Redeveloper Purchased TIF Bond. If the Redeveloper purchases the TIF Bond, any shortfall in the annual TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Redeveloper Property, shall be borne entirely by the Redeveloper without recourse of any kind against the City. To the extent of any deficiency in annual TIF Tax Revenues from the Ad Valorem Tax Provision for required debt service on the TIF Indebtedness, the Redeveloper as purchaser of the TIF Bond agrees to defer payment of the same for each year that there exists a deficiency during the Tax Increment Period. If Redeveloper is required to defer any such payments, the City shall reimburse all sums deferred if and when annual TIF Tax Revenues do become available from the Ad Valorem Tax Provision to meet current debt service and reimburse Redeveloper for such deferred payments. In the event the TIF Indebtedness is not retired in full at the end of the Tax Increment Period, any remaining TIF Indebtedness shall be forgiven.
Redeveloper Purchased TIF Bond. If the Redeveloper purchases the TIF Bond, any shortfall in the annual TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Private Improvements, shall be borne entirely by the Redeveloper without recourse of any kind against the City. To the extent of any deficiency, the Redeveloper agrees to defer payment of any shortfall for each year that there exists a deficiency. If Redeveloper is required to defer any such payment, the City shall reimburse all sums deferred by Redeveloper if and when annual TIF Tax Revenues do become available from the Ad Valorem Provision to meet current debt service and reimburse Redeveloper for such deferred payments. In the event the TIF Bond is not retired in full at the end of the Tax Increment Period, any remaining indebtedness on TIF Bond shall be forgiven.
Redeveloper Purchased TIF Bond. If the Redeveloper purchases the TIF Bond (Series A and/or B), any shortfall in the TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Redeveloper Property, shall be borne entirely by the Redeveloper without recourse of any kind against the City. To the extent of any deficiency in TIF Tax Revenues from the Ad Valorem Tax Provision for required debt service on the TIF Indebtedness (Series A and/or B), the Redeveloper as purchaser of the TIF Bond (Series A and/or B) agrees to defer payment of the same for each year that there exists a deficiency during the Tax Increment Period. If Redeveloper is required to defer any such payments, the City shall reimburse all sums deferred if and when TIF Tax Revenues do become available from the Ad Valorem Tax Provision to meet current debt service and reimburse Redeveloper for such deferred payments. In the event the TIF Indebtedness (Series A and/or B) is not retired in full at the end of the Tax Increment Period, any remaining TIF Indebtedness shall be forgiven.
