Master Redeveloper as Phase Constructor Sample Clauses

Master Redeveloper as Phase Constructor. (i) Within thirty 30 days after receipt of a Certificate of Completion for an Element within a Phase, the Master Redeveloper shall submit certified cost and revenue analysis to the Authority in the form of the Phase TIF Pro Forma and prepared in accordance with generally accepted accounting principles. The Master Redeveloper agrees to provide to the Authority any reasonable and relevant background documentation, prepared in accordance with generally accepted accounting principles, related to the financial data, upon request. The Authority may retain an accountant to audit the submitted Phase TIF Pro Forma, at the Master Redeveloper’s cost. (ii) If a Transfer of an Element by the Master Redeveloper occurs within three (3) years from the date of a Certificate of Completion for said Element, the Master Redeveloper shall submit an updated Phase TIF Pro Forma, which will be subject to the calculation of the Phase Constructor TIF Adjustment in Section 7.3(c)(iii). Any Transfer by Master Redeveloper following the third (3rd) anniversary of a Certificate of Completion is at no time subject to a Phase Constructor TIF Adjustment. (iii) The amount by which the actual IRR shown in an updated Phase TIF Pro Forma required under Section 7.4(c)(ii) exceeds the percentages shown in Section 7.4(iii)(2) – (4) below will be referred to as the “Phase Excess Amount.” The Master Redeveloper will be obligated to pay to the Authority in accordance with Section 7.4(e) the Phase Excess Amount in an amount not to exceed twenty-five percent (25%) of the Phase Excess Amount to be capped by an amount not to exceed 25% of the TIF Note or TIF Notes for the applicable Phase (to be calculated pursuant to Section 7.4(c)(iii)(2)- (4)), plus interest calculated against the adjusted cumulative total of any amounts the Master Redeveloper is obligated to pay to the Authority under this Section 7.4(c)(iii) at a rate of 6% compounded annually until the date determined in accordance with Section 7.4(d) (the “Phase Constructor TIF Adjustment”). For the sake of clarity, the Phase Constructor TIF Adjustment will be recalculated as of each date a Phase TIF Pro Forma identified in Section 7.4(c)(ii) is submitted to the Authority for the purposes of calculating the applicable principal amount against which interest will be charged. In determining the Phase Constructor TIF Adjustment the following shall apply: (1) If the IRR realized from the Transfer of the Element is less than 16% then there is no Phase ...