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 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 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 Sky Park Apartment Redevelopment Project in an amount not to exceed a total of One Million Three Hundred Thirty One Thousand Six Hundred Seventy Six Thousand Dollars ($1,331,676.00). The City shall issue TIF Indebtedness on or after 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 authorizedAgreement, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 of this Redevelopment Agreement, 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" Note in the sum of One Million Nine Hundred and Forty-Eight Thousand Three Hundred Forty-Seven and No/l00 Thirty One Thousand Six Hundred Seventy Six Thousand Dollars ($1,948,347.001,331,676.00) to be purchased by Redeveloper or its lender entitling the Redeveloper, or its lender, as the holder of TIF Bond, to receive the incremental tax revenue created by the Project. The TIF Indebtedness shall be purchased by the Redeveloper or Redeveloper’s Lender (“TIF Bond Purchaser BPurchaser”) and ). The City shall 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 in the Second Priority and Third Priority to be expended as set forth in Section 703 B. Sections 603 and 604 below. Section 603. Use of TIF Bond A Proceeds. Priority of Expenditures. TIF Proceeds from the issuance of TIF Indebtedness shall be expended in the following priority in accordance with those cost estimates listed on Exhibit C. FIRST TIF PRIORITY EXPENSE: Reimburse the Redeveloper TIF Admin. Fee, Bond Counsel fee, and TIF Bond B are individually and collectively referred the Redeveloper’s cost 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”record any attached Exhibits. The total dollar amount City is entitled to receive Fifteen Thousand and No/100 Dollars ($15,000.00) of the TIF Bond is Proceeds to assist in funding any Streetscape Improvements the estimated amount City elects to implement. SECOND TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the tax increment to be generated on Site Acquisition costs of the Project Site in an amount not to exceed $129,412.00. THIRD TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Environmental Remediation and Private Site Preparation costs in an amount not to exceed $680,827.00. FOURTH TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Energy Enhancements costs in an amount not to exceed $78,120.00, after deducting any Lincoln Electric System rebates. FIFTH TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Historical Façade Improvements in an amount not to exceed $400,000.00. The Second through Fifth Items are individually referred to as “Redeveloper TIF Priority Expense” and hereinafter referred to collectively as the “Redeveloper TIF Priority Expenses.” Many of the costs for the Uses listed in Exhibit C are estimates and actual reimbursements will be based upon the actual design, inspection, project administration, construction, financing and implementation costs. In the event an estimated taxable valuation actual Redeveloper TIF Priority Expense is less than the maximum amount stated for said Redeveloper TIF Priority Expense above, then the difference may be used to fund any actual Redeveloper TIF Priority Expense(s) that is or are more than the maximum amount stated for said Redeveloper TIF Priority Expense(s) above. Except costs incurred for Site Acquisition, Environmental Remediation and Site Preparation, only costs for TIF Priority Expenses incurred after the date of $10,818,160.00 after completion of the Private Improvementsthis Agreement shall be eligible for reimbursement as TIF Priority Expenses under this Section. The funds granted to Redeveloper or Redeveloper’s Lenderare restricted solely for the reimbursement of eligible costs of TIF Priority Expenses as described herein, and the Redeveloper shall not have discretionary judgment over 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 Bondapplication of said grant funds.

Issuance of TIF Indebtedness. Not earlier than 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 48th & Xxxxxxxxxx Redevelopment Project as a result of the Project in question, but in no event shall the aggregate principal amount of the TIF indebtedness exceed a total of Three Million One Hundred Eighty-five Thousand Dollars ($3,185,000.00). The City shall issue TIF Indebtedness on or after 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 authorizedAgreement, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 of this Redevelopment Agreement, or as soon thereafter as is practicable, the City shall issue TIF Indebtedness as follows: (i) “Bond Note or TIF Bond A” in Notes up to the sum of Three Million One Hundred Eighty-five Thousand and No/100 Dollars ($300,000.003,185,000.00) to be purchased by Redeveloper or its lender entitling the City Redeveloper, or other purchaser (“its lender, as the holder of TIF Bond Purchaser A”) and Bond, to receive the incremental tax revenue created by the Project. The 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 Indebtedness shall be purchased by the Redeveloper or Redeveloper’s Lender (“TIF Bond Purchaser BPurchaser”) ). The foregoing sentence notwithstanding, the City reserves the right to refinance the TIF Indebtedness with a Lender of its choosing, and Redeveloper acknowledges such right of the City. The City shall 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 in the Second Priority and Third Priority to be expended as set forth in Section 703 B. Sections 503 and 504 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 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 Cotswold Building Redevelopment Project in an amount not to exceed a total of Three Million Three Hundred and Four Thousand, Seven Hundred and Ninety-Two Dollars ($3,304,792.00). The City shall issue TIF Indebtedness on or after 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 authorizedAgreement, which date is after the remonstrative period in Neb. Rev. Stat § 18-2142.01 of this Redevelopment Agreement, or as soon thereafter as is practicable, the City shall issue TIF Indebtedness as follows: (i) “TIF Bond A” in the sum of Three Million Three Hundred Thousand and No/100 Four Thousand, Seven Hundred and Ninety-Two Dollars ($300,000.00) 3,304,792.00). to be purchased by Redeveloper or its lender entitling the City Redeveloper, or other purchaser (“its lender, as the holder of TIF Bond Purchaser A”) and Bond, to receive the incremental tax revenue created by the Project. The 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 Indebtedness shall be purchased by the Redeveloper or Redeveloper’s Lender (“TIF Bond Purchaser BPurchaser”) and ). The City shall receive TIF Proceeds from the TIF Bond Purchaser to be deposited into a City City, Lender, financial institution, title insurance, escrow or Lender brokerage fund account (the “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 to be expended as set forth in Section 703 B. Sections 603 below. Section 603. Use of TIF Bond A Proceeds. TIF Proceeds from the issuance of TIF Indebtedness shall be expended in the following priority in accordance with those cost estimates listed on Exhibit G. FIRST TIF PRIORITY EXPENSE: Reimburse the Redeveloper TIF Admin. Fee, Bond Counsel fee, 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 cost to record any attached Exhibits or Attachments to the option Development Agreement. SECOND TIF PRIORITY EXPENSES: Payment of grant or grants 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.reimburse Redeveloper for: