The BettPlex Project Sample Clauses

The BettPlex Project. 1. The parties agree that the tax incremental revenues (“TIF Revenue”) generated by the BettPlex Project shall be applied first to pay the principal and interest on any Capital Loan Notes described in Section II.B., above. 2. For the purposes of this Agreement, the TIF Revenue derived from the BettPlex Project shall mean only the taxes available for division by the City under the Urban Renewal Law in excess of the base year assessment. The base year assessment shall be established on January 1, 2018. 3. The TIF Revenue payments shall be made on December 1st and June 1st of each fiscal year, commencing with the fiscal year of tax payments arising from the January 1, 2019, tax assessment and continuing for a period of twenty (20) years of taxes (through the 2039 assessment year). 4. BettPlex agrees to execute an agreement for the BettPlex Project which sets a minimum assessment value in an amount to support the payment of the Capital Loan Notes and adjusted from time to time to provide sufficient TIF Revenue to repay such Notes (the “BettPlex Minimum Assessment Agreement”). The BettPlex Minimum Assessment Agreement shall be in full force and effect for the duration of the TIF payments and/or Rebates on the BettPlex Project and shall run with the land. 5. City agrees that after payment of the Capital Loan Notes referred to in Section II.B, above, all TIF Revenues from the BettPlex Project shall be paid to BettPlex as a TIF Rebate for the applicable 20-year period as provided herein (through the 2039 assessment year). 6. BettPlex’s owner shall agree to provide a personal guarantee for the interest payments due on the Capital Loan Notes for the first three (3) years after their issuance, until the TIF revenue payments commence, payable on the first interest payment date after the issuance of the Notes and continuing for three (3) years, after which the personal guarantee shall terminate.
Sample 1
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