Segregation and Application of TIF Revenues Sample Clauses

Segregation and Application of TIF Revenues. By adoption of Ordinance No. 423-2002, the City established its Fund 000, Xxxxxxxx Xxxxx/Xxxxxxxxxx Xxxxxxxxxx Fund, for deposit of all PILOTs made by owners of parcels within the District 2-Downtown South/Riverfront District Incentive District (“District 2”) established by the City. The City agrees to establish a separate account into which shall be deposited all TIF Revenues generated from real property within the Total Project area that is within District 2. By adoption of Ordinance No. 390-2007, the City created the Banks Development District Incentive District (the “Banks Development District”) applicable to Lot 13, and established the City of Cincinnati, Banks Development District municipal public improvement tax increment equivalent fund into which shall be deposited all TIF Revenues from the Banks Development District. The TIF Revenues shall be used only for the following purposes and applied in the following priority: first, to service the TIF Bonds and repay the Urban Redevelopment Loan; second, to reimburse the Public Parties for the Second Shared Tranche of Secondary Sources of Funds provided to pay Public Party Costs, such reimbursement to be paid 50% to each Public Party, provided that any Public Party making a Permitted Advance hereunder shall be entitled to the other Public Party’s 50% share until such time as the Public Party making the Permitted Advance has received repayment of the entire Permitted Advance, together with all interest thereon as provided in Section 3.7; third, to the City to the extent that $5,000,000 of the Deferred Purchase Price has not been paid to the City; fourth, to reimburse the County for the County Tranche of Secondary Sources of Funds provided to pay Public Party Costs; fifth, to reimburse the Public Parties for the First Shared Tranche of Secondary Sources of Funds provided to pay Public Party Costs, such reimbursement to be paid 50% to each Public Party, provided that any Public Party making a Permitted Advance hereunder shall be entitled to the other Public Party’s 50% share until such time as the Public Party making the Permitted Advance has received repayment of the entire Permitted Advance, together with all interest thereon as provided in Section 3.7;
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