FINANCING OF PUBLIC IMPROVEMENTS. If deemed appropriate, COUNTY and OWNER will cooperate in the formation of any special assessment district, community facilities district or alternate financing mechanism to pay for the construction and/or maintenance and operation of public infrastructure facilities required as part of the Development Plan. OWNER also agrees that it will not initiate and/or cooperate in the formation of any such special assessment district, community facilities district or alternate financing mechanism involving any other public agency without the prior written consent of the COUNTY. Should the Property be included within such a special assessment district, community facilities district orother financing entity, the following provisions shall be applicable:
(a) In the event OWNER conveys any portion of the Property and/or public facilities constructed on any portion of the Property to COUNTY or any other publicentity and said Property is subject to payment of taxes and/or assessments, such taxes and/or assessments shall be paid in full by OWNER prior to completion of any such conveyance.
(b) If OWNER is in default in the payment of any taxes and/or assessments, OWNER shall be considered to be indefault ofthis Agreement and COUNTY may, in its sole discretion, initiate proceedings pursuant to Section 8.4 of this Agreement. Notwithstanding the foregoing, it is acknowledged and agreed by the parties that nothing contained in this Agreement shall be construed as requiring COUNTY or the COUNTY Board of Supervisors to form any such district or to issue and sell bonds.
FINANCING OF PUBLIC IMPROVEMENTS. OWNER may propose, and if requested by CITY shall cooperate in, the formation of any special assessment district, community facilities district or alternate financing mechanism to pay for the construction and/or maintenance and operation of public infrastructure facilities required as part of the Development Plan. To the extent any such district or other financing entity is formed and sells bonds in order to finance such reimbursements, OWNER may be reimbursed to the extent that OWNER spends funds or dedicates land for the establishment of public facilities. Notwithstanding the foregoing, it is acknowledged and agreed by the parties that nothing contained in this Agreement shall be construed as requiring CITY or the City Council to form any such district or to issue and sell bonds.
FINANCING OF PUBLIC IMPROVEMENTS. 5.1 Financing Mechanism(s). OWNER agrees that, prior to the recordation of any Parcel Map or request for the first building permit, the property subject to such Parcel Map or building permit shall be included in a CFD to finance City services through annual special taxes that will initially be $.31 per square foot for non-residential buildings as of the date of this Agreement. The amount shall be subject to change based on the rate in effect at the time such CFD is formed. The amount shall be subject to an automatic increase at a rate not to exceed four (4%) percent per year unless otherwise modified by CITY. Depending on the fiscal year that the CFD is formed and the CFD tax is levied, the annual special taxes may be higher. CITY shall be the sole and exclusive lead agency in the formation of any CFD, assessment district or other public financing mechanism within the Property; provided however, that the proceeds of any such CFD, assessment district, or financing mechanism may be used, subject to restrictions that may be imposed by applicable law, for the purposes of acquiring, constructing or maintaining public facilities to be owned or operated by other public agencies, including, without limitation those facilities owned or operated by a school district. In addition to the rights of the CITY pursuant to section 5.1 hereof, CITY shall have the right, but not the obligation, to condition the formation of any CFD, assessment district or other public financing mechanism within the Property on the OWNER mitigating all Project-related impacts to the applicable school district(s) as required by such school district(s). Written evidence by such school district(s) may be required by the CITY as the condition to the formation of any CFD, assessment district or other public financing mechanism within the Property, or any steps preliminary thereto, including, without limitation, the adoption of any resolution of intention to form such CFD, assessment district or other public financing mechanism within the Property. It is not the intent of the parties hereto, by this provision, to prohibit or otherwise limit the City’s ability to take any and all necessary steps requisite to the formation of the CFD to finance City services through annual special taxes as set forth in this Section 5.1. Formation of any CFD, assessment district or other public financing mechanism within the Property, shall be subject to CITY’s ability to make all findings required by applicable law a...
FINANCING OF PUBLIC IMPROVEMENTS. Subject to the terms and conditions set forth in this Agreement, the Authority agrees that the District may issue the Bonds from time to time, and if and when issued, the Bonds shall be issued on terms and conditions consistent with the Service Plan of the District and this Agreement and the proceeds of the Bonds shall be used to finance the costs of the Public Improvements. Upon issuance of the Bonds, the District shall notify the Authority. The District may refinance the Bonds, in whole or in part, at any time; provided, however, that under no circumstances shall any refinancing of the Bonds, whether or not to avoid a default, increase the Funding Obligation or extend the Term.
FINANCING OF PUBLIC IMPROVEMENTS. Each Owner may propose, and if requested by City shall cooperate in, the formation of any Financing District [see Section 1.1(r)]. To the extent that a Financing District is formed and sells bonds in order to finance reimbursements, the Owner which requested the formation of the Financing District may be reimbursed to the extent the requesting Owner spends funds or dedicates land for the establishment of public facilities. Nothing contained in this Agreement shall be construed as requiring the City or the City Council to form a Financing District.
FINANCING OF PUBLIC IMPROVEMENTS. Subject to the terms and conditions set forth in this Agreement, the Authority agrees that the Developer may elect to be reimbursed from the Pledged Revenues directly or may elect to be reimbursed from proceeds of the Bonds if issued by the District. If the Developer elects to be reimbursed directly from the Pledged Revenues, the Developer shall deliver written notice of that election to the Authority and the District and the Authority shall make disbursement to the Developer pursuant to provisions of Article 4 below.
FINANCING OF PUBLIC IMPROVEMENTS. The parties agree that streets, water lines, sanitary sewer lines, and storm drainage are intended to be partially developed and paid by creation of improvement districts, with the cost of such improvements assessed against the individual lots in the Subdivision. The parties anticipate that the improvement districts and improvements will be completed in phases to provide orderly development. In order to provide an incentive for development of the Subdivision, CITY agrees that the amount of $5,000.00 shall be the maximum assessment for improvements against each platted lot.
FINANCING OF PUBLIC IMPROVEMENTS. The County shall finance the costs of construction of the Public Improvements to be undertaken and completed by it on such terms and conditions as it shall determine to be satisfactory. The Developer recognizes that the Public Improvements to be undertaken and completed by the County will be financed largely from the proceeds of the sale of general obligation bonds or notes by the County, and agrees that such bonds or notes may be sold on such terms and conditions, bear such interest rates, mature at such times and in such amounts as the County shall determine to be reasonably acceptable to it. The County’s obligation to issue said bonds or notes for such purposes shall be subject in all respects to Unavoidable Delays and to satisfaction of all conditions required (in the judgment of bond counsel for the County) by the Code with respect to the issuance of general obligation bonds or notes for such purposes.
FINANCING OF PUBLIC IMPROVEMENTS. 1. When allowed by law, the County may finance public improvements for private parties.
2. Financing agreements shall be approved at a public meeting of the Board of Commissioners.
3. Interest shall be charged at a rate of 2% over the current earnings rate of the Local Government Investment Pool as determined by the CFO at the time of approval. In addition to interest costs, loans to outside entities (including service districts and special assessments) shall pay a 2% of principle one-time fee for loan administration which may be added to loan principal.
4. The County will exercise its prerogative to be a prudent investor. It will examine the financial capacity of organizations or individuals to service debt, secure collateral when appropriate, and carefully consider the public policy impacts of a financing.
5. It is not the intent of this policy for the County to compete with private institutions to loan money for public purposes. The County will only consider such loans when no other reasonable financial options are available, and the County has the financial capacity to provide funds without jeopardizing current or future service delivery.
FINANCING OF PUBLIC IMPROVEMENTS. If deemed appropriate, COUNTY and OWNER will cooperate in the formation of any special assessment district, community facilities district or alternate financing mechanism to pay for the 09/04/97 42 construction and/or maintenance and operation of public infrastructure facilities required as part of the Development Plan. COUNTY also agrees that, to the extent any such district or other financing entity is formed and sells bonds in order to finance such reimbursements, OWNER may be reimbursed out of the proceeds of said district to the extent that OWNER spends funds or dedicates land for the establishment of public facilities. Notwithstanding the foregoing, it is acknowledged and agreed by the parties that nothing contained in this Agreement shall be construed as requiring COUNTY or the COUNTY Board of Supervisors to form any such district or to issue and sell bonds nor to reimburse OWNER out of the proceeds of COUNTY's sale of property to OWNER in accordance with the Purchase and Sale Agreement.
