Common use of Source of Reimbursement Clause in Contracts

Source of Reimbursement. The City shall make payments for reimbursement of Redevelopment Project Costs from the Tax Increment Fund on a Pay As You Go basis in the order of priority set forth in Section 6.01. The City shall make payments for reimbursement of TDD Costs from the TDD Sales Tax Fund on a Pay As You Go basis in the order of priority set forth in Section 6.02. Developer and the City acknowledge and agree that Developer’s expenses may be certified for reimbursement both as a Redevelopment Project Cost and as a TDD Cost, to the extent such expenses are eligible for reimbursement under both Funds pursuant to this Agreement and Kansas law. Any such expenses certified as both a Redevelopment Project Cost and a TDD Cost shall be the last expenses reimbursed by both Funds. To the extent Developer certifies Redevelopment Project Costs in excess of the North Project TIF Cap, such excess (the “TIF Excess”) shall be attributed to those Redevelopment Project Costs that are also certified as TDD Costs (regardless of when certified). Until the Tax Increment Fund has reimbursed Developer for all Redevelopment Project Costs not also certified as TDD Costs, plus interest, all reimbursements from the Tax Increment Fund shall first be applied to accrued but unpaid interest in such Fund, and then to a reduction in the principal balance of Redevelopment Project Costs not also certified as TDD Costs, all as set forth in Section 6.01. No disbursement from the Tax Increment Fund shall offset or affect the outstanding reimbursable balance of TDD Costs unless and until the Tax Increment Fund reimburses Developer for Redevelopment Project Costs that are also certified as TDD Costs, plus interest. In no event, however, shall the principal balance of TDD Sales Tax Fund be reduced below the TIF Excess, plus TDD Costs not also certified as Redevelopment Project Costs, plus interest, except as a result of disbursements to Developer from the TDD Sales Tax Fund.

Source of Reimbursement. The City shall make payments for reimbursement of Redevelopment Project Costs from the Tax Increment Fund on a Pay As You Go basis in the order of priority set forth in Section 6.01. The City shall make payments for reimbursement of TDD Costs from the TDD Sales Tax Fund on a Pay As You Go basis in the order of priority set forth in Section 6.02. Developer and the City acknowledge and agree that Developer’s expenses may be certified for reimbursement both as a Redevelopment Project Cost and as a TDD Cost, to the extent such expenses are eligible for reimbursement under both Funds pursuant to this Agreement and Kansas law. Any such expenses certified as both a Redevelopment Project Cost and a TDD Cost shall be the last expenses reimbursed by both Funds. To the extent Developer certifies Redevelopment Project Costs in excess of the North Project TIF Cap$3,500,000, such excess (the “TIF Excess”) shall be attributed to those Redevelopment Project Costs that are also certified as TDD Costs (regardless of when certified). Until the Tax Increment Fund has reimbursed Developer for all Redevelopment Project Costs not also certified as TDD Costs, plus interest, all reimbursements from the Tax Increment Fund shall first be applied to accrued but unpaid interest in such Fund, and then to a reduction in the principal balance of Redevelopment Project Costs not also certified as TDD Costs, all as set forth in Section 6.01. No disbursement from the Tax Increment Fund shall offset or affect the outstanding reimbursable balance of TDD Costs unless and until the Tax Increment Fund reimburses Developer for Redevelopment Project Costs that are also certified as TDD Costs, plus interest. In no event, however, shall the principal balance of TDD Sales Tax Fund be reduced below the TIF Excess, plus TDD Costs not also certified as Redevelopment Project Costs, plus interest, except as a result of disbursements to Developer from the TDD Sales Tax Fund.

Source of Reimbursement. The City shall make payments for reimbursement of Redevelopment Project Costs from the Tax Increment Fund on a Pay As You Go basis in the order of priority set forth in Section 6.01. The City shall make payments for reimbursement of TDD Costs from the TDD Sales Tax Fund on a Pay As You Go basis in the order of priority set forth in Section 6.02. Developer and the City acknowledge and agree that DeveloperXxxxxxxxx’s expenses may be certified for reimbursement both as a Redevelopment Project Cost and as a TDD Cost, to the extent such expenses are eligible for reimbursement under both Funds pursuant to this Agreement and Kansas law. Any such expenses certified as both a Redevelopment Project Cost and a TDD Cost shall be the last expenses reimbursed by both Funds. To the extent Developer certifies Redevelopment Project Costs in excess of the North Project TIF Cap$3,500,000, such excess (the “TIF Excess”) shall be attributed to those Redevelopment Project Costs that are also certified as TDD Costs (regardless of when certified). Until the Tax Increment Fund has reimbursed Developer for all Redevelopment Project Costs not also certified as TDD Costs, plus interest, all reimbursements from the Tax Increment Fund shall first be applied to accrued but unpaid interest in such Fund, and then to a reduction in the principal balance of Redevelopment Project Costs not also certified as TDD Costs, all as set forth in Section 6.01. No disbursement from the Tax Increment Fund shall offset or affect the outstanding reimbursable balance of TDD Costs unless and until the Tax Increment Fund reimburses Developer for Redevelopment Project Costs that are also certified as TDD Costs, plus interest. In no event, however, shall the principal balance of TDD Sales Tax Fund be reduced below the TIF Excess, plus TDD Costs not also certified as Redevelopment Project Costs, plus interest, except as a result of disbursements to Developer from the TDD Sales Tax Fund.

Source of Reimbursement. The City shall make payments for reimbursement of Redevelopment Project Costs from the Tax Increment Fund on a Pay As You Go basis in the order of priority set forth in Section 6.01. The City shall make payments for reimbursement of TDD Costs from the TDD Sales Tax Fund on a Pay As You Go basis in the order of priority set forth in Section 6.02. Developer and the City acknowledge and agree that DeveloperXxxxxxxxx’s expenses may be certified for reimbursement both as a Redevelopment Project Cost and as a TDD Cost, to the extent such expenses are eligible for reimbursement under both Funds pursuant to this Agreement and Kansas law. Any such expenses certified as both a Redevelopment Project Cost and a TDD Cost shall be the last expenses reimbursed by both Funds. To the extent Developer certifies Redevelopment Project Costs in excess of the North Project TIF Cap, such excess (the “TIF Excess”) shall be attributed to those Redevelopment Project Costs that are also certified as TDD Costs (regardless of when certified). Until the Tax Increment Fund has reimbursed Developer for all Redevelopment Project Costs not also certified as TDD Costs, plus interest, all reimbursements from the Tax Increment Fund shall first be applied to accrued but unpaid interest in such Fund, and then to a reduction in the principal balance of Redevelopment Project Costs not also certified as TDD Costs, all as set forth in Section 6.01. No disbursement from the Tax Increment Fund shall offset or affect the outstanding reimbursable balance of TDD Costs unless and until the Tax Increment Fund reimburses Developer for Redevelopment Project Costs that are also certified as TDD Costs, plus interest. In no event, however, shall the principal balance of TDD Sales Tax Fund be reduced below the TIF Excess, plus TDD Costs not also certified as Redevelopment Project Costs, plus interest, except as a result of disbursements to Developer from the TDD Sales Tax Fund.