Obligation to Reimburse from Tax Increment Fund Sample Clauses

Obligation to Reimburse from Tax Increment Fund. Subject to the terms of this Agreement and the conditions in this Section, the City agrees, solely and exclusively from 95% of the Incremental Tax Revenues, to reimburse Developer for Redevelopment Project Costs in a total amount not to exceed the North Project TIF Cap plus interest at the Actual Interest Rate for Borrowed Funds but no more than the WSJ Prime Rate plus 3% as published at the time of this Agreement or the time permanent financing is in place as long as that is within two years of the signing of this Agreement. The City shall retain 5% of the Incremental Tax Revenues to pay for the City Project, except that if the City Project does not commence within sixty (60) months of the date of the filing of the Certificate of Substantial Completion by the South Project Developer with the City in accordance with Section 4.07, such 5% of Incremental Tax Revenues shall be used to reimburse the Developer’s Redevelopment Project Costs in accordance with Section 6.01. Developer shall be reimbursed for Redevelopment Project Costs from the Tax Increment Fund by the City as funds are collected in the Tax Increment Fund (the “Pay As You Go” method). The Parties agree that such reimbursement shall be made only on a Pay As You Go basis solely from Incremental Tax Revenues. The City shall have no obligation to reimburse Developer until funds are available in the Tax Increment Fund. Nothing in this Agreement shall obligate the City to reimburse Developer for any cost that is not a “Redevelopment Project Cost” as defined by the Act, except as otherwise expressly provided in this Agreement.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Obligation to Reimburse from Tax Increment Fund

  • Additional Fee on Late Payments For any payments thirty (30) calendar days or more overdue under this Agreement, Registry Operator shall pay an additional fee on late payments at the rate of 1.5% per month or, if less, the maximum rate permitted by applicable law.

  • Unobligated and Unearned Funds and Allowable Costs In accordance with Section 215.971, Florida Statutes, the Grantee shall refund to the State of Florida any balance of unobligated funds which has been advanced or paid to the Grantee. In addition, funds paid in excess of the amount to which the recipient is entitled under the terms and conditions of the agreement must be refunded to the state agency. Further, the recipient may expend funds only for allowable costs resulting from obligations incurred during the specified agreement period. Expenditures of state financial assistance must be in compliance with the laws, rules, and regulations applicable to expenditures of State funds, including, but not limited to, the Reference Guide for State Expenditures.

  • DEDUCTION OF UNION FEES The employer shall deduct union fees from the wages and salaries of members of the union when authorised in writing by members. The employer will forward the monies with the names and the individual amounts deducted to the union.

  • E-PAYMENT Contractor agrees to accept all payments in United States currency via the State of Mississippi’s electronic payment and remittance vehicle. The agency agrees to make payment in accordance with Mississippi law on “Timely Payments for Purchases by Public Bodies,” which generally provides for payment of undisputed amounts by the agency within forty-five (45) days of receipt of invoice. Mississippi Code Annotated § 31-7-301 et seq.

  • RIGHT OF ALLOTTEE TO USE COMMON AREAS AND FACILITIES SUBJECT TO PAYMENT OF TOTAL MAINTENANCE CHARGES The Allottee hereby agrees to purchase the [Apartment/Plot] on the specific understanding that is/her right to the use of Common Areas shall be subject to timely payment of total maintenance charges, as determined and thereafter billed by the maintenance agency appointed or the association of allottees (or the maintenance agency appointed by it) and performance by the Allottee of all his/her obligations in respect of the terms and conditions specified by the maintenance agency or the association of allottees from time to time.

  • Condition Precedent to Requesting Payment Grantee will disburse program income, rebates, refunds, contract settlements, audit recoveries, and interest earned on such funds before requesting cash payments including any advance payments from the System Agency.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!