Redeveloper Priority Expenses. The Redeveloper is willing to enter into this Agreement provided TIF Proceeds (defined below) are available to be used to pay for or reimburse the Redeveloper for Redeveloper Priority Expenses which are more particularly described in Sections 603 and 604 below and summarized on Exhibit D, Uses and Sources of Funds. In order to pay for or reimburse Redeveloper for Redeveloper Priority Expenses, the City intends to issue tax increment financing indebtedness to be repaid with the tax increment revenues generated under the Ad Valorem Tax Provision.
Redeveloper Priority Expenses. The Redeveloper is willing to enter into this Agreement provided TIF Proceeds (defined below) are available to be used to reimburse the Redeveloper for Redeveloper Priority Expenses up to the amount described in this agreement which are more particularly described in Section 503 below and summarized on Exhibit D, Uses and Sources of Funds. In order to reimburse Redeveloper for Redeveloper Priority Expenses, the City intends to issue tax increment financing indebtedness to be repaid with the tax increment revenues generated under the Ad Valorem Tax Provision. In the event the TIF Proceeds exceed the amounts allocated for priorities one (1) through three (3) city may use any remaining TIF proceeds generated during the fifteen-year period of tax division to finance, in whole or part, improvements to Right of Way in the Redevelopment Project Area.
Redeveloper Priority Expenses. In order to support redevelopment of this Redevelopment Project and as an inducement for the Redevelopers to construct the Redeveloper Undertakings, the City agrees to the extent allowed by law and then only to the extent funds are lawfully available from issuance of the TIF Bond (“TIF Bond Proceeds”) to pay on behalf of or make a grant of funds (“Grant Funds”) to the Redevelopers up to the total amount of the TIF Bond Proceeds generated from the Redevelopment Project Area, to reimburse the Redevelopers for the cost of the Section 403 First Priority and Second Priority Expense items, and thereafter to reimburse the Redevelopers for the cost of the Section 403 Third Priority and Fourth Priority Expense items. In order to receive reimbursement from Grant Funds, the Redevelopers shall submit authentic and satisfactory documentation to the City to verify the Public Improvements have been substantially completed and that the Redevelopers have paid or caused to be paid all amounts lawfully due to all persons supplying or furnishing Redevelopers, Redevelopers’ contractor, and his or her subcontractors with labor or materials used in prosecution of the applicable Redeveloper Undertakings. The City shall maintain a record of all expenditures of the TIF Bond Proceeds to determine the total amount of TIF Bond Proceeds expended on Section 403 Redeveloper Priority Expenses.
Redeveloper Priority Expenses. The Redeveloper is willing to enter into this Redevelopment Agreement provided TIF Proceeds (defined below) are available to be used to reimburse the Redeveloper for Redeveloper Priority Expenses up to the amount described in this Redevelopment Agreement which are more particularly described in Section 903 below and summarized on Exhibit D, Uses and Sources of Funds. In order to reimburse Redeveloper for Redeveloper Priority Expenses, the City intends to issue tax increment financing indebtedness to be repaid with the tax increment revenues generated under the Ad Valorem Tax Provision. In the event the TIF Proceeds exceed the amounts allocated for the Redeveloper Priority Expenses City may use any remaining TIF proceeds generated during the permitted tax increment period of tax division to finance, in whole or part, improvements identified by the City in the Redevelopment Project Area.
Redeveloper Priority Expenses. In order to support redevelopment of these Redevelopment Projects and as an inducement for Redeveloper to construct the Redeveloper Undertakings, the City agrees to the extent allowed by law and then only to the extent funds are lawfully available from issuance of the TIF Indebtedness from the TIF Bond (“TIF Bond Proceeds”) to pay on behalf of or make a grant of funds (“Grant Funds”) to Redeveloper up to the total amount of the TIF Bond Proceeds, to reimburse Redeveloper for the cost of the Section 503 Redeveloper Priority Expenses items. In order to receive reimbursement from Grant Funds the Redeveloper shall submit authentic and satisfactory documentation to the City to verify the Redeveloper Undertakings have been substantially completed and that the Redeveloper has paid or caused to be paid all amounts lawfully due to all persons supplying or furnishing Redeveloper, Redeveloper contractor, and his or her subcontractors with labor or materials used in prosecution of the Redeveloper Undertakings. The City shall maintain a record of all expenditures to determine the total amount of TIF Proceeds expended on Redeveloper Priority Expenses.
