Common use of Private Financing Clause in Contracts

Private Financing. The Developer may secure private financing to fund the improvements contemplated in the approved Project Plan. The City will only reimburse the Developer for the amount of interest actually paid to a financial institution providing financing for the public improvements contained in the Project Plan. If the Developer obtains private financing, the interest rate shall not exceed seven percent (7%) per annum during the life of the loan. At no time shall the amount of interest reimbursed exceed the maximum amount of financing interest identified in the Project Plan. If the Developer does not secure private financing from a financial institution, then the Developer shall not be reimbursed for any Financing Costs.

Private Financing. The It is anticipated the Developer may will secure private financing to fund the improvements contemplated in the approved Project Plan. The City will only reimburse the Developer for the amount of interest actually paid to a financial institution providing financing for the public improvements contained in the Project Plan. If the Developer obtains private financing, the interest rate the City will reimburse shall not exceed seven percent (7%) per annum during the life of the loan. At no time shall the amount of interest reimbursed exceed the maximum amount of financing interest identified in the Project Plan. If the Developer does not secure private financing from a financial institution, then the Developer shall not be reimbursed for any Financing Costs.