Common use of Issuance of TIF Indebtedness Clause in Contracts

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. 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 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 (defined below) has been authorizedOrdinance”), which date is after the remonstrative period in Neb. Rev. Stat Stat. § 18-2142.01 or as soon thereafter as is practicable, the City shall issue issue, at the request of the Redeveloper, TIF Indebtedness in an amount consistent with the anticipated increase in valuation to be realized as follows: (i) “a result of the Phase of the Project in question, but in no event shall the aggregate principal amount of TIF Bond A” in the sum of indebtedness exceed One Million Three Hundred Seventy-Six Thousand Eight Hundred Ninety-Four and No/100 Dollars ($300,000.00) to 1,376,894.00). The TIF Bond shall be purchased by the City Redeveloper, its Lender or other purchaser an investor (“Investor”) of the City’s choosing (“TIF Bond Purchaser APurchaser”) and the City will 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 BAccount”) for payment of the City’s TIF Bond B cost of issuance and the Eligible Project Costs items listed in the Second TIF Priority and Third Priority Expenses set forth in Section 703 B. 903 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 above total dollar amount of the TIF Bond Indebtedness is the estimated amount of the tax increment 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 and Private realized after the Redeveloper Improvements are constructed thereon based upon an estimated taxable valuation for the Total of $10,818,160.00 all the Phases as shown on Exhibit D after substantial completion and assuming a maximum interest rate 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 Bond4.5% 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 TIF Indebtedness for each Private Improvement has been authorized by an ordinance adopted by the City Council of the City of Lincoln (“TIF Bond (defined below) has been authorizedOrdinance”), 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 one or more series of Bonds in the aggregate principal sum of Three Eight Million Nine Hundred Thousand Seven Thousand, Six Hundred Fifty-Two 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 ($1,948,347.008,907,652.00) to be purchased by the Redeveloper or Redeveloper’s Lender (“TIF Bond Purchaser BPurchaser”) and receive TIF Bond Proceeds from the TIF Bond Purchaser to be deposited into a City account or Lender fund account escrowed with a bank for the benefit of the City for each Redevelopment Project (the individually and collectively “Project Account BAccount”) for payment of the City’s TIF Bond B cost of issuance and the Eligible Project Costs in the Second Priority and Third Priority Expenses set forth in Section 703 B. 503 below. TIF Bond In the event, however, that Redeveloper must follow the contingency to construct Telegraph Lofts South in lieu of Telegraph Lofts West as described in Section 302 A above, then the City and TIF Bond B are individually Redeveloper agree that the maximum aggregate principal sum of indebtedness that the City may issue under this Agreement shall be reduced to Seven Million Two Hundred Sixty-Six Thousand Eight Hundred Sixty-Seven and collectively referred to NO/100 Dollars ($7,266,867) The estimated indebtedness supported by tax increment financing for the individual Private Improvements described 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”. is shown below: The total dollar amount of the TIF Bond for the Project Area is the estimated amount of debt that can be repaid from the tax increment to be generated on by the applicable Private Improvements in the Project Site and Private Improvements Area based upon an estimated combined taxable valuation of $10,818,160.00 after following substantial completion of the Private Improvements. The Redeveloper or Redeveloper’s LenderImprovements of $56,823,333 except that that in the event Telegraph Lofts South is constructed in lieu of Telegraph Lofts West, shall have then 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 Bondestimated combined taxable valuation is $46,675,422.

Issuance of TIF Indebtedness. Not earlier than thirty (30) days following (i) 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 (defined below) has been authorizedOrdinance”), which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 and (ii) the date the Redeveloper has made a final decision to construct the Base Building or as soon thereafter as is practicablethe Heightened Building, the City shall issue issue, at the request of the Redeveloper, TIF Indebtedness as follows: : (i1) “If the New Building is to be the Base Building then the TIF Bond A” Indebtedness shall be in the sum aggregate principal amount of not to exceed Ten Million One Hundred Sixty- Three Thousand Five Hundred Thousand and No/100 Fourteen Dollars ($300,000.0010,163,514.00); (2) If the New Building is to be the Heightened Building then the TIF Indebtedness shall be issued in the aggregate principal amount of not to exceed $10,921,514.00 or $11,663,514.00 depending upon whether 16 or 17 levels of the Heightened Building version is to be constructed. The TIF Bond shall be purchased by the City Redeveloper, its Lender or other purchaser an investor (“Investor”) of the City’s choosing (“TIF Bond Purchaser APurchaser”) and the City will 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 BAccount”) for payment of the City’s TIF Bond B cost of issuance and the Eligible Project Costs items listed in the Second TIF Priority and Third Priority Expenses set forth in Section 703 B. 503 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 above total dollar amount of the TIF Bond Indebtedness is the estimated amount of the tax increment (“TIF Tax Revenues”) to be generated on the Project Site and Private Improvements the version of the New Building constructed thereon based upon an estimated taxable valuation of $10,818,160.00 48,855,075.00 after substantial completion of the Private Improvements. The Redeveloper Base Building in 20 or Redeveloper’s Lenderan estimated taxable valuation of $52,424,182.00 or $55,912,811.00 after substantial completion of the 16 or 17 level Heightened Building on or before December 1, 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 Bond2019.

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 (defined below) has been authorizedOrdinance”), which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 or as soon thereafter as is practicable2142.01, the City shall issue issue, at the request of the Redeveloper, TIF Indebtedness as follows: (i) “in the form of a TIF Bond “A” in the sum principal amount of Three Hundred not to exceed Fourteen Million and No/100 Dollars ($14,000,000.00), and the City may issue a TIF Bond “B” in the principal amount not to exceed One Million and No/100 Dollars ($1,000,000.00). If the Redeveloper imposes a condominium regime on the New Building to facilitate separate ownership of the residential portion, the TIF Bond “A” shall be allocated as follows: 1. TIF Bond “A-1”. Attributable to Unit #1 of the City Centre Condominium Regime which is the residential component of the New Building (“Residential Condo Unit”) in the amount of Seven Million Seventy Thousand and No/100 Dollars ($300,000.007,070,000.00); and 2. TIF Bond “A-2”. Attributable to Unit #2 of the City Centre Condominium Regime which is the retail and office components of the New Building (“Commercial Condo Unit”) in the amount of Six Million Nine Hundred Thirty Thousand and No/100 Dollars ($6,930,000.00). Hereinafter the term TIF Bond shall mean TIF Bond A-1 and TIF Bond A-2 in the event Redeveloper imposes a condominium regime on the New Building to facilitate separate ownership of the residential portion. In addition, the City may issue a TIF Bond “B” to be purchased held by the City or other purchaser (“to assist in the funding of public improvements throughout the Project Area. The 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 ” shall be purchased by the Redeveloper or Redeveloper’s its Lender (“TIF Bond Purchaser BPurchaser”). The City shall either: (a) and receive TIF Bond Proceeds from the TIF Bond Purchaser to be deposited into a City or Lender fund account (the “Project Account BAccount”) for payment of the City’s TIF Bond B cost of issuance and the Eligible Project Costs items listed in the Second TIF Priority and Third Priority Expenses set forth in Section 703 B. 503 below. TIF Bond A ; or (b) based on documentation and TIF Bond B are individually pay applications submitted by Redeveloper, approve progress payments for eligible expenses and collectively referred to herein as “TIF Bond” and approve disbursement by the TIF Bond Purchaser A to contractors and suppliers directly. The TIF Bond Purchaser B are individually “B” may be issued to and collectively referred to herein as “TIF Bond Purchaser”held by the City in accordance with the terms of this Agreement. The above total dollar amount of the TIF Bond Indebtedness is the estimated amount of the tax increment (“TIF Tax Revenues”) to be generated on the Project Site and Private Improvements the New Building constructed thereon based upon an estimated taxable valuation of Sixty Eight Million and No/100 Dollars ($10,818,160.00 68,000,000.00) after substantial completion of the Private ImprovementsNew Building in 2020. The Redeveloper or Redeveloper’s LenderAlternatively, if the Project is subjected to a condominium regime, the aggregate taxable valuation of Sixty Eight Million and No/100 Dollars ($68,000,000.00) after substantial completion of the New Building in 2020 shall be allocated to the: (i) valuation of the Residential Condo Unit of Thirty Four Million Four Hundred Thousand and No/100 Dollars ($34,400,000.00); and (ii) valuation of the Commercial Condo Unit of Thirty Three Million Six Hundred Thousand and No/100 Dollars ($33,600,000.00). TIF Bond “A” (including TIF Bond A-1 and A-2), shall have the option to buy priority in payment over TIF Bond A and be “B”. After TIF Bond “A” has been repaid in full, the TIF Bond Purchaser A as a separate Tax Revenues shall be captured to repay the principal sum of TIF Bond or recombine “B”. If TIF Bond A and “B” has not been repaid prior to the expiration of this Agreement, then any remaining balance of TIF Bond B into one TIF Bond“B” shall be forgiven.