Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID Bonds. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment of the Actual Cost of the Authorized Improvements to be constructed for or acquired by the City will be sufficient for the construction or acquisition of all of those particular Authorized Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds of the PID Bonds available for Authorized Improvements. (b) Upon written acceptance of an Authorized Improvement, and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance of such Authorized Improvement, including all costs thereof and relating thereto. (c) The Parties hereby acknowledge and agree that: (1) Owner will construct or cause the construction of the applicable Authorized Improvements. (2) Authorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized Improvements. Such funding of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement. (3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended or updated, and the applicable Assessment Ordinance, as further provided in this Agreement. (4) Upon satisfying the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance of the PID Bonds to refinance any unpaid Reimbursement Obligation Balance under an Acquisition and Reimbursement Agreement and, if applicable, to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this Agreement. (5) The maximum aggregate Tax Equivalent Assessment Rate of Special Assessments (including the Annual Installment) plus all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate of $0.30 per $100.00 of assessed value, but Owner may voluntarily elect to have the Tax Equivalent Assessment Rate of Special Assessments be less than the lesser of $3.26 or $0.30 per $100.00 of assessed value, and this shall not require approval by City Council.
Appears in 1 contract
Samples: Financing Agreement
Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Assessment revenues pursuant to this Agreement. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds or Assessment revenues available for the payment or reimbursement of the Authorized Improvements Costs or for the payment of the Actual Cost of cost to construct or acquire the Authorized Improvements to be constructed for or acquired by the City will be sufficient for the construction or acquisition reimbursement of all of those particular Authorized Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds Costs. Any amount of Authorized Improvements Costs in excess of the available PID Bonds available for Bond Proceeds or Assessment revenues shall not be paid or reimbursed by the City under any circumstances. The Developer acknowledges and agrees that any lack of availability of monies in the IAPF established under the Indenture or any lack of funds in the Assessment Account to pay or reimburse the Authorized ImprovementsImprovements Costs shall in no way diminish any obligation of the Developer with respect to the construction of the Authorized Improvements required by this Agreement, the Development Agreement, or any other agreement to which the Developer is a party, or any governmental approval to which the Developer or Property is subject.
(b) Upon written acceptance of an Authorized Improvement, and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance of such Authorized Improvement, including all costs thereof and relating thereto.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct or cause City’s obligation with respect to the construction reimbursement of the applicable Authorized Improvements.
Improvements Costs shall be limited to the lower of (2i) Budgeted Costs, (ii) Authorized Improvements are initially intended to Costs, or (iii) the available PID Bond Proceeds or Assessment revenues available in the Assessment Account and shall be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by payable solely from amounts on deposit in the Owner prior to IAPF from the levy of Special Assessments and the issuance sale of the PID Bonds intended to fund as provided herein and in the Actual Costs Indenture, or from Assessment revenues collected for the reimbursement or payment of such costs on deposit in the Assessment Account. The Developer agrees and acknowledges that it is responsible for all costs and all expenses related to the Authorized ImprovementsImprovements in excess of the available PID Bond proceeds or Assessment revenues.
(d) The City shall have no responsibility whatsoever to the Developer with respect to the investment of any funds held in the IAPF by the Trustee under the provisions of the Indenture or any funds held in the Assessment Account, including any loss of all or a portion of the principal invested or any penalty for liquidation of an investment. Such funding Any such loss may diminish the amounts available in the IAPF or the Assessment Account to pay or reimburse the Authorized Improvements Costs in the PID. The obligation of Developer to pay the Assessments is not in any way dependent on the availability of amounts in the IAPF on the Assessment Account to pay for all or any portion of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this AgreementCosts hereunder.
(3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended or updated, and the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance of the PID Bonds to refinance any unpaid Reimbursement Obligation Balance under an Acquisition and Reimbursement Agreement and, if applicable, to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this Agreement.
(5) The maximum aggregate Tax Equivalent Assessment Rate of Special Assessments (including the Annual Installment) plus all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate of $0.30 per $100.00 of assessed value, but Owner may voluntarily elect to have the Tax Equivalent Assessment Rate of Special Assessments be less than the lesser of $3.26 or $0.30 per $100.00 of assessed value, and this shall not require approval by City Council.
Appears in 1 contract
Samples: Reimbursement Agreement
Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Special Assessment Revenues. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds or the collected Special Assessment Revenues available for the payment of the Actual Cost of the Authorized Improvements to be constructed for or acquired by the City will be sufficient for the construction or acquisition of all of those particular Authorized Improvements. The Parties anticipate that the Actual Cost cost to construct the Authorized Improvements may be greater than the proceeds of the PID Bonds and Special Assessment Revenues available for Authorized Improvements.
(b) Upon written acceptance Developer may enter into agreements with one or more real estate owners or builders (commercial or residential) to sell or develop a portion of the Property and/or to construct certain Authorized Improvements (each such owner, a “Co-Developer”) in accordance with the terms and conditions of this Agreement. The Developer may submit Actual Costs paid for by a Co-Developer and obtain reimbursement of such Actual Costs on behalf of and to be paid to such Co-Developer. The City, may, in its discretion, determine that a Developer or Co-Developer is an Authorized Improvement, and subject to any applicable maintenance“Obligated Person” for the purposes of compliance with 17 C.F.R. § 240.15c2-bond period, the City 12 (f)(10) (Rule 15c-12). The Developer shall be responsible for all operation and maintenance obtaining the City’s determination as to whether the Developer or Co-Developer will be an Obligated Person before it enters into an agreement to sell or develop a portion of such Authorized Improvement, including all costs thereof and relating theretothe Property.
(c) The Parties hereby acknowledge procedures set forth in Section 4.02 below shall apply to all Certifications for Payment for Improvement Area #1 regardless of which account within a Project Fund the actual funds are being paid from and agree that:the procedures set forth in Section 4.03 below shall apply to all Certifications for Payment for Improvement Area #2 regardless of which account within a Project Fund the actual funds are being paid from.
(1d) Owner Notwithstanding anything contained herein to the contrary, the City will construct or cause not release any payments for the Actual Costs of an applicable Authorized Improvement then being funded by PID Bonds until the Developer has submitted and obtained approval by the City of construction plans for the applicable Authorized Improvement, and evidence of any and all bonds and insurance policies required by this Agreement. The foregoing provision shall not apply to any design and/or engineering costs (i.e. soft costs) incurred prior to commencement of construction of the applicable Authorized ImprovementsImprovement.
(2) Authorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized Improvements. Such funding of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement.
(3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended or updated, and the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance of the PID Bonds to refinance any unpaid Reimbursement Obligation Balance under an Acquisition and Reimbursement Agreement and, if applicable, to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this Agreement.
(5) The maximum aggregate Tax Equivalent Assessment Rate of Special Assessments (including the Annual Installment) plus all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate of $0.30 per $100.00 of assessed value, but Owner may voluntarily elect to have the Tax Equivalent Assessment Rate of Special Assessments be less than the lesser of $3.26 or $0.30 per $100.00 of assessed value, and this shall not require approval by City Council.
Appears in 1 contract
Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Public Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Assessment revenues pursuant to this Agreement. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds or Assessment revenues available for the payment or reimbursement of the Authorized Improvements Costs or for the payment of the Actual Cost of cost to construct or acquire the Authorized Improvements to be constructed for or acquired by the City will be sufficient for the construction or acquisition reimbursement of all of those particular Authorized Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds Costs. Any amount of Authorized Improvements Costs in excess of the available PID Bonds available for Bond Proceeds or Assessment revenues shall not be paid or reimbursed by the City under any circumstances. The Developer acknowledges and agrees that any lack of availability of monies in the IAPF established under the Indenture or any lack of funds in the Assessment Account to pay or reimburse the Authorized ImprovementsImprovements Costs shall in no way diminish any obligation of the Developer with respect to the construction of the Authorized Improvements required by this Agreement, the Development Agreement, or any other agreement to which the Developer is a party, or any governmental approval to which the Developer or Property is subject.
(b) Upon written acceptance of an Authorized a Public Improvement, and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance of such Authorized Public Improvement, including all costs thereof and relating thereto.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct or cause City’s obligation with respect to the construction reimbursement of the applicable Authorized Improvements.
Improvements Costs shall be limited to the lower of (2i) Budgeted Costs, (ii) Authorized Improvements are initially intended to Costs, or (iii) the available PID Bond Proceeds or Assessment revenues available in the Assessment Account and shall be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by payable solely from amounts on deposit in the Owner prior to IAPF from the levy of Special Assessments and the issuance sale of the PID Bonds intended to fund as provided herein and in the Actual Costs Indenture, or from Assessment revenues collected for the reimbursement or payment of such costs on deposit in the Assessment Account. The Developer agrees and acknowledges that it is responsible for all costs and all expenses related to the Authorized ImprovementsImprovements in excess of the available PID Bond proceeds or Assessment revenues.
(d) The City shall have no responsibility whatsoever to the Developer with respect to the investment of any funds held in the IAPF by the Trustee under the provisions of the Indenture or any funds held in the Assessment Account, including any loss of all or a portion of the principal invested or any penalty for liquidation of an investment. Such funding Any such loss may diminish the amounts available in the IAPF or the Assessment Account to pay or reimburse the Authorized Improvements Costs in the PID. The obligation of Developer to pay the Assessments is not in any way dependent on the availability of amounts in the IAPF on the Assessment Account to pay for all or any portion of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this AgreementCosts hereunder.
(3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended or updated, and the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance of the PID Bonds to refinance any unpaid Reimbursement Obligation Balance under an Acquisition and Reimbursement Agreement and, if applicable, to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this Agreement.
(5) The maximum aggregate Tax Equivalent Assessment Rate of Special Assessments (including the Annual Installment) plus all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate of $0.30 per $100.00 of assessed value, but Owner may voluntarily elect to have the Tax Equivalent Assessment Rate of Special Assessments be less than the lesser of $3.26 or $0.30 per $100.00 of assessed value, and this shall not require approval by City Council.
Appears in 1 contract
Samples: Reimbursement Agreement
Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Public Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Assessments pursuant to a Reimbursement Agreement. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment reimbursement of the Actual Cost of the Authorized Improvements to be constructed for or acquired by the City Public Improvement Project Costs will be sufficient for the construction or acquisition of all of those particular Authorized the Public Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds Any costs of the Public Improvements in excess of the available PID Bonds available Bond Proceeds or Assessments pursuant to a Reimbursement Agreement, shall not be paid or reimbursed by the City. The Developer acknowledges and agrees that any lack of availability of monies in the Project Funds established under the Indentures to reimburse the costs of the Public Improvements shall in no way diminish any obligation of the Developer with respect to the construction of or contributions for Authorized Improvementsthe Public Improvements required by this Agreement, or any other agreement to which the Developer is a party, or any governmental approval to which the Developer or Property is subject.
(b) Upon written acceptance of an Authorized a Public Improvement, and subject to any applicable maintenance-bond period, the City or another governmental entity, as designated by the City or another entity as designated by the City pursuant to an agreement, shall be responsible for all operation and maintenance of such Authorized Public Improvement, including all costs thereof and relating thereto.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct or cause City’s obligation with respect to the construction reimbursement from Assessments of the applicable Authorized Improvements.
(2) Authorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by Public Improvement Project Costs as finally set forth in the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized Improvements. Such funding of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement.
(3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended shall be limited to the lower of Actual Costs or updatedthe available PID Bond Proceeds or available Assessment revenues, and shall be reimbursed solely from amounts on deposit in the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying Project Funds from the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance sale of the PID Bonds as provided herein and in the Indentures, or from Assessments collected for the reimbursement or payment of such costs pursuant to refinance any unpaid Reimbursement Obligation Balance under an Acquisition Agreement. The Developer agrees and Reimbursement Agreement and, if applicable, acknowledges that it is responsible for all costs and all expenses related to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding Public Improvements in excess of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this AgreementReimbursement Cap.
(5d) The maximum aggregate Tax Equivalent Assessment Rate City shall have no responsibility whatsoever to the Developer with respect to the investment of Special Assessments (any funds held in the Project Fund by the Trustee under the provisions of the Indenture, including the Annual Installment) plus any loss of all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate portion of $0.30 per $100.00 the principal invested or any penalty for liquidation of assessed value, but Owner an investment. Any such loss may voluntarily elect diminish the amounts available in the Project Fund to have reimburse the Tax Equivalent Assessment Rate Public Improvement Project Costs in the PID. The obligation of Special Developer to pay the Assessments be less than is not in any way dependent on the lesser availability of $3.26 amounts in the Project Fund to pay for all or $0.30 per $100.00 any portion of assessed value, and this shall not require approval by City Councilthe Public Improvements Project Costs hereunder.
Appears in 1 contract
Samples: Development Agreement
Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Public Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Assessments pursuant to a Reimbursement Agreement. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment or reimbursement of the Actual Cost Public Improvement Project Costs or for the payment of the Authorized Improvements cost to be constructed for construct or acquired acquire a Public Improvement by the City will be sufficient for the construction or acquisition of all of those particular Authorized the Public Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds Any costs of the Public Improvements in excess of the available PID Bonds available Bond Proceeds or Assessments pursuant to a Reimbursement Agreement, shall not be paid or reimbursed by the City. The Developer acknowledges and agrees that any lack of availability of monies in the Project Funds established under the Indentures to pay the costs of the Public Improvements shall in no way diminish any obligation of the Developer with respect to the construction of or contributions for Authorized Improvementsthe Public Improvements required by this Agreement, or any other agreement to which the Developer is a party, or any governmental approval to which the Developer or Property is subject.
(b) Upon written acceptance Acceptance of an Authorized a Public Improvement, and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance maintenance, subject to any applicable maintenance-bond period, of such Authorized Public Improvement, including all costs thereof and relating thereto.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct City’s obligation with respect to the reimbursement or cause the construction payment of the applicable Authorized Improvements.
(2) Authorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by Public Improvement Project Costs as finally set forth in the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized Improvements. Such funding of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement.
(3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended shall be limited to the lower of actual costs or updatedthe available PID Bond Proceeds or Assessment revenues, and shall be payable solely from amounts on deposit in the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying Project Funds from the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance sale of the PID Bonds as provided herein and in the Indentures, or Assessments collected for the reimbursement or payment of such costs pursuant to refinance any unpaid Reimbursement Obligation Balance under an Acquisition Agreement. The Developer agrees and Reimbursement Agreement and, if applicable, acknowledges that it is responsible for all costs and all expenses related to finance the Actual Costs Public Improvements in excess of any Authorized Improvement not completed the available PID Bond Proceeds and that the Developer Cash Contribution must be deposited at the time of the issuance of PID Bond issuance. Such funding of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this AgreementBonds.
(5d) The maximum aggregate Tax Equivalent Assessment Rate City shall have no responsibility whatsoever to the Developer with respect to the investment of Special Assessments (any funds held in the Project Fund by the Trustee under the provisions of the Indenture, including the Annual Installment) plus any loss of all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate portion of $0.30 per $100.00 the principal invested or any penalty for liquidation of assessed value, but Owner an investment. Any such loss may voluntarily elect diminish the amounts available in the Project Fund to have pay or reimburse the Tax Equivalent Assessment Rate Public Improvement Project Costs in the PID. The obligation of Special Developer to pay the Assessments be less than is not in any way dependent on the lesser availability of $3.26 amounts in the Project Fund to pay for all or $0.30 per $100.00 any portion of assessed value, and this shall not require approval by City Councilthe Public Improvements Project Costs hereunder.
Appears in 1 contract
Samples: Development Agreement
Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Public Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Assessments pursuant to a Reimbursement Agreement. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment reimbursement of the Actual Cost of the Authorized Improvements to be constructed for or acquired by the City Public Improvement Project Costs will be sufficient for the construction or acquisition of all of those particular Authorized the Public Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds Any costs of the Public Improvements in excess of the available PID Bonds available Bond Proceeds or Assessments pursuant to a Reimbursement Agreement, shall not be paid or reimbursed by the City. The Developer acknowledges and agrees that any lack of availability of monies in the Project Funds established under the Indentures to reimburse the costs of the Public Improvements shall in no way diminish any obligation of the Developer with respect to the construction of or contributions for Authorized Improvementsthe Public Improvements required by this Agreement, or any other agreement to which the Developer is a party, or any governmental approval to which the Developer or Property is subject.
(b) Upon written acceptance of an Authorized a Public Improvement, and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance of such Authorized Public Improvement, including all costs thereof and relating thereto.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct or cause City’s obligation with respect to the construction reimbursement from Assessments of the applicable Authorized Improvements.
(2) Authorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by Public Improvement Project Costs as finally set forth in the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized Improvements. Such funding of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement.
(3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended shall be limited to the lower of Actual Costs or updatedthe available Net PID Bond Proceeds or Assessment revenues, and shall be reimbursed solely from amounts on deposit in the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying Project Funds from the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance sale of the PID Bonds as provided herein and in the Indentures, or from Assessments collected for the reimbursement or payment of such costs pursuant to refinance any unpaid Reimbursement Obligation Balance under an Acquisition Agreement. The Developer agrees and Reimbursement Agreement and, if applicable, acknowledges that it is responsible for all costs and all expenses related to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding Public Improvements in excess of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this AgreementReimbursement Cap.
(5d) The maximum aggregate Tax Equivalent Assessment Rate City shall have no responsibility whatsoever to the Developer with respect to the investment of Special Assessments (any funds held in the Project Fund by the Trustee under the provisions of the Indenture, including the Annual Installment) plus any loss of all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate portion of $0.30 per $100.00 the principal invested or any penalty for liquidation of assessed value, but Owner an investment. Any such loss may voluntarily elect diminish the amounts available in the Project Fund to have reimburse the Tax Equivalent Assessment Rate Public Improvement Project Costs in the PID. The obligation of Special Developer to pay the Assessments be less than is not in any way dependent on the lesser availability of $3.26 amounts in the Project Fund to pay for all or $0.30 per $100.00 any portion of assessed value, and this shall not require approval by City Councilthe Public Improvements Project Costs hereunder.
Appears in 1 contract
Samples: Development Agreement
Overall Requirements. (a) The Except as otherwise provided in the Wastewater Agreement or Offsite Road and Trail Agreement, the City shall not be obligated to provide funds for any Authorized PublicAuthorized Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Special Assessments. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment of the Actual Cost Costs of the Authorized PublicAuthorized Improvements to be constructed for or acquired by the City or the Owner’s Association will be sufficient for the construction or acquisition of all of those particular Authorized PublicAuthorized Improvements. The Parties anticipate that the Actual Cost to construct the Authorized PublicAuthorized Improvements may be greater than the proceeds of the PID Bonds and reimbursements available for Authorized ImprovementsPublicAuthorized Improvements and any shortfalls with respect to Costs (not to be funded by the City pursuant to the Wastewater Agreement or Offsite Road and Trail Agreement) incurred by Owner will be funded by the Owner.
(b) Upon written acceptance Owner may enter into agreements with one or more real estate owners or builders to construct certain PublicAuthorized Improvements (each such Owner, a "“Co-Owner")”) in accordance with the terms and conditions of an Authorized Improvement, this Agreement. The Owner may submit Costs paid for by a Co-Owner and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance obtain reimbursement of such Authorized ImprovementCosts on behalf of and to be paid to Owner or to such Co-Owner, including all costs thereof and relating theretoat Owner’s discretion.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct or cause the construction of the applicable Authorized Improvements.
(2) Authorized PublicAuthorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements Agreementsthis Agreement and paid for by the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized PublicAuthorized Improvements. Such funding of the Authorized PublicAuthorized Improvements will be governed generally by the applicable Acquisition and Reimbursement Agreement and andterms of this Section 4.01, Section 4.02 of this Agreement.
(3for Improvement Area #1 PublicAuthorized Improvements/Shared Public Improvements) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended or updated, and the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance of the PID Bonds to refinance any unpaid Reimbursement Obligation Balance under an Acquisition and Reimbursement Agreement and, if applicable, to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding of the Authorized Improvements will be governed by the Indenture and Section 4.03 of this Agreement.
(5) The maximum aggregate Tax Equivalent Assessment Rate of Special Assessments (including the Annual Installment) plus all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate of $0.30 per $100.00 of assessed value, but Owner may voluntarily elect to have the Tax Equivalent Assessment Rate of Special Assessments be less than the lesser of $3.26 or $0.30 per $100.00 of assessed value, and this shall not require approval by City Council.Section
Appears in 1 contract
Overall Requirements. (a) The City shall not be obligated to provide funds for any Authorized Public Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Assessments pursuant to a Reimbursement Agreement. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment reimbursement of the Actual Cost of the Authorized Improvements to be constructed for or acquired by the City Public Improvement Project Costs will be sufficient for the construction or acquisition of all of those particular Authorized the Public Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds Any costs of the Public Improvements in excess of the available PID Bonds available Bond Proceeds or Assessments pursuant to a Reimbursement Agreement, shall not be paid or reimbursed by the City. The Developer acknowledges and agrees that any lack of availability of monies in the Project Funds established under the Indentures to reimburse the costs of the Public Improvements shall in no way diminish any obligation of the Developer with respect to the construction of or contributions for Authorized Improvementsthe Public Improvements required by this Agreement, or any other agreement to which the Developer is a party, or any governmental approval to which the Developer or Property is subject.
(b) Upon written acceptance of an Authorized a Public Improvement, and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance of such Authorized Public Improvement, including all costs thereof and relating thereto.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct or cause City’s obligation with respect to the construction reimbursement of the applicable Authorized Improvements.
(2) Authorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements and paid for by Public Improvement Project Costs as finally set forth in the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized Improvements. Such funding of the Authorized Improvements will be governed by the applicable Acquisition and Reimbursement Agreement and Section 4.02 of this Agreement.
(3) Within sixty (60) days of receipt of an Assessment Levy Request, the City will consider the adoption of an Assessment Ordinance that (i) approves a Service and Assessment Plan (or amendment or update thereof) identifying the Special Assessments applicable to the District, (ii) levies said Special Assessments, and (iii) establishes the timeframe for collection of said Special Assessments. The City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended shall be limited to the lower of Actual Costs or updatedthe available Net PID Bond Proceeds or Assessment revenues, and shall be reimbursed solely from amounts on deposit in the applicable Assessment Ordinance, as further provided in this Agreement.
(4) Upon satisfying Project Funds from the conditions precedent described in Section 5.01 of this Agreement, the City Council intends to consider the issuance sale of the PID Bonds as provided herein and in the Indentures, or Assessments collected for the reimbursement or payment of such costs pursuant to refinance any unpaid Reimbursement Obligation Balance under an Acquisition Agreement. The Developer agrees and Reimbursement Agreement and, if applicable, acknowledges that it is responsible for all costs and all expenses related to finance the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding Public Improvements in excess of the Authorized Improvements will be governed by the Indenture amounts assessed pursuant to a Service and Section 4.03 of this AgreementAssessment Plan.
(5d) The maximum aggregate Tax Equivalent Assessment Rate City shall have no responsibility whatsoever to the Developer with respect to the investment of Special Assessments (any funds held in the Project Fund by the Trustee under the provisions of the Indenture, including the Annual Installment) plus any loss of all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate portion of $0.30 per $100.00 the principal invested or any penalty for liquidation of assessed value, but Owner an investment. Any such loss may voluntarily elect diminish the amounts available in the Project Fund to have reimburse the Tax Equivalent Assessment Rate Public Improvement Project Costs in the PID. The obligation of Special Developer to pay the Assessments be less than is not in any way dependent on the lesser availability of $3.26 amounts in the Project Fund to pay for all or $0.30 per $100.00 any portion of assessed value, and this shall not require approval by City Councilthe Public Improvements Project Costs hereunder.
Appears in 1 contract
Samples: Development Agreement
Overall Requirements. (a) The Except as otherwise provided in the Wastewater Agreement or Offsite Road and Trail Agreement, the City shall not be obligated to provide funds for any Authorized Improvement except from Assessment Revenues or, if PID Bonds are issued, the proceeds of the PID BondsBonds or from Special Assessments. The City makes no warranty, either express or implied, that the proceeds of the PID Bonds available for the payment of the Actual Cost Costs of the Authorized Improvements to be constructed for or acquired by the City or the Owner’s Association will be sufficient for the construction or acquisition of all of those particular Authorized Improvements. The Parties anticipate that the Actual Cost to construct the Authorized Improvements may be greater than the proceeds of the PID Bonds and reimbursements available for Authorized ImprovementsImprovements and any shortfalls with respect to Costs (not to be funded by the City pursuant to the Wastewater Agreement or Offsite Road and Trail Agreement) incurred by Owner will be funded by the Owner.
(b) Upon written acceptance Owner may enter into agreements with one or more real estate owners or builders to construct certain Authorized Improvements (each such Owner, a “Co-Owner”) in accordance with the terms and conditions of an Authorized Improvement, this Agreement. The Owner may submit Costs paid for by a Co- Owner and subject to any applicable maintenance-bond period, the City shall be responsible for all operation and maintenance obtain reimbursement of such Authorized ImprovementCosts on behalf of and to be paid to Owner or to such Co-Owner, including all costs thereof and relating theretoat Owner’s discretion.
(c) The Parties hereby acknowledge and agree that:
(1) Owner will construct or cause the construction of the applicable Authorized Improvements.
(2) Authorized Improvements are initially intended to be constructed pursuant to one or more Acquisition and Reimbursement Agreements this Agreement and paid for by the Owner prior to the levy of Special Assessments and the issuance of the PID Bonds intended to fund the Actual Costs of such Authorized Improvements. Such funding of the Authorized Improvements will be governed generally by the applicable Acquisition and Reimbursement Agreement terms of this Section 4.01, Section 4.02 (for Improvement Area #1 Authorized Improvements) and Section 4.02 4.03 (for Future Improvement Area Authorized Improvements) of this Agreement.
(3d) Within sixty (60) days of receipt of In the event that the City adopts an Assessment Levy RequestOrdinance or ordinances levying Special Assessments without the intention to immediately issue PID Bonds secured by such Special Assessments, the City will consider hereby undertakes to establish a fund corresponding to each such Assessment Ordinance, to be segregated from all other City funds, into which the adoption of an City shall deposit Special Assessment Revenues corresponding to such Assessment Ordinance that (ieach, a “PID Reimbursement Fund”).
(e) approves a Service and Assessment Plan (or amendment or update thereof) identifying Until PID Bonds are issued, the Special Assessments (to be levied and collected as provided below) will reimburse the Owner for Costs incurred in connection with the applicable Authorized Improvements until the PID Bonds are issued in an amount necessary to reimburse Owner for the DistrictCosts of the Improvement Area #1 Authorized Improvements or Future Improvement Area Authorized Improvements, as applicable, less any amounts already reimbursed to Owner out of the PID Reimbursement Fund as provided in the following Sections. In such event, until PID Bonds for a given Improvement Area secured by such Special Assessments are issued, the City shall bill, collect, and deposit into the applicable PID Reimbursement Fund all such Special Assessment Revenues consisting of: (ii1) levies said revenue collected from the payment of such Special AssessmentsAssessments (including prepayments and amounts received from the foreclosure of liens but excluding costs and expenses related to collection); (2) revenue collected from the payment of Annual Installments of such Special Assessments (excluding costs and expenses related to collection), and (iii3) establishes any other revenue authorized by the timeframe for collection of said Special Assessments. The PID Act and approved by the City will levy and collect such Special Assessments in accordance with the approved Service and Assessment Plan, as amended or updated, and the applicable Assessment Ordinance, as further provided in this AgreementCouncil.
(4f) Upon satisfying Strictly subject to the terms, conditions precedent described in Section 5.01 and requirements hereof and solely from the Special Assessment Revenues herein provided or the proceeds of this AgreementPID Bonds, the City Council intends Owner shall be entitled to consider the issuance of receive payment from the PID Bonds Reimbursement Fund, until the date after the last Annual Installment is collected (the “Maturity Date”), a principal amount not to refinance any unpaid exceed Twenty Seven Million Five Hundred Thousand AND NO/100 DOLLARS ($27,500,000) (the “Reimbursement Obligation Balance under an Acquisition and Reimbursement Agreement andBalance”); provided, if applicablehowever, that (1) the amount to finance be reimbursed hereunder shall not exceed the Actual Costs of any Authorized Improvement not completed at the time of PID Bond issuance. Such funding of the Authorized Improvements will be governed actually incurred by the Indenture and Section 4.03 of this Agreement.
(5) The maximum aggregate Tax Equivalent Assessment Rate of Special Assessments (including the Annual Installment) plus all ad valorem taxes levied by all political subdivisions within the District shall be the lesser of $3.26 or a PID rate of $0.30 per $100.00 of assessed valueOwner, but Owner may voluntarily elect to have the Tax Equivalent Assessment Rate of Special Assessments be less than the lesser of $3.26 or $0.30 per $100.00 of assessed value, and this shall not require approval by City Council.and
Appears in 1 contract
Samples: Heritage Public Improvement District Financing and Reimbursement Agreement
