Phase 2 TIF Districts; Efforts to Maximize Revenue Sample Clauses

Phase 2 TIF Districts; Efforts to Maximize Revenue. Sunbury shall create one or more TIF districts that encompass Phase 2 (the “Phase 2 TIF Districts”). Sunbury agrees that it shall work cooperatively and in good faith with Developers to identify and implement legally permissible mechanisms for maximizing the amount of time during the term of each Phase 2 TIF district during which Service Payments will be made and deposited into the relevant TIF Fund(s). Sunbury and Developers recognize that the Property will be developed in multiple phases over time based on market conditions, so creativity with respect to the starting point of the 20-year term of each of the Phase 2 TIF Districts presents an opportunity to align such starting point(s) with the timing of development of each such phase. Unless otherwise agreed by Developers in writing, in order to maximize the amount of Service Payments collected from each Phase 2 TIF District, no Phase 2 TIF District shall be created until after such time as a final development plan has been approved for at least some portion of Phase 2 that will be located within the boundaries of that Phase 2 TIF District, and no Phase 2 TIF District shall include any portions of Phase 2 on which Developers estimate construction of private improvements will not commence on or before the third (3rd) anniversary of the date when the TIF Ordinance serving to create that Phase 2 TIF District becomes legally effective. Sunbury agrees that it shall engage the services of legal counsel at its sole cost and expense (but subject to the reimbursement provisions of Section 7) to advise Sunbury and inform Developers as to how revenues from Service Payments may be maximized.
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Related to Phase 2 TIF Districts; Efforts to Maximize Revenue

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