Common use of Look Back and Reduction of TIF Assistance Clause in Contracts

Look Back and Reduction of TIF Assistance. The financial assistance to be provided to the Developer pursuant to this Agreement is based on certain assumptions regarding the projected costs and expenses associated with constructing the Project (as provided in the Pro Forma submitted to the EDA by the Developer and attached as Exhibit E). The EDA and Xxxxxxxxx agree that those assumptions will be reviewed at the time of completion of construction of the Project and stabilization of the Project, or, if earlier, at the time of any sale of the Project. Once the review in Section 3.9 has occurred and, if applicable, the TIF Note has been reduced, thereafter Section 3.9 will not apply, in other words, at most there will be only one reduction in the TIF Note pursuant to Section 3.9. Once the review in Section 3.10 has occurred and, if applicable, the TIF Note has been reduced, thereafter Section 3.10 will not apply, in other words, at most there will be only one reduction in the TIF Note pursuant to Section 3.10. At the time of completion of construction of the Project, if the aggregate amount of the total development costs of the Project incurred is less than the aggregate amount of the total development costs of the Project projected in Exhibit E, the TIF assistance for the costs of the Development Property will be reduced on a dollar for dollar basis in the amount of such deficiency and the principal amount of the TIF Note will be adjusted accordingly.

Look Back and Reduction of TIF Assistance. The financial assistance to be provided to the Developer pursuant to this Agreement is based on certain assumptions regarding the projected costs and expenses associated with constructing the Project (as provided in the Pro Forma submitted to the EDA by the Developer and attached as Exhibit E). The EDA and Xxxxxxxxx agree that those assumptions will be reviewed at the time of completion of construction of the Project and stabilization of the Project, or, if earlier, at the time of any sale of the Project. Once the review in Section 3.9 has occurred and, if applicable, the TIF Note has been reduced, thereafter Section 3.9 will not apply, in other words, at most there will be only one reduction in the TIF Note pursuant to Section 3.9. Once the review in Section 3.10 has occurred and, if applicable, the TIF Note has been reduced, thereafter Section 3.10 will not apply, in other words, at most there will be only one reduction in the TIF Note pursuant to Section 3.10. At the time of completion of construction of the Project, if the aggregate amount of the total development costs of correction of the Project Soil Deficiencies incurred is less than the aggregate amount of the total development costs of correction of the Project Soil Deficiencies projected in Exhibit E, the TIF assistance for the costs of correction of the Development Property Soil Deficiencies will be reduced on a dollar for dollar basis in the amount of such deficiency and the principal amount of the TIF Note will be adjusted accordingly.