Public Improvement Fee. Purchaser acknowledges that the Property is located within a Public Improvement Property and is subject to a Public Improvement Fee (“PIF Fee”) as required by the City of Colorado Springs in connection with the Special District Act as set forth in C.R.S. Section 32-101, et seq. Purchaser recognizes and agrees that certain fees generated by Purchaser’s economic activities, namely its sales to customers, will be applied toward the cost of certain improvements for the Shopping Center. Purchaser agrees to pay the Public Improvement Fee (“PIF”) as defined under the Declaration Of Covenants Imposing And Implementing A Public Improvement Fee, dated September 12, 2012 and recorded September 19, 2012 as instrument 212109234 in the official records of El Paso County, Colorado (“PIF Covenant”). The PIF is in the amount of 1 % of such sales, until the termination of the PIF Covenant, or reduction of the PIF, subsequent to the date upon which all financings required under the PIF Covenant have been discharged or paid. Until further notice, Xxxxxxxxx agrees to pay the PIF Fee to the Primary PIF Recipient, Copper Ridge Metropolitan District. The Primary PIF Recipient shall provide Purchaser with any and all information needed so that Purchaser may comply with the provisions of the PIF Covenant.
Public Improvement Fee. The Parties agree that the Developer may impose by private covenant a public improvement fee (PIF) not exceeding 2%on retail sales within all or any portion of the Development, the revenue from which may be used for the infrastructure and maintenance of facilities and amenities permitted under or required by this Agreement. To the extent the Developer chooses to impose such a fee, the City agrees to collect the fee simultaneously with and in the same manner as collection of the City sales tax, provided, however, that the Developer and the City shall enter into a PIF collecting agreement setting forth the terms under which the City will conduct such collection, including without limitation a reasonable administrative fee for the costs of the City's collection efforts.
Public Improvement Fee. (a) Tenant acknowledges that in connection with the installation of and payment for certain public improvements and other related purposes as more fully described in the Master Financing and Intergovernmental Agreement ("MF&I Agreement") among the City of Loveland, Colorado ("City"), the Loveland Urban Renewal Authority ("XXXX"), Centerra Xxxxxxxxxxxx Xxxxxxxx Xx. 0 and other parties, which purposes generally benefit the Leased Premises and its occupants and other real property in the vicinity thereof, Landlord and/or its affiliates (collectively, "Ownership Entities") are in the process of implementing the imposition and recordation of covenants with the Clerk and Recorder of Larimer County, Colorado ("PIF Covenants"), and other contractual means to establish and collect a public improvement fee ("PIF") on all Sales (as defined herein) generated by occupants of the Leased Premises, as further provided herein, which PIF is intended to be collected and disbursed by the Centerra Public Improvement Collection Corporation (the "PIC"), provided, however, that the PIC may designate one or more entities (each a "PIF Designated Receiving Entity"), which may be but is not limited to the City, to collect the PIF and perform certain other functions on behalf of the PIC in connection with the PIF.
