Common use of Grant of Funds from TIF Bond Proceeds Clause in Contracts

Grant of Funds from TIF Bond Proceeds. In order to support redevelopment of the Project Area and as an inducement for the Redeveloper to construct the Redeveloper Project Improvements, the City agrees, to the extent allowed by law and then only to the extent funds are lawfully available from the issuance of the TIF Bond (defined below) and receipt of proceeds from the sale thereof (“TIF Bond Proceeds”) as shown in Exhibit C, to make a grant or grants to Redeveloper (or make payments directly to Redeveloper’s Contractor) as provided in Section 503 for the Site Acquisition, Site Preparation, and Façade Enhancements, in a maximum amount not to exceed the total amount of TIF Bond Proceeds remaining after first paying the recording fee for the Memorandum of Agreement and Use Restrictions and TIF Administrative Fee. Redeveloper shall submit authentic and satisfactory documentation to the City to verify the grant was expended on TIF eligible Redeveloper Project Costs. Any ineligible use of the grant shall immediately be repaid to the City.

Grant of Funds from TIF Bond Proceeds. In order to support redevelopment of the Project Area and as an inducement for the Redeveloper to construct the Redeveloper Project Improvements, the City agrees, to the extent allowed by law and then only to the extent funds are lawfully available from the issuance of the TIF Bond (defined below) and receipt of proceeds from the sale thereof (“TIF Bond Proceeds”) as shown in Exhibit C, to make a grant or grants to Redeveloper (or make payments directly to Redeveloper’s Contractor) as provided in Section 503 for the Site Acquisition, Site Preparation, Preparation and Façade EnhancementsFoundation Improvements, in a maximum amount not to exceed the total amount of TIF Bond Proceeds remaining after first paying the recording fee for the Memorandum of Agreement and Use Restrictions and TIF Administrative Fee. Redeveloper shall submit authentic and satisfactory documentation to the City to verify the grant was expended on TIF eligible Redeveloper Project Costs. Any ineligible use of the grant shall immediately be repaid to the City.