Overcharges. If it is determined as a result of such audit that Developer has overcharged for the cost of the Public Improvements and Public Infrastructure, then such overcharges shall be immediately returned to the TIRZ Fund and become due and payable with interest at the maximum legal rate under applicable law from the date the City paid such overcharges. In addition, if the audit determined that there were overcharges of more than 2% of the greater of the budget or payments to Developer for the year in which the discrepancy occurred, and the TIRZ Fund is entitled to a refund as a result of such overcharges, then Developer shall pay the cost of such audit.
Appears in 7 contracts
Samples: Broadway East by Encore Development Agreement, Project Development Agreement, Funding Agreement
Overcharges. If it is determined as a result of such audit that Developer has overcharged for the cost of the Public Improvements and Public InfrastructureImprovements, then such overcharges shall be immediately returned to the TIRZ Fund and become due and payable with interest at the maximum legal rate under applicable law from the date the City paid such overcharges. In addition, if the audit determined that there were overcharges of more than 2% of the greater of the budget or payments to Developer for the year in which the discrepancy occurred, and the TIRZ Fund is entitled to a refund as a result of such overcharges, then Developer shall pay the cost of such audit.
Appears in 5 contracts
Samples: Signifcant Marker Project Funding Agreement, Museum Reach Project Development Agreement, Broadway Jones Apartments Development Agreement
Overcharges. If it is determined as a result of such audit that Developer has overcharged for the cost of the Public Improvements and Public InfrastructureImprovements, then such overcharges shall be immediately returned to the TIRZ Fund and become due and payable with interest at the maximum legal rate under applicable law from the date the City paid such overcharges. In addition, if the audit determined that there were overcharges of more than two (2% ) percent of the greater of the budget or payments to Developer for the year in which the discrepancy occurred, and the TIRZ Fund is entitled to a refund as a result of such overcharges, then Developer shall pay the cost of such audit.
Appears in 2 contracts
Samples: Nabors Project Development Agreement, MLK Place Project Development Agreement
Overcharges. If it is determined as a result of such audit that Developer has overcharged for the cost of the Public Improvements and Public InfrastructureImprovements, then such overcharges shall be immediately returned to the TIRZ Fund fund and become due and payable with interest at the maximum legal rate under applicable law from the date the City paid such overcharges. In addition, if the audit determined that there were overcharges of more than two (2% ) percent of the greater of the budget or payments to Developer for the year in which the discrepancy occurred, and the TIRZ Fund fund is entitled to a refund as a result of such overcharges, then Developer shall pay the cost of such audit.
Appears in 2 contracts
Samples: Healy Murphy Child Development Center Project Development Agreement, Alamo Inn
Overcharges. If it is determined as a result of such audit that Developer has overcharged for the cost of the Public Improvements and Public InfrastructureImprovements, then such overcharges shall be immediately returned to the TIRZ TIF Fund and become due and payable with interest at the maximum legal rate under applicable law from the date the City paid such overcharges. In addition, if the audit determined that there were overcharges of more than 2% of the greater of the budget or payments to Developer for the year in which the discrepancy occurred, and the TIRZ TIF Fund is entitled to a refund as a result of such overcharges, then Developer shall pay the cost of such audit.
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