Pay-As-You-Go TDD Financing. The parties hereby agree that the proceeds from the TDD Sales Tax shall be disbursed by the City quarterly from the TDD Sales Tax Fund on a pay-as-you-go basis ("Pay-As-You-Go TDD Financing"), to reimburse Developer for Eligible Expenses for the TDD District, if and to the extent that (i) there are TDD Sales Tax proceeds in the TDD Sales Tax Fund, (ii) Developer has fully satisfied all of the conditions as set forth in Section 4.05, (iii) the Term has not yet expired, and (iv) Developer has not already been reimbursed for Eligible Expenses in an amount equal to the TDD Cap (as defined below), and (v) Developer is not in default under the terms and conditions of this Agreement. Developer hereby understands and agrees that TDD Sales Tax Proceeds may not be spent for any costs other than TDD Project Costs. The parties further agree as follows: (i) The TDD Sales Tax available to Developer for reimbursement of Eligible Expenses for the TDD District shall in no event exceed Seven Million One Hundred Sixty Thousand and 00/100 Dollars ($7,160,000.00) (the "TDD Cap"). The TDD Cap shall, for all purposes set forth herein, operate as a cap on the use of TDD Sales Tax for reimbursement of any and all Eligible Expenses for the TDD District including without limitation, any construction period interest on Eligible Expenses prior to reimbursement thereof. Once Developer has received an amount equal to the TDD Cap for reimbursement of Eligible Expenses for the TDD District through Pay-As-You-Go TDD Financing, the parties understand and agree that the TDD for the TDD District shall thereafter terminate on the earliest practical date thereafter, and the TDD Sales Tax shall terminate and no longer be levied or collected within the TDD District. (ii) The TDD Sales Tax shall be collected within the District for a period that commences on the date that the TDD Sales Tax is first imposed within the District up to and concluding upon that date which is the earlier of the following: (i) the date that Developer has been reimbursed for all Eligible Expenses by Pay-As-You-Go TDD Financing (up to the TDD Cap), or (ii) regardless of whether Developer has been fully reimbursed for all Eligible Expenses, that date which is twenty-two (22) years from the date that the TDD Sales Tax is first imposed (the "TDD Collection Period"). At the end of the TDD Collection Period, the parties understand and agree that the TDD for the TDD District shall thereafter terminate, and the TDD Sales Tax shall terminate and no longer be levied or collected within the TDD District. (iii) Developer shall not receive any reimbursements from Pay-As- You-Go TDD Financing unless and until the conditions precedent set forth in Section 4.05 have been fully satisfied, as determined by the City in its sole discretion.
Appears in 2 contracts
Samples: Development Agreement, Development Agreement
Pay-As-You-Go TDD Financing. The parties hereby agree that the proceeds from the TDD Sales Tax shall be disbursed by the City quarterly from the TDD Sales Tax Fund on a pay-as-you-go basis ("Pay-As-You-Go TDD Financing"), to pay KDOT and/or reimburse the Developer for Eligible Expenses for the TDD DistrictExpenses, if and to the extent that
that (i) there are TDD Sales Tax proceeds in the TDD Sales Tax Fund, (ii) Developer has fully satisfied all of the conditions as set forth in Section 4.05, (iii) the Term has not yet expired, and (iv) Developer has not already been reimbursed for Eligible Expenses in an amount equal to the TDD Cap (as defined below), and (v) Developer is not in default under the terms and conditions of this Agreement. Developer hereby understands and agrees that TDD Sales Tax Proceeds may not be spent for any costs other than TDD Project Costs. The parties further agree as follows:
(ia) The Developer hereby acknowledges and agrees that the City shall have certain obligations to KDOT pursuant to the KDOT Agreement, including among other things, that the City has pledged and agreed to distribute the first Eleven Million and 00/100 Dollars ($11,000,000.00) received into the TDD Sales Tax Fund to KDOT for reimbursement of KDOT's expenses arising out of the design, construction and completion of the Interchange. Developer also acknowledges and agrees that the City has agreed and shall be obligated to distribute the first Eleven Million and 00/100 Dollars ($11,000,000.00) of the TDD Sales Tax proceeds to KDOT for KDOT's costs related to the Interchange pursuant to the terms and conditions of the KDOT Agreement (the "KDOT Payment"). Further, Developer hereby understands and agrees that Developer shall not be entitled to any reimbursement from Pay-As-You-Go Financing whatsoever unless and until KDOT is fully reimbursed as set forth herein.
(b) Following full satisfaction of the KDOT Payment, and the TDD Administrative Fee, the TDD Sales Tax available to Developer for reimbursement of Eligible Expenses for the TDD District shall in no event exceed Seven Twenty-One Million One Hundred Sixty Thousand and 00/100 Dollars ($7,160,000.0021,000,000.00) (the "TDD Cap"). The TDD Cap shall, for all purposes set forth herein, operate as a cap on the use of TDD Sales Tax for reimbursement of any and all Eligible Expenses for the TDD District including without limitation, any construction period interest on Eligible Expenses prior to reimbursement thereof. Once Developer has received an amount equal to the TDD Cap for reimbursement of Eligible Expenses for the TDD District through Pay-As-You-Go TDD Financing, the parties understand and agree that the TDD for the TDD District shall thereafter terminate on the earliest practical date thereafterterminate, and the TDD Sales Tax shall terminate and no longer be levied or collected within the TDD District.
(iic) The TDD Sales Tax shall be collected within the District for a period that commences on the date that the TDD Sales Tax is first imposed within the District up to and concluding upon that date which is the earlier of the following: (i) the date that Developer has been reimbursed for all Eligible Expenses by Pay-As-You-Go TDD Financing (up to the TDD Cap), or (ii) regardless of whether the Developer has been fully reimbursed for all Eligible Expenses, that date which is twenty-two (22) years from the date that the TDD Sales Tax is first imposed (the "TDD Collection Period"). At the end of the TDD Collection Period, the parties understand and agree that the TDD for the TDD District shall thereafter terminate, and the TDD Sales Tax shall terminate and no longer be levied or collected within the TDD District.
(iiid) Developer shall not receive any reimbursements from Pay-As- As-You-Go TDD Financing unless and until the conditions precedent set forth in Section 4.05 have been fully satisfied, satisfied as determined by the City in its sole reasonable discretion.
Appears in 1 contract
Samples: Development Agreement
Pay-As-You-Go TDD Financing. The parties hereby agree that the proceeds from the TDD Sales Tax shall be disbursed by the City quarterly from the TDD Sales Tax Fund on a pay-as-you-go basis ("Pay-As-You-Go TDD Financing"), to reimburse KDOT and/or the Developer for Eligible Expenses for the TDD DistrictExpenses, if and to the extent that
that (i) there are TDD Sales Tax proceeds in the TDD Sales Tax Fund, (ii) Developer has fully satisfied all of the conditions as set forth in Section 4.05, (iii) the Term has not yet expired, and (iv) Developer has not already been reimbursed for Eligible Expenses in an amount equal to the TDD Cap (as defined below), and (v) Developer is not in default under the terms and conditions of this Agreement. Developer hereby understands and agrees that TDD Sales Tax Proceeds may not be spent for any costs other than TDD Project Costs. The parties further agree as follows:
(ia) The Developer hereby acknowledges and agrees that the City shall have certain obligations to KDOT pursuant to the KDOT Agreement, including among other things, that the City has pledged and agreed to distribute the first Eleven Million and 00/100 Dollars ($11,000,000.00) received into the TDD Sales Tax Fund to KDOT for reimbursement of KDOT's expenses arising out of the design, construction and completion of the Interchange. Developer also acknowledges and agrees that the City has agreed and shall be obligated to distribute the first Eleven Million and 00/100 Dollars ($11,000,000.00) of the TDD Sales Tax proceeds to KDOT for KDOT's costs related to the Interchange pursuant to the terms and conditions of the KDOT Agreement (the "KDOT Payment"). Further, Developer hereby understands and agrees that Developer shall not be entitled to any reimbursement from Pay-As-You-Go Financing whatsoever unless and until KDOT is fully reimbursed as set forth herein.
(b) Following full satisfaction of the KDOT Payment, and the TDD Administrative Fee, the TDD Sales Tax available to Developer for reimbursement of Eligible Expenses for the TDD District shall in no event exceed Seven Twenty-One Million One Hundred Sixty Thousand and 00/100 Dollars ($7,160,000.0021,000,000.00) (the "TDD Cap"). The TDD Cap shall, for all purposes set forth herein, operate as a cap on the use of TDD Sales Tax for reimbursement of any and all Eligible Expenses for the TDD District including without limitation, any construction period interest on Eligible Expenses prior to reimbursement thereof. Once Developer has received an amount equal to the TDD Cap for reimbursement of Eligible Expenses for the TDD District through Pay-As-You-Go TDD Financing, the parties understand and agree that the TDD for the TDD District shall thereafter terminate on the earliest practical date thereafterterminate, and the TDD Sales Tax shall terminate and no longer be levied or collected within the TDD District.
(iic) The TDD Sales Tax shall be collected within the District for a period that commences on the date that the TDD Sales Tax is first imposed within the District up to and concluding upon that date which is the earlier of the following: (i) the date that Developer has been reimbursed for all Eligible Expenses by Pay-As-You-Go TDD Financing (up to the TDD Cap), or (ii) regardless of whether the Developer has been fully reimbursed for all Eligible Expenses, that date which is twenty-two (22) years from the date that the TDD Sales Tax is first imposed (the "TDD Collection Period"). At the end of the TDD Collection Period, the parties understand and agree that the TDD for the TDD District shall thereafter terminate, and the TDD Sales Tax shall terminate and no longer be levied or collected within the TDD District.
(iiid) Developer shall not receive any reimbursements from Pay-As- As-You-Go TDD Financing unless and until the conditions precedent set forth in Section 4.05 have been fully satisfied, satisfied as determined by the City in its sole reasonable discretion.
Appears in 1 contract
Samples: Development Agreement
