Common use of Issuance of TIF Indebtedness Clause in Contracts

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 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 the TIF Indebtedness for the New Building Bond (defined below) has been authorized by an ordinance adopted by the City Council of the City of Lincoln (“TIF Bond Ordinance”)authorized, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.012142.01 or as soon thereafter as is practicable, the City shall issue, at the request of the Redeveloper, issue TIF Indebtedness in the form of a TIF Bond in the principal an amount of not to exceed Three Two Million Six Eight Hundred Seven Five Thousand Two Hundred Sixty-four and No/100 Dollars ($3,607,264.002,805,000.00) in order to reimburse the City for the First Priority Use of TIF Bond Proceeds and to allow the City to timely make a grant or grants from the TIF Bond Proceeds to the Redeveloper to fund the Redeveloper Public Improvements. The TIF Bond Indebtedness shall be purchased by referred to herein as “TIF Bond” and the Redeveloper purchaser of said bond, be it the Redeveloper, Redeveloper’s Lender, or its Lender (an Investor, are individually and collectively referred to herein as “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 Bond is the estimated amount of debt that can be repaid by ad valorem tax revenue generated by the tax increment (“TIF Tax Revenues”) collected over a maximum of fifteen years from the Effective Date to be generated on the Project Site and the New Building constructed thereon Private Improvements based upon an estimated taxable valuation of Twenty Million and No/100 Dollars ($20,000,000.00) 16,000,000.00 after substantial completion of the New BuildingPrivate Improvements and an interest rate not to exceed 6%. The parties acknowledge that any delay in Redeveloper or Redeveloper’s Lender, shall have the construction of option to buy 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 completionBond.

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 Private Improvements 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 § 18-2142.012142.01 but as soon thereafter as is practicable, the City shall issue, at the request of the Redeveloper, issue TIF Indebtedness in the form of a TIF Bond in the aggregate principal amount of sum not to exceed Three Million Six One Hundred Seven Sixteen Thousand Two Hundred Sixty-four Ninety One and No/100 Dollars ($3,607,264.003,116,291) The TIF Bond shall to be purchased by the Redeveloper or Redeveloper, its Lender or an investor (“Investor”) of the City’s choosing (to be approved by Redeveloper which shall not be unreasonably withheld) (“TIF Bond Purchaser”). The City shall either: (a) receive and the TIF Bond Proceeds from shall be disbursed in accordance with the TIF Bond Purchaser to be deposited into a City fund account (terms of the “Project Account”) Disbursement Agreement for payment of the items listed in the TIF Redeveloper 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 the Redeveloper Property and the New Building Private Improvements constructed thereon thereon, based upon an estimated taxable valuation of Twenty Million and No/100 Dollars ($20,000,000.00) 14,443,000 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 completionPrivate Improvements.

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 Private Improvements 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 § 18-2142.012142.01 but as soon thereafter as is practicable, the City shall issue, at the request of the Redeveloper, issue TIF Indebtedness in the form of a TIF Bond in the aggregate principal amount of sum not to exceed Three Million Six Nine Hundred Seven Sixty Thousand Two Hundred Sixty-four and No/100 Dollars ($3,607,264.00960,000.00) The TIF Bond shall to be purchased by the Redeveloper or Redeveloper, its Lender or an investor (“Investor”) of the City’s choosing (to be approved by Redeveloper which shall not be unreasonably withheld) (“TIF Bond Purchaser”). The City shall either: (a) receive and the TIF Bond Proceeds from shall be disbursed in accordance with the TIF Bond Purchaser to be deposited into a City fund account (terms of the “Project Account”) Disbursement Agreement for payment of the items listed in the TIF Redeveloper 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 the Redeveloper Property and the New Building Private Improvements constructed thereon thereon, based upon an estimated taxable valuation of Twenty Million and No/100 Dollars ($20,000,000.00) 5,675,000.00 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 completionPrivate Improvements.

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 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 Stat. § 18-2142.01, 2142.01 the City shall issue, at the request of the Redeveloper, TIF Indebtedness in an amount consistent with the form anticipated increase in valuation to be realized as a result of a TIF Bond the Phase of the Project in question, but in no event shall the aggregate principal amount of not to TIF indebtedness exceed One Million Three Million Hundred Seventy-Six Thousand Eight Hundred Seven Thousand Two Hundred SixtyNinety-four Four and No/100 Dollars ($3,607,264.00) 1,376,894.00). The TIF Bond shall be purchased by the Redeveloper or Redeveloper, its Lender or an investor (“Investor”) of the City’s choosing (“TIF Bond Purchaser”). The ) and the City shall either: (a) 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 503 903 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 debt that can be reasonably expected to be paid off from the tax increment taxes generated by the incremental increase in valuation (“TIF Tax Revenues”) to be generated on the Project Site and realized after the New Building Redeveloper Improvements are constructed thereon based upon an estimated taxable valuation for the Total of Twenty Million and No/100 Dollars ($20,000,000.00) all the Phases as shown on Exhibit D after substantial completion and assuming a maximum interest rate 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 4.5% on the entire New Building is completed, which will result in lower annual TIF Tax Revenues until full construction completionsuch debt.

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 Private Improvements 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 § 18-2142.012142.01 but as soon thereafter as is practicable, the City shall issue, at the request of the Redeveloper, issue TIF Indebtedness in the form of a TIF Bond in the aggregate principal amount of sum not to exceed Three Million Six Five Hundred Seven Thousand Two Hundred Sixty-four and No/100 Dollars ($3,607,264.00500,000.00) The TIF Bond shall to be purchased by the Redeveloper or Redeveloper, its Lender or an investor (“Investor”) of the City’s choosing (to be approved by Redeveloper which shall not be unreasonably withheld) (“TIF Bond Purchaser”). The City shall either: (a) receive and the TIF Bond Proceeds from shall be disbursed in accordance with the TIF Bond Purchaser to be deposited into a City fund account (terms of the “Project Account”) Disbursement Agreement for payment of the items listed in the TIF Redeveloper Priority Expenses set forth in Section 503 403 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 the Redeveloper Property and the New Building Private Improvements constructed thereon thereon, based upon an estimated taxable valuation of Twenty Million and No/100 Dollars ($20,000,000.00) 2,055,000 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 completionPrivate Improvements.

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 Private Improvements 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 § 18-2142.012142.01 but as soon thereafter as is practicable, the City shall issue, at the request of the Redeveloper, issue TIF Indebtedness in the form of a TIF Bond in the aggregate principal amount of sum not to exceed Three Million Six Four Hundred Seven Seventy Thousand Two Hundred Sixty-four and No/100 Dollars ($3,607,264.00470,000.00) The TIF Bond shall to be purchased by the Redeveloper or Redeveloper, its Lender or an investor (“Investor”) of the City’s choosing (to be approved by Redeveloper which shall not be unreasonably withheld) (“TIF Bond Purchaser”). The City shall either: (a) and receive TIF Bond Proceeds from the TIF Bond Purchaser to be deposited into a City fund account (the “TIF Bond Project Account”) for payment of the items listed in the TIF Redeveloper 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 the Redeveloper Property and the New Building Private Improvements constructed thereon thereon, based upon an estimated taxable valuation of Twenty Million and No/100 Dollars ($20,000,000.00) 2,919,000, 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 completionPrivate Improvements.