Payment from TAD Fund Sample Clauses

Payment from TAD Fund. The City shall deposit the entire Tax Allocation Increment derived from the Project Site into a segregated account (the “Tax Fund”). The City and the Developer agree that the reimbursement under this ARTICLE 9 will be paid directly or indirectly (as from the proceeds of a TAD Financing funded from such Tax Allocation Increment) solely, and to the extent available, from the Tax Allocation Increment deposited into the TAD Fund (i.e., the special fund into which Tax Allocation Increment is required to be deposited pursuant to the provisions of the Redevelopment Powers Law). The City and the Developer intend and agree that the Tax Allocation Increment will be disbursed by the Finance Director to Developer in accordance with the procedures set forth in this ARTICLE 9.