Tax Increment Deficiency on Redeveloper Purchased TIF Bond. A. Redeveloper Purchased TIF Bond. If the Redeveloper purchases the TIF Bond, 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, 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 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.
B. Lender Purchased TIF Bond. If Redeveloper’s Lender purchases the TIF Bond, 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, the Redeveloper agrees to pay the same upon written request of the City and shall pay the same for each year that there exists a deficiency in such TIF Tax Revenues. If Redeveloper is required to pay any such deficiency, the City shall reimburse all sums paid by said Redeveloper for such purposes if and when TIF Tax Revenues do become available from the Ad Valorem Provisions to meet current debt service and reimburse Redeveloper for such deficiency payments.
Tax Increment Deficiency on Redeveloper Purchased TIF Bond. A. Redeveloper Purchased TIF Bond; Deferral/Forgiveness of Tax Increment Deficiency. If the Redeveloper purchases the TIF Bond, 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 Project Site which impedes the City's ability to pay debt service on the TIF Bond, shall be borne entirely by the Redeveloper without recourse of any kind against the City. Specifically, in the event of and to the extent of any deficiency in TIF Tax Revenues from the Ad Valorem Tax Provision for required debt service on the TIF Bond, the Redeveloper agrees to defer payment of the same for each year that there exists a deficiency in such TIF Tax Revenues during the Tax Increment Period. If Redeveloper is required to defer any such payments, the City shall reimburse Redeveloper for all sums deferred if and when TIF Tax Revenues do become available from the Ad Valorem Tax Provision to meet current debt service. In the event the TIF Bond is not retired in full at the end of the Tax Increment Period, any remaining TIF Indebtedness on such Bond shall be forgiven.
Tax Increment Deficiency on Redeveloper Purchased TIF Bond. 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 Project Site, 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 Bond, 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 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 Bond is not retired in full at the end of the Tax Increment Period, any remaining debt on the TIF Bond shall be forgiven.
Tax Increment Deficiency on Redeveloper Purchased TIF Bond. Any shortfall in the TIF Tax Revenues from the Tax Increment Provision such that the cost of repaying the TIF Indebtedness cannot be paid in accordance with the terms of the TIF Bond 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, the Redeveloper agrees to pay the same upon written request of the City and shall pay the same for each year that there exists a deficiency in such TIF Tax Revenues. If Redeveloper is required to pay any such deficiency, the City shall reimburse all sums paid by said Redeveloper for such purposes together with interest at the rate of nine percent (9%) per annum if and when TIF Tax Revenues do become available to meet current debt service and reimburse Redeveloper for such deficiency payments.
Tax Increment Deficiency on Redeveloper Purchased TIF Bond
