Capital Account, TCR Member shall convey or cause Developer or its Affiliates to convey to the Company all of (i) ownership and contract rights in and to the Property and/or purchase agreements related to the Property held by TCR Member or Developer or their Affiliates, including but not limited to rights to acquire the Property in accordance with the various existing purchase agreements related to the acquisition of the Property (together, the “Land Contract”), (ii) all design and construction plans for the Project (at Developer’s actual cost, free and clear of all liabilities) and (iii) all other tangible and intangible rights associated with the Project held by TCR Member or Developer or their Affiliates.
Developer Contribution. Within thirty (30) days upon full execution of this Agreement, the Developer shall deposit with the City $281,448 (the “Developer Facility Fee Amount”) to be used by the City to make road improvements by installing a roundabout at the Project location. In the alternative, the Developer may deliver to the City an irrevocable letter of credit in the amount of the Developer Facility Fee Amount, issued by a bank or institution acceptable to the City (the “LOC”) within thirty (30) days of notice from the City of Project commencement. The financial institution must be chartered by the State of Tennessee with an office or branch authorized to accept a demand or “call” on the securing document within fifty (5) miles of Spring Hill, TN. The amount of the Developer’s contribution is based on the number of units x the Impact Fee amount per unit. The fee for Southaven II is calculated as follows: 108 units x $2,606/unit = $281,448
Developer Contribution. Within thirty (30) days upon approval of the development and upon the issuance of the initial grading permit by the City, the Developer shall deposit with the City $864,384 (the “Developer Facility Fee Amount”) to be used by the City to make road improvements by installing a roundabout at the Project location. In the alternative, the Developer may deliver to the City an irrevocable letter of credit in the amount of the Developer Facility Fee Amount, issued by a bank or institution acceptable to the City (the “LOC”) within thirty (30) days of notice from the City of Project commencement. The financial institution must be chartered by the State of Tennessee with an office or branch authorized to accept a demand or “call” on the securing document within fifty (5) miles of Spring Hill, TN. The amount of the Developer’s contribution is based on the number of units x the Impact Fee amount per unit for residential and total square feet x the Impact Fee amount for commercial. The fee for South Pointe Square is calculated as follows: Residential: 207 units x $2,606/unit = $539,442 Commercial: 62,000 sq ft x $5,241 per 1,000 sq ft = $324,942
Developer Contribution. The purpose of this Agreement is to set forth Developer’s obligation both to pay the Statutory Fee Amount and to provide additional voluntary funding to District as another method of financing a portion of the cost of school facilities within the District that will serve students from the Project and elsewhere in the District. Developer acknowledges that this Agreement, and each of its terms and conditions hereunder, are fully enforceable as a binding contract on Developer and its successors-in-interest or assignees and Developer will not assert in any manner that District is acting in excess of its powers in entering into this Agreement.
Developer Contribution. Developer agrees to construct the Permanent Water Infrastructure which is estimated at a total cost of One Million Eight Thousand One Hundred Seventy-Six Dollars ($1,008,176.00) (the "Developer Contribution"). Developer shall pay the actual costs of the construction. The engineer’s estimate upon which the Developer Contribution is based is attached hereto as Exhibit “B” and incorporated with this reference. The manner of the Developer Contribution shall be as set forth in this Agreement.
