Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to Developer. The Village shall only be obligated to make payments under the Municipal Revenue Obligation to the extent that the Project generates sufficient Excess Tax Increment to make installment payments. The Municipal Revenue Obligation shall be in the form attached hereto as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions:
(a) Any payment on the Municipal Revenue Obligation which is due on any Payment Date shall be payable solely from and only to the extent that the Village has received, as of such Payment Date, Excess Tax Increment. Any such Excess Tax Increment shall be appropriated by the Village Board to payment of the Municipal Revenue Obligation until the conditions in Section B.4 of this agreement have been satisfied or the TID Closure Date, whichever occurs first.
(b) For purposes of the Municipal Revenue Obligation, a “Payment Date” shall mean November 1 of each year until the TID Closure Date or the conditions in Section B.4 of this agreement have been satisfied, whichever occurs first. On each Payment Date, the Village shall pay to Developer the Excess Tax Increment that has been appropriated for that purpose by the Village Board in accordance with the requirements for revenue obligations.
(c) The Village covenants and agrees that Excess Tax Increment held by the Village as of a given Payment Date shall not be appropriated for any other use, if not appropriated for the Municipal Revenue Obligation due as of such Payment Date, until the TID Closure Date or the conditions under Section B.4. have been satisfied, whichever occurs first.
Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer, within ninety (90) calendar days after the City’s receipt of the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount paid under the MRO shall equal the lesser of: (a) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date (as defined below), and (b) One Million Dollars ($1,000,000.00).
Municipal Revenue Obligation. An annual payment from the Village to Developer in an amount equal to Excess Tax Increment paid by Developer from the execution of the Agreement to the TID Closure Date up to $300,000.00, and payable solely from Excess Tax Increment.
Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer and Seller, within sixty (60) calendar days after the City’s receipt the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount of the MRO shall equal the lesser of: (a) twenty percent (20%) of the Available Tax Increment generated on the Apartment Parcel and all other Spirit Lake Development Parcels during the life of the District, and (b) Four Million Nine Hundred Fifty Thousand Dollars ($4,950,000.00) with up to Four Million Dollars ($4,000,000.00) payable to Developer and up to Nine Hundred Fifty Thousand Dollars ($950,000.00) payable to Seller.
