Issuance of TIF Indebtedness. Not earlier than thirty (30) days but no later than forty-five (45) days following the later date of the approval and execution of this Redevelopment Agreement or the date the issuance of TIF Indebtedness for the New Building has been authorized by an ordinance adopted by the City Council of the City of Lincoln (“TIF Bond Ordinance”), which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01, the City shall issue, at the request of the Redeveloper, TIF Indebtedness in the form of a TIF Bond in the principal amount of not to exceed Three Million Six Hundred Seven Thousand Two Hundred Sixty-four and No/100 Dollars ($3,607,264.00) The TIF Bond shall be purchased by the Redeveloper or its Lender (“TIF Bond Purchaser”). The City shall either: (a) receive TIF Bond Proceeds from the TIF Bond Purchaser to be deposited into a City fund account (the “Project Account”) for payment of the items listed in the TIF Priority Expenses set forth in Section 503 below; or (b) based on documentation and pay applications submitted by Redeveloper, approve progress payments for eligible expenses and approve disbursement by the TIF Bond Purchaser to contractors and suppliers directly. The above total dollar amount of the TIF Indebtedness is the estimated amount of the tax increment (“TIF Tax Revenues”) to be generated on Project Site and the New Building constructed thereon based upon an estimated taxable valuation of Twenty Million and No/100 Dollars ($20,000,000.00) after substantial completion of the New Building. The parties acknowledge that any delay in the construction of the second phase of the New Building will result in a partial valuation until construction on the entire New Building is completed, which will result in lower annual TIF Tax Revenues until full construction completion.
Issuance of TIF Indebtedness. Not earlier than thirty (30) days following the later date of the approval and execution of this Redevelopment Agreement or the date the issuance of the TIF Bond (defined below) has been authorized, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 or as soon thereafter as is practicable, the City shall issue TIF Indebtedness as follows: (i) “TIF Bond A” in the sum of Three Hundred Thousand and No/100 Dollars ($300,000.00) to be purchased by the City or other purchaser (“TIF Bond Purchaser A”) and receive TIF Proceeds from the TIF Bond Purchaser A to be deposited into a City or Lender fund account (the “Project Account A”) for payment of the City’s TIF Bond A cost of issuance and to fund the City Public Improvements set forth in the Second Priority in Section 703 A. below and (ii) “TIF Bond B" in the sum of One Million Nine Hundred and Forty-Eight Thousand Three Hundred Forty-Seven and No/l00 Dollars ($1,948,347.00) to be purchased by the Redeveloper or Redeveloper’s Lender (“TIF Bond Purchaser B”) and receive TIF Proceeds from the TIF Bond Purchaser to be deposited into a City or Lender fund account (the “Project Account B”) for payment of the City’s TIF Bond B cost of issuance and the Eligible Project Costs in the Second Priority and Third Priority set forth in Section 703 B. below. TIF Bond A and TIF Bond B are individually and collectively referred to herein as “TIF Bond” and TIF Bond Purchaser A and TIF Bond Purchaser B are individually and collectively referred to herein as “TIF Bond Purchaser”. The total dollar amount of the TIF Bond is the estimated amount of the tax increment to be generated on the Project Site and Private Improvements based upon an estimated taxable valuation of $10,818,160.00 after completion of the Private Improvements. The Redeveloper or Redeveloper’s Lender, shall have the option to buy TIF Bond A and be the TIF Bond Purchaser A as a separate TIF Bond or recombine TIF Bond A and TIF Bond B into one TIF Bond.
Issuance of TIF Indebtedness. Pursuant to this Agreement the City shall authorize and issue TIF indebtedness in the estimated amount of the tax increment to be generated from the 0000 X Xxxxxx Redevelopment Project in an amount not to exceed a total of Eight Hundred Ninety- one Thousand Six Hundred Eighty-six Dollars ($891,686.00). The City shall issue TIF Indebtedness as follows:
Issuance of TIF Indebtedness. Not earlier than thirty (30) days following the later date of the approval and execution of this Redevelopment Agreement or the date the issuance of the TIF Bond (defined below) has been authorized, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 or as soon thereafter as is practicable, the City shall issue a TIF Bond in the sum of $166,736 to be purchased by the Redeveloper or Redeveloper’s Lender (“TIF Bond Purchaser”) and receive TIF Bond Proceeds from the TIF Bond Purchaser to be deposited into a City or Lender fund account (the “Project Account”) to be used and expended as set forth in Section 503 below. The total dollar amount of the TIF Bond is the estimated amount of the tax increment to be generated on the Redeveloper Property and Private Improvements based upon an estimated taxable valuation of $1,200,000 after completion of the Private Improvements.
Issuance of TIF Indebtedness. Not earlier than thirty (30) days following the later date of the approval and execution of this Redevelopment Agreement or the date the issuance of the TIF Bond (defined below) has been authorized, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 or as soon thereafter as is practicable, the City shall issue TIF Indebtedness (“TIF Bond”) in the sum of Three Million Two Hundred Ninety-One Thousand Seven Hundred Fifty Dollars ($3,291,750.00). The TIF Bond shall be purchased by the Redeveloper or its Lender (“TIF Bond Purchaser”). The City shall either: (a) receive TIF Bond Proceeds from the TIF Bond Purchaser to be deposited into a City fund account (the “Project Account”) for payment of the items listed in the TIF Priority Expenses set forth in Section 503 below; or (b) based on documentation and pay applications submitted by Redeveloper, approve progress payments for eligible expenses and approve, subject to a disbursement agreement between the City and TIF Bond Purchaser, disbursement by the TIF Bond Purchaser to contractors and suppliers directly. The total dollar amount of the TIF Bond is the estimated amount of the tax increment to be generated on the Redeveloper Property and Redeveloper Improvements based upon an estimated taxable valuation of Sixteen Million One Hundred Fifty-Five Thousand Dollars ($16,155,000.00) after completion of the Redeveloper Improvements.
Issuance of TIF Indebtedness. Not earlier than thirty (30) days following the later date of the approval and execution of this Redevelopment Agreement or the date the issuance of the TIF Bond (defined below) has been authorized, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 or as soon thereafter as is practicable, the City shall issue TIF Indebtedness (“TIF Bond”) in the sum of One Hundred Eighty Thousand Dollars ($180,000.00) to be purchased by the City and the City shall deposit the TIF Bond Proceeds into a City account (the “Project Account”) to be used and expended as set forth in Section 503 below. The total dollar amount of the TIF Bond is the estimated amount of the tax increment to be generated on the Redeveloper Property and Private Improvements based upon an estimated taxable valuation of One Million and Four Thousand Hundred Dollars ($1,004,000.00) after completion of the Private Improvements.
Issuance of TIF Indebtedness. Agency shall issue TIF Indebtedness through a TIF Promissory Note (hereafter “TIF Note”) in the form and principal amount and bearing interest and being subject to such terms and conditions as are specified on Exhibit D attached hereto. No TIF Indebtedness will be issued until the Developer has (a) acquired fee title to the Premises; and (b) entered into a contract for construction of the Project. The TIF Note shall not be a general obligation of the CDA or the City, which shall issue the TIF Note solely as a conduit. If the Developer intends to monetize the TIF Note, then they shall locate a lender or other entity to acquire and fund the acquisition of the TIF Note for the TIF Indebtedness. Developer may pledge or assign the TIF Note to such lender and the CDA shall consent to such pledge upon request. The TIF Indebtedness shall be secured by a pledge or assignment of the Tax Increment to be captured by the CDA.
Issuance of TIF Indebtedness. Not earlier than thirty (30) days following the later Date of this Agreement or the date the issuance of the TIF Bond (defined below) has been authorized, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 or as soon thereafter as is practicable, the City shall issue TIF Indebtedness in the total sum of Five Hundred Thirty-Three Thousand Three Hundred Fifty-Four and No/l00 Dollars ($533,354.00) to be purchased by the Redeveloper or Redeveloper’s Lender (“TIF Bond Purchaser”) and receive TIF Proceeds from the TIF Bond Purchaser to be deposited into a City or Lender fund account (“Project Account”) for payment of the City’s TIF Bond cost of issuance and the Eligible Project Costs in the Second and Third Priority set forth in Section 503 A 2. below. The total dollar amount of the TIF Bond is the estimated amount of the tax increment to be generated on the Project Site and Private Improvements based upon an estimated taxable valuation of Three Million Six Hundred and No/100 Dollars ($3,600,000.00) after completion of the Private Improvements.
Issuance of TIF Indebtedness. The CDA shall incur or issue TIF Indebtedness in a series of TIF Promissory Notes in the aggregate amount of approximately Six Hundred Fifty-Eight Thousand and No/100 Dollars ($658,000.00), as calculated on the attached and incorporated Exhibit “B” for all three phases. The CDA shall issue a note or notes for the TIF Indebtedness for each phase, as further described below, the form of which is attached hereto as Exhibit “B-1”. The TIF Indebtedness for Phase One shall be divided between a Phase One Series “A” TIF Note for the portion of the Phase One Project undertaken by the Row and a Phase One Series “B” TIF Note for the portion of the Project undertaken by Stonyhill. The Phase One Series “A” TIF Note shall be issued by the CDA to the Row, or to a lender of the Row, for the Tax Increment produced by the twenty (20) dwelling unit affordable single family residential townhome units included within Phase One. The Phase One Series “B” TIF Note shall be issued by the CDA to Stonyhill, or to a lender of Stonyhill, for the Tax Increment produced by the four (4) market rate single family residential townhome units included within Phase One. The Phase Two TIF Note and the Phase Three TIF Note shall each be issued by the CDA to Stonyhill, or to a lender of Stonyhill, for the Tax Increment produced by the four (4) market rate single family residential townhome units included within Phase Two and Phase Three, as applicable. The TIF Indebtedness for each phase shall be in the following approximate amounts: Series “A” Series “B” Total Phase One $490,000 $56,000 $546,000 Phase Two $56,000 ---------- $56,000 Phase Three $56,000 ---------- $56,000 Total $602,000 $56,000 $658,000 The TIF Notes shall be issued no sooner than thirty (30) days following the approval and execution of this Agreement. The TIF Notes shall not be a general obligation of the CDA or the City, which shall issue each Note solely as a conduit. If the Redevelopers intend to monetize the TIF Notes, then they shall locate a lender or other entity to acquire and fund the acquisition of the TIF Notes for the TIF Indebtedness. Redevelopers may pledge or assign the TIF Notes to such lender and the CDA shall consent to such pledge upon request. The TIF Indebtedness shall be secured by a pledge or assignment of the Tax Increment to be captured by the CDA.
Issuance of TIF Indebtedness. Not earlier than thirty (30) days following the date of the approval and execution of this Redevelopment Agreement or the date the issuance of TIF Indebtedness for the Terminal Building Redevelopment Project has been authorized by an ordinance adopted by the City Council of the City of Lincoln ("TIF Bond Ordinance"), which date is after the remonstrative period in Neb. Rev. Stat. § 18- 2142.01 the City shall issue, at the request of the Redeveloper, TIF Indebtedness in the aggregate principal amount of not to exceed Three Million Nine Hundred Thousand dollars ($3,900,000.00). The TIF Bond shall be purchased by the Redeveloper, its Lender or an investor ("Investor") of the City's choosing ("TIF Bond Purchaser") and the City will receive TIF Bond Proceeds from the TIF Bond Purchaser to be deposited into a City fund account (the "Project Account") for payment of the items listed in the TIF Priority Expenses set forth in Section 503 below. The above total dollar amount of the TIF Indebtedness is the estimated amount of debt that can be reasonably expected to be paid off from the taxes generated by the tax increment ("TIF Tax Revenues") on Project Site and the New Building constructed thereon based upon an estimated taxable valuation of $22,340,006.00 after substantial completion of the Building in 2026 and assuming a maximum interest rate of 4.0% on such debt.
