Financing Districts. The provisions of this Section shall survive termination of the Agreement and the Option Termination Date. In connection with the funding and formation of any Financing District (as defined below), Owner Parties shall cooperate and execute such documents as are required to be signed by Owner in its capacity as the fee title owner of the Property or portions thereof). “Financing District” shall refer to a special improvement district, assessment district, maintenance district, landscape and lighting district, community facilities district, community development district, amenity club plan, metropolitan district, or other similar improvement, maintenance or financing district or other financing mechanism creating an additional tax or assessment burden on land affecting all or any of the Property. Subject to the terms and conditions below, Builder shall be entitled to receive and retain all reimbursements, credits and other third party payments related to the Property including payments and reimbursements from Financing Districts. If Builder controls any impact fee, school or other credits pertaining to the Unpurchased Homesites, or reimbursement rights or other rights pertaining to the Unpurchased Homesites under any third party agreements, or any impact fee, school or other credits or reimbursement rights from any Financing District on account of improvements installed pursuant to the Construction Agreement, or payments made by Builder with respect to the Unpurchased Homesites, Builder shall promptly following the written request of Owner after termination of the Option assign such rights to the extent related to the Unpurchased Homesites to Owner and cooperate to execute appropriate assignment documents and obtain all required third-party consents to such assignments (if any). If any Owner Party receives any reimbursements, credits, or proceeds from any Financing District, such Owner Party shall within ten (10) business days of such receipt deliver and assign to the applicable Builder Party such reimbursements, credits, or proceeds.
Financing Districts. (A) OWNER may propose and if requested by CITY shall cooperate in the formation of a special assessment district, community facilities district, SCIP, EIFD or alternate financing mechanism, public grants (collectively, a “Financing District”) to pay for the construction or maintenance of those public improvements required by the Development Plan. If a Financing District is formed, OWNER will be reimbursed from the proceeds of any debt financing issued by the Financing District to the extent that OWNER spends funds for reasonable costs and expenses which are reimbursable under the instruments and law applicable to the debt financing. Tax rates or assessments of the Financing District may not exceed CITY’S then-current policies regarding public financing districts.
(B) This Section 5.1 is not a commitment by CITY to adopt a resolution of formation to form a Financing District or to approve Financing District debt financing. OWNER acknowledges that the adoption and approval of a resolution of formation is a legislative act within CITY’S unencumbered discretion. Likewise, OWNER is not obligated by this Agreement to approve the formation of a Financing District and OWNER reserves all of its legal rights in that regard.
(C) Notwithstanding any other provision in this Section 5.1, OWNER shall have the right, in OWNER’s discretion, to pursue public financing mechanisms to fund the improvement of State Street, Third Street and Plaza Street, either as public or private streets, as long as such improvements are consistent with the Land Use Regulations. For this purpose, CITY shall reasonably cooperate with OWNER to obtain such financing consistent with CITY’s right to approve a proposed mechanism to the extent such approval constitutes a legislative act.
Financing Districts. Developer and City may agree to form a CFD under the CFD Act. Any and all costs incurred by the City in forming a CFD shall be City Costs. The terms and conditions of any CFD must be consistent with the specifications in the Financing Plan; provided, however that the CFD must be established before the sale of any parcel within the Project. 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 Project Special Taxes, or the application of bond proceeds or Project Special Taxes. Once established, Developer shall not institute, or cooperate in any manner with, proceedings to repeal or reduce the Project Special Taxes. The provisions of this Section 3.13 shall survive the expiration of this Agreement, and Developer shall include the requirements of this Section 3.13.1 in the CC&Rs (or, if the CC&Rs have not yet been created and recorded, in the sale documents for any sale of all or part of the Project Site).
Financing Districts. Section 4.20 of the Crescent Disclosure Letter sets forth a true and accurate list as to any individual Project of (a) amounts heretofore expended by Crescent or any Crescent Subsidiary in connection with any Project for which Crescent or any Crescent Subsidiary, as applicable, currently projects being reimbursed) by a community development district, municipal utility district, or other analogous governmental agency program (a “Financing District”) and (b) amounts that Crescent or any Crescent Subsidiary expects to be reimbursed following future expenditures in connection with development of each such Project. None of Crescent or any of the Crescent Subsidiaries has taken any action or failed to take any action that would limit, restrict, or impair the ability of any Financing District to issue bonds as necessary to make such reimbursements. None of Crescent or the Crescent Subsidiaries is in breach or default under any agreement with any Financing District. To Crescent’s Knowledge, no Financing District is in breach or default under any such agreement. None of Crescent or the Crescent Subsidiaries has sold, factored, or encumbered any of their rights to any such reimbursement from a Financing District.
Financing Districts. To Centex’s Knowledge, all instruments with respect to each Financing District formed by Centex that materially affect the respective Project have been included in the Data Site.
