Project Areas 1B and 2 Sample Clauses

Project Areas 1B and 2. Developer intends to sell the property located within Project Areas 1B and Project Area 2 to Xxxxxx. Notwithstanding anything to the contrary in this Contract, Xxxxxx (or Affiliate) may submit a Reimbursement Request to the City for certification and payment of Reimbursable Project Costs from TIF Revenue attributable to development within Project Area 1B and Project Area 2 and deposited in the Subaccount Allocation Fund – Project Areas 1B and 2 up to $13,786,469. Xxxxxx (or Affiliate) shall receive 100% of the TIF Revenue generated within Project Area 1B and Project Area 2 and deposited into the Subaccount Allocation Fund – Project Areas 1B and 2 until Xxxxxx, Inc. (or Affiliate) has been paid for its Reimbursable Project Costs up to $13,786,469. The City agrees to accept Reimbursement Requests submitted by Xxxxxx, Inc. (or Affiliate) and to pay Reimbursable Project Costs directly to Xxxxxx, Inc. (or Affiliate) without any further approval of or agreement with the City under Section 29 hereof, provided that Xxxxxx, Inc. (or Affiliate) shall be subject to the terms and conditions of this Contract in all respects in connection with any such Reimbursement Request, including, specifically, the maximum amount of Reimbursable Project Costs payable to Xxxxxx, Inc. (or Affiliate) in this Section 12.E. Nothing in this Section 12.E shall preclude the Developer from submitting a Reimbursement Request to the City for certification and payment of Reimbursable Project Costs incurred by the Developer from TIF Revenue generated within Project Area 1B and Project Area 2 after the Xxxxxx maximum amount of Reimbursable Project Costs has been paid. Upon reimbursement to Xxxxxx of all Project Area 1B and Project Area 2 approved Reimbursable Project Costs for the maximum amount, the Project Area 1B and Project Area 2 TIF Revenues shall be deposited in the Special Allocation Fund for payment of Reimbursable Project Costs incurred by the Developer.
Sample 1
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Related to Project Areas 1B and 2

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