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 TIF Indebtedness for the 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 § 18-2142.01 but as soon thereafter as is practicable, the City shall issue TIF Indebtedness in the aggregate principal sum not to exceed Three Million One Hundred Sixteen Thousand Two Hundred Ninety One and No/100 Dollars ($3,116,291) to be purchased by the 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”) and the TIF Bond Proceeds shall be disbursed in accordance with the terms of the Disbursement Agreement for payment of the Redeveloper Priority Expenses set forth in Section 503 below. The total dollar amount of the TIF Indebtedness is the estimated amount of the tax increment to be generated on the Redeveloper Property and the Private Improvements constructed thereon, based upon an estimated taxable valuation of $14,443,000 after substantial 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 TIF Indebtedness for the 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 § 18-2142.01 but as soon thereafter as is practicable, the City shall issue TIF Indebtedness in the aggregate principal sum not to exceed Three Million One Five Hundred Sixteen Thousand Two Hundred Ninety One and No/100 Dollars ($3,116,291500,000.00) to be purchased by the 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”) and the TIF Bond Proceeds shall be disbursed in accordance with the terms of the Disbursement Agreement for payment of the Redeveloper Priority Expenses set forth in Section 503 403 below. The total dollar amount of the TIF Indebtedness is the estimated amount of the tax increment to be generated on the Redeveloper Property and the Private Improvements constructed thereon, based upon an estimated taxable valuation of $14,443,000 2,055,000 after substantial 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 TIF Indebtedness for the 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 § 18-2142.01 but as soon thereafter as is practicable, the City shall issue TIF Indebtedness in the aggregate principal sum not to exceed Three Million One Nine Hundred Sixteen Sixty Thousand Two Hundred Ninety One and No/100 Dollars ($3,116,291960,000.00) to be purchased by the 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”) and the TIF Bond Proceeds shall be disbursed in accordance with the terms of the Disbursement Agreement for payment of the Redeveloper Priority Expenses set forth in Section 503 below. The total dollar amount of the TIF Indebtedness is the estimated amount of the tax increment to be generated on the Redeveloper Property and the Private Improvements constructed thereon, based upon an estimated taxable valuation of $14,443,000 5,675,000.00 after substantial 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 TIF Indebtedness for the 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 § 18-2142.01 but as soon thereafter as is practicable, the City shall issue TIF Indebtedness in the aggregate principal sum not to exceed Three Million One Four Hundred Sixteen Seventy Thousand Two Hundred Ninety One and No/100 Dollars ($3,116,291470,000.00) to be purchased by the 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”) and receive TIF Bond Proceeds from the TIF Bond Proceeds shall Purchaser to be disbursed in accordance with deposited into a City fund account (the terms of the Disbursement Agreement “TIF Bond Project Account”) for payment of the Redeveloper Priority Expenses set forth in Section 503 below. The total dollar amount of the TIF Indebtedness is the estimated amount of the tax increment to be generated on the Redeveloper Property and the Private Improvements constructed thereon, based upon an estimated taxable valuation of $14,443,000 2,919,000, after substantial 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 Indebtedness for the Private Improvements 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 § 18-2142.01 but or as soon thereafter as is practicable, the City shall issue TIF Indebtedness in the aggregate principal sum an amount not to exceed Three Two Million One Eight Hundred Sixteen Five Thousand Two Hundred Ninety One and No/100 Dollars ($3,116,2912,805,000.00) 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 Indebtedness shall be purchased by referred to herein as “TIF Bond” and the purchaser of said bond, be it the Redeveloper, its Lender Redeveloper’s Lender, or an investor (“Investor”) of the City’s choosing (, are individually and collectively referred to be approved by Redeveloper which shall not be unreasonably withheld) (herein as “TIF Bond Purchaser”) and the TIF Bond Proceeds shall be disbursed in accordance with the terms of the Disbursement Agreement for payment of the Redeveloper Priority Expenses set forth in Section 503 below. The 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 collected over a maximum of fifteen years from the Effective Date to be generated on the Redeveloper Property Project Site and the Private Improvements constructed thereon, based upon an estimated taxable valuation of $14,443,000 16,000,000.00 after substantial completion of the Private ImprovementsImprovements and an interest rate not to exceed 6%. The Redeveloper or Redeveloper’s Lender, shall have the option to buy the TIF Bond.