Municipal Improvement District. Notwithstanding anything contained herein to the contrary, in the event that (1) the Owner, Developer, or a Secondary Developer and the City may jointly agree that the construction of public infrastructure required for the Development of the Property will be defrayed from the proceeds of Municipal Improvement District Bonds or from the receipts of assessments imposed upon the Property; (2) the City creates the Municipal Improvement District; (3) the City is able to issue Municipal Improvement District Bonds which are non-recourse to the City; and (4) suitable arrangements are made by the Owner or Developer with the City to guarantee completion of the construction of such public infrastructure, then the Owner or Developer shall notify the City prior to the sale of the first parcel within the Property, whereupon the City shall take such action as necessary to implement a Municipal Improvement District with respect to the Property and issue Municipal Improvement District Bonds to provide such amount as then current, definitive plans indicate to be necessary to complete such public infrastructure improvements, which monies shall be made available to design, permit and construct such public infrastructure improvements. Upon obtaining such funding (which may be in phases), the City shall cause the design, permitting and construction of such required public infrastructure improvements (or phased portions of the public infrastructure improvements, as may be the case). Nothing herein shall preclude the submission of a design/build proposal for such public infrastructure improvements by Owner or Developer which complies with the procurement requirements of the City. Notwithstanding the above, Owner or Developer, with the prior written approval of the City, may begin construction of such public infrastructure improvements prior to the creation of the Municipal Improvement District, and provided the Municipal Improvement District Bonds are issued, Owner or Developer shall be reimbursed for any qualifying funds previously expended by Owner or Developer in the construction of such public infrastructure improvements.
Municipal Improvement District. In order to provide the City adequate assurance that the Developers, which will each benefit from the City Projects, will participate in defraying the cost of the City Projects at a level that the City finds satisfactory, the City has determined to create the MID, which will provide a mechanism to xxxx Assessments, as necessary, to defray the costs of the City Projects. The Developers acknowledge that the City has created a MID to overlay the Property, and hereby consent to the creation of the MID, the enrolling of the assessment roll, and the rate and method of apportionment, all as set out in the MID Documents. The MID Documents, authorizing the MID and Assessments, are available from the City Clerk.
