Common use of Redeveloper Purchased TIF Bonds Clause in Contracts

Redeveloper Purchased TIF Bonds. 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 Project Site, 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 the same 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 the TIF Bond shall be forgiven.

Redeveloper Purchased TIF Bonds. 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 Project SiteSite and New Building, 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 the same 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 the TIF Bond shall be forgiven.

Redeveloper Purchased TIF Bonds. If the Redeveloper purchases the TIF BondBond “A”, 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 Project SiteSite and New Building, 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 the same 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 “A” is not retired in full at the end of the Tax Increment Period, any remaining indebtedness on the TIF Bond shall be forgiven.