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 Sharp 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 an amount consistent with the anticipated increase in valuation to be realized as a result of the Phase of the Project in question, but in no event shall the aggregate principal amount of TIF indebtedness exceed One Million Three Hundred Seventy-Six Thousand Eight Hundred Ninety-Four and No/100 Dollars ($1,376,894.00). 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 903 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 incremental increase in valuation (“TIF Tax Revenues”) on the Project Site realized after the Redeveloper Improvements are constructed thereon based upon an estimated taxable valuation for the Total of all the Phases as shown on Exhibit D after substantial completion and assuming a maximum interest rate of 4.5% on such debt.
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 $143,897.00 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 403 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 Nine Hundred Fifty-five Thousand Five Hundred and No/100 Dollars ($955,500.00). 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 Private Improvements based upon an estimated taxable valuation of Three Million Nine Hundred Twenty-four Thousand and No/100 Dollars ($3,924,000.00) 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 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 Xxxxxx & P Redevelopment Project in an amount not to exceed a total of Three Million Nine Hundred Thousand and No/100 Dollars ($3,900,000.00). 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 TIF Indebtedness (“TIF Bond”) in the sum of One Hundred Ninety Two Thousand Dollars ($192,000.00) 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 Twenty Nine Thousand Seven Hundred Dollars ($1,029,700.00) 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. On or after thirty (30) days following the approval and execution of this Redevelopment Agreement, the CDA shall incur and issue TIF Indebtedness in the amount of Two Hundred Fifteen Thousand Seven Hundred Thirty-Seven and 65/100 Dollars ($215,737.65), as calculated on the attached and incorporated Exhibit “B”. The TIF Indebtedness shall be in the form of a TIF Promissory Note attached hereto as Exhibit “F” and incorporated by this reference (“TIF Note”). The TIF Note shall be purchased by Redeveloper or the lender of Redeveloper. If Redeveloper does not acquire and fund the TIF Note itself, Redeveloper shall locate a lender to fund the acquisition of the TIF Note for the TIF Indebtedness. The TIF Indebtedness shall be secured by a pledge of the Tax Increment or otherwise secured by Redeveloper as required by the lender. The TIF Indebtedness shall not be a general obligation of the CDA or City which shall issue the TIF Note solely as a conduit.
Issuance of TIF Indebtedness. A. Not earlier than thirty (30) days following the later Date of this Agreement or the date the issuance of the TIF Bond 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 Fifty Thousand and NO/100 Dollars ($550,000.00) (“TIF Proceeds”) 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 fund account (“Project Account”) for payment of the City’s TIF Bond cost of issuance and the Project Site Purchase Assistance costs in the Second Priority set forth in Section 503A below.
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 Fourteen Million One Hundred Thirty-one Thousand Five Hundred Forty- three and No/100 Dollars ($14,131,543.00). 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 Fifty-five Million and No/100 Dollars ($55,000,000.00) after substantial completion of the New Building in 2023.
