Common use of Reimbursement of Grants from TIF Bond Proceeds Clause in Contracts

Reimbursement of Grants from TIF Bond Proceeds. 1. In the event Redeveloper fails to substantially complete the Private Improvements as provided in Section 304 (Commencement and Completion Deadline for Private Improvements) above, Redeveloper agrees, subject to Article VIII (Remedies) below, to repay the City for any grant of funds to Redeveloper as provided for in Section 503 (Use of TIF Bond Proceeds) and Section 506.A (Grant of Funds from TIF Bond Proceeds) above. Upon such repayment of the Grant Funds, this Redevelopment Agreement shall be null and void in regards to Redeveloper’s obligation to construct the Private Improvements, subject to Section 901 (Remedies) below. 2. In the event Redeveloper fails to maintain the Private Improvements as provided in Section 307 (Duty to Maintain) above, then said Redeveloper shall reimburse the City 1/15 of the Grant Funds granted Redeveloper for construction of the Public Enhancement to the Private Improvements provided for in Section 506.A (Grant of Funds from TIF Bond Proceeds) above, for each year a Redeveloper fails to maintain the Private Improvements.

Reimbursement of Grants from TIF Bond Proceeds. 1. In the event Redeveloper fails to substantially complete the Private Improvements as provided in Section 304 (Commencement and Completion Deadline for Private Improvements) above, Redeveloper agrees, subject to Article VIII (Remedies) below, to repay the City for any grant of funds to Redeveloper as provided for in Section 503 (Use of TIF Bond Proceeds) and Section 506.A (Grant of Funds from TIF Bond Proceeds) above. Upon such repayment of the Grant Funds, this Redevelopment Agreement shall be null and void in regards to Redeveloper’s obligation to construct the Private Improvements, subject to Section 901 Article VIII (Remedies) below. 2. In the event Redeveloper fails to maintain the Private Improvements as provided in Section 307 (Duty to Maintain) above, then said Redeveloper shall reimburse the City 1/15 of the Grant Funds granted Redeveloper for construction of the Public Enhancement to the Private Improvements provided for in Section 506.A (Grant of Funds from TIF Bond Proceeds) above, for each year a Redeveloper fails to maintain the Private Improvements.

Reimbursement of Grants from TIF Bond Proceeds. 1. In the event Redeveloper fails to substantially complete the Private Improvements as provided in Section 304 (Commencement and Completion Deadline for Private Improvements) above, Redeveloper agrees, subject to Article VIII (Remedies) below, to repay the City for any grant of funds to Redeveloper as provided for in Section 503 (Use of TIF Bond Proceeds) and Section 506.A (Grant of Funds from TIF Bond Proceeds) above. Upon such repayment of the Grant Funds, this Redevelopment Agreement shall be null and void in regards to Redeveloper’s obligation to construct the Private Improvements, subject to Section 901 (Remedies) below. 2. In the event Redeveloper fails to maintain the Private Improvements as provided in Section 307 310 (Duty to Maintain) above, then said Redeveloper shall reimburse the City 1/15 of the Grant Funds granted Redeveloper for construction of the Public Enhancement to the Private Improvements provided for in Section 506.A (Grant of Funds from TIF Bond Proceeds) above, for each year a Redeveloper fails to maintain the Private Improvements.

Reimbursement of Grants from TIF Bond Proceeds. 1. In the event Redeveloper fails to substantially complete the Private Improvements as provided in Section 304 204 (Commencement and Completion Deadline for Private Improvements) above, Redeveloper agrees, subject to Article VIII VII (Remedies) below, to repay the City for any grant of funds to Redeveloper as provided for in Section 503 403 (Use of TIF Bond Proceeds) and Section 506.A 406.A (Grant of Funds from TIF Bond Proceeds) above. Upon such repayment of the Grant Funds, this Redevelopment Agreement shall be null and void in regards to Redeveloper’s obligation to construct the Private Improvements, subject to Section 901 701 (Remedies) below. 2. In the event Redeveloper fails to maintain the Private Improvements as provided in Section 307 207 (Duty to Maintain) above, then said Redeveloper shall reimburse the City 1/15 of the Grant Funds granted Redeveloper for construction of the Redeveloper Public Enhancement to the Private Improvements (Site Acquisition) provided for in Section 506.A 406.A (Grant of Funds from TIF Bond Proceeds) above, for each year a Redeveloper fails to maintain the Private Improvements.