Developer Note Sample Clauses

Developer Note. Pursuant to an Ordinance hereafter, but prior to Closing, adopted (the “Revenue Note Ordinance”), the Village shall issue the Developer Note to Developer or its nominee at the Closing, provided that Developer submits to the Village Clerk evidence of its expenditure of “redevelopment project costs” (within the meaning of the TIF Act) in the aggregate amount of not less than $2,325,000.00 of the over $3,000,000.00 of redevelopment project costs expected to be incurred by Developer in connection with the Development Parcel. The Parties agree that the costs listed on Exhibit D attached hereto and incorporated herein by reference qualify as redevelopment project costs once expended; such exhibit also contains an estimate of costs for each category of costs but such list and such estimates shall not operate as a requirement or limitation or be treated as exhaustive. If at the Closing, Developer has not submitted evidence of expenditure of redevelopment project costs totaling $2,325,000.00 issuance of the Developer Note shall be postponed until such submittal is made. The Revenue Note Ordinance shall pledge the Tax Revenues to the repayment of the Developer Note. The Revenue Note Ordinance shall be consistent with the Developer Note and this Agreement and shall otherwise be on terms and conditions reasonably satisfactory to Developer. The Village shall (i) timely and properly designate the Revenue Note as a “qualified tax-exempt obligationpursuant to Section 265(b) of the Internal Revenue Code of 1986 as amended (the “Code”), and (ii) timely and properly complete and submit to the Internal Revenue Service its Form 8038 or equivalent as applicable, and (iii) take all other steps within its power to make and keep the interest paid pursuant to the Revenue Note exempt from being includible in gross income of the holder of the Revenue Note under the Code.
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