TIF Bonds. The TIF Bonds shall have been transferred to the Company.
TIF Bonds. (a) The City declares an intent to issue full faith and credit tax increment financing bonds to pay TIF Eligible Costs up to a maximum of $1,400,000 (the “TIF Bonds”), of which a maximum of $725,000 net proceeds will be utilized to finance the costs of a lift station, sanitary sewer infrastructure, stormwater infrastructure, and water infrastructure for the Developer Project and the Trailhead Parking (the “Developer Project TIF Bond Proceeds”). The City, in its sole discretion, may issue TIF Bonds to generate up to $625,000 in additional net proceeds to be utilized to finance any portion of the City Improvements (the “City Improvements TIF Bond Proceeds”). TIF Bonds will only be issued upon the full satisfaction of each of the following requirements:
(i) the Developer’s compliance with the terms of this Agreement;
(ii) the receipt by the City of evidence reasonably satisfactory to the City that Developer has obtained financing that, when combined with the Developer Project TIF Bond Proceeds, will be sufficient to pay the costs of the Developer Project;
(iii) the City’s acceptance, in the City’s reasonable discretion, of the terms of the TIF Bonds sale proposed by the TIF Bonds purchaser;
(iv) the receipt of the approving legal opinion of Xxxxxxx & Xxxx, P.C., as Bond Counsel, in form acceptable to the City, the Developer, and the TIF Bonds purchaser;
(v) the receipt by the City of a fully executed Tax Increment Shortfall Guaranty with supporting documentation satisfactory to the City;
(vi) the obtaining of all necessary governmental approvals to the issuance of the TIF Bonds; and
(vii) there have been no material changes to the TIF Act between the date of this Agreement and the issue date of the TIF Bonds which prohibit the issuance of the TIF Bonds.
(b) Developer Project TIF Bond Proceeds will be disbursed to pay TIF Eligible Developer Costs upon submission of a Certification of TIF Expenditures approved by the City in the form attached hereto as Exhibit I setting forth the amount for which disbursement is sought and an itemized listing of the related TIF Eligible Developer Costs. The City will have thirty (30) calendar days after receipt of any Certification of TIF Expenditures for disbursement from Developer Project TIF Bond Proceeds to review and respond by written notice to the Developer. If the submitted documentation demonstrates that: (1) TIF Eligible Developer Costs that can be disbursed from Developer Project TIF Bond Proceeds were incurred; (2) ...
TIF Bonds. The City agrees to issue TIF Bonds, subject to the provisions and restrictions of the TIF Act, in a principal amount to provide net proceeds of not to exceed $2,500,000 for payment of Public Infrastructure Improvements and Preliminary Expenditures that are eligible “redevelopment project costs” as said term is defined in the TIF Act. Prior to the issuance of the TIF Bonds, the Developer shall deliver to the City (1) the executed Developer Guaranty, (2) an opinion of counsel to the Developer that the Developer Guaranty has been validly authorized, duly executed and is enforceable against the Developer and (3) a resolution of the members of Developer approving the Developer Guaranty. Until the Conditions Precedent have been satisfied, the City and the Developer shall each be responsible for payment of their respective Preliminary Expenditures.
TIF Bonds. At the earliest practical time, but not later than 30 days after the City’s acceptance of the Certificate of Substantial Completion, as determined in the City’s reasonable discretion exercised on the basis of sound financial and economic principles, the City shall use its best efforts to issue or cause to be issued TIF Bonds in an amount sufficient to refund all of the outstanding TIF Notes.
5.2.1 Cooperation in the Issuance of TIF Obligations. The Developer covenants to cooperate and take all reasonable actions necessary to assist the City and its Bond Counsel, underwriters and financial advisors in the preparation of offering statements, private placement memorandum or other disclosure documents and all other documents necessary to market and sell the TIF Obligations, including disclosure of tenants of the Property and the non-financial terms of the leases between the Developer and such tenants. The Developer will not be required to disclose to the general public or any investor the rent payable under any such lease or any proprietary or confidential financial information pertaining to the Developer, its tenants or the leases with its tenants, but upon the execution of a confidentiality agreement acceptable to the Developer, the Developer will provide such information to the City’s financial advisors, underwriters and their counsel to enable such parties to satisfy their due diligence obligations. Such compliance obligation shall be a covenant running with the land, enforceable as if any subsequent transferee thereof were originally a party to and bound by this Agreement.
TIF Bonds. The Commissioner of DOH agrees that upon the issuance of a Certificate pursuant to Section 7.01, it will, upon the request of the TIF Lender (or any holder of the City Note) or any guarantor of the TIF Loan, recommend that the City Council approve an ordinance or ordinances authorizing the issuance of TIF Bonds in an amount which, in the opinion of the Comptroller, is marketable under the then current market conditions; provided, however, that if, in the opinion of the Comptroller, there is an insufficient market for such TIF Bonds, or the net proceeds from such issuance would reasonably be expected to be less than adequate to fully repay the City Note and all costs of issuance (including, but not limited to bond counsel fees, underwriters’ fees and consultants’ fees), or if the issuance of such TIF Bonds would adversely affect the City's credit rating or in any other way adversely affect City finances, such official will not be required to recommend approval of such ordinance(s). The Developer will cooperate with the City in the issuance of TIF Bonds, as provided in Section 8.05 hereof.
TIF Bonds. The net proceeds of the TIF Bonds shall be a source of funds, to the extent permissible by law, for the payment of Public Party Costs; provided that the net proceeds of the TIF Bonds may be used to repay the Urban Redevelopment Loan.
TIF Bonds. The Public Parties will in good faith jointly determine in a timely manner (i) which Public Party or other entity will issue the TIF Bonds or other bonds, (ii) the amount of each issuance of TIF Bonds or other bonds, (iii) the time of the issuance of TIF Bonds or other bonds, and (iv) other relevant issues with respect to the TIF Bonds or other bonds. Notwithstanding the foregoing, neither Public Party will be obligated to issue TIF Bonds which are not fiscally prudent or which are not (or will not) be supported by project revenues. The Public Parties shall each severally guarantee, or be responsible in the aggregate for, repayment of 50% of TIF Bonds or any other bonds, as jointly determined, issued to pay Public Party Costs, but not for bonds issued to finance any one Public Party’s obligations under Section 3.2 hereunder or the Contract Documents. The City and the County shall cooperate with each other in good faith in connection with the resolution of all matters relating to the TIF Bonds or other bonds and TIF Revenues not specifically addressed herein, including without limitation the issuance and administration thereof. The Public Parties acknowledge that TIF Revenues may be pledged to support payment of debt service for any TIF Bonds, but agree to mutually consider implementation of such pledges of TIF Revenues so as to accommodate further pledges of TIF Revenues in support of supplemental issuances of TIF Bonds (if fiscally prudent and if the TIF Bonds will be adequately supported by project revenue).
TIF Bonds. The City anticipates the issuance of its full faith and credit TIF temporary notes to provide interim financing for the City Project until completion of the Developer Project. The City also anticipates the issuance of the TIF Bonds to permanently finance the City Project Costs of the City Project. Such TIF Bonds shall be issued with a final stated maturity to match the final permitted installment of tax increment for the TIF Project Area pursuant to the TIF Act.
TIF Bonds. The Town shall use cause the issuance of the TIF Bonds in accordance with the terms and conditions of Exhibit B, including, without limitation, that ARC shall execute and deliver to Developer the Taxpayer Agreement. ARC shall pledge the Increment to the TIF Bonds. The Bond Proceeds shall be provided to Developer for the purposes of constructing and completing the Public Improvements.
TIF Bonds
