Common use of Municipal Revenue Obligation Clause in Contracts

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:

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 DeveloperDeveloper as a development incentive and to reimburse certain eligible project costs in the principal amount of up to three hundred thousand ($300,000). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions:

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 DeveloperDeveloper as a development incentive and to reimburse project costs in the amount of up to three hundred eighty thousand six hundred and forty thousand dollars ($380,640). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions:

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 DeveloperDeveloper as a development incentive and to reimburse certain eligible project costs in the principal amount of up to six hundred thousand dollars ($600,000), at an annual interest rate of 4%. The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments described below and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. 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:

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Projectfirst portion of the Project to be occupied, 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 DeveloperDeveloper as a development incentive in the principal amount of up to three hundred thousand dollars ($300,000). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions:

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Projectfirst portion of the Project to be occupied, 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 DeveloperDeveloper as a development incentive equal to 100% of the Excess Tax Increment generated by the Project until the TID Closure Date. The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions:

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 Developer’s submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to DeveloperDeveloper as a development incentive and to reimburse certain eligible project costs in the principal amount of up to five hundred thousand dollars ($500,000). The Village shall only be obligated to make payments under the Municipal Revenue Obligation shall be payable to the extent that the Project generates sufficient Developer in annual installments and solely from Excess Tax Increment to make installment paymentsgenerated by the Project. The Municipal Revenue Obligation shall be in the form attached hereto incorporated herein as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions: