Use of TIF Bond Proceeds. A. Use of Project One TIF Bond Proceeds. Project One TIF Bond Proceeds shall be used for and expended for priority expenses (each a “Priority Expense”) in the following priority: FIRST PRIORITY EXPENSE: Reimburse the City for the cost of issuing the Project One TIF Bond, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest and reserves, the Project One Tax Increment Financing Fee in the amount of one percent (1%) of the total of the Project One TIF Bond, and the City’s cost to record Exhibits G, H, I, and L. SECOND PRIORTY EXPENSE: Payment of grant or grants in the amount of $227,500.00 to reimburse Redeveloper for costs of the Project One Site Acquisition. THIRD PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper in the amount of $100,000.00 for costs of the Project One Site Preparation (including demolition, grading, and alley paving) and Streetscape Improvements. Said costs are approximately $90,000 and $10,000 respectively. FOURTH PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper up to the sum of $50,000.00 for the costs of the Project One Façade Enhancements. Based on preliminary cost estimates, the Project One TIF Bond Proceeds shall not fully fund the eligible Project One Façade Enhancements. The Second through Fourth Priority Expenses are collectively the “Redeveloper Project One Priority Expenses.” Only costs for Redeveloper Project One Site Acquisition, Project One Site Preparation, Project One Streetscape Improvements, and Project One Façade Enhancement costs incurred after the date of this Agreement shall be eligible for reimbursement as Redeveloper Project One Priority Expenses under this Section. The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Project One Site Acquisition, Project One Site Preparation, Project One Streetscape Improvements, and/or Project One Façade Enhancements in excess of the available Project One TIF Bond Proceeds as described above. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of eligible Project One Site Acquisition, Project One Site Preparation, Project One Streetscape Improvements, and Project One Façade Enhancements as described herein and the Redeveloper does not have discretionary judgment over the applications of said grant funds.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority for each phase of the Redevelopment Project: FIRST PRIORITY: Reimburse the Redeveloper for the cost of recording the Memorandum of Agreement and Use Restrictions, Façade Easement, Payment of the City’s Tax Increment Financing Administration fee, and payment of the Bond Counsel Fee. SECOND PRIORITY: Payment of grant or grants to reimburse Redeveloper for all or partial costs for Sidewalk Improvements within the project site up to Fifty Thousand Dollars ($50,000.00) THIRD PRIORITY: Payment of grant or grants to reimburse Redeveloper for all or partial costs for façade enhancements up to Two Hundred Forty-Nine Thousand Forty-Eight Dollars ($249,048.00). The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Sidewalk Improvements or Façade Enhancements in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Second and Third Priority costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of the Sidewalk Improvements and Façade Enhancement costs. Redeveloper does not have discretionary judgment over the applications of said grant funds.
Use of TIF Bond Proceeds. Priority of Expenditures. TIF Bond Proceeds from the issuance of TIF Indebtedness for the Phase
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended for priority expenses (each a “Priority Expense”) in the following priority: FIRST PRIORITY EXPENSE: Reimburse the City for the Bond Counsel Fee and the TIF Admin. Fee and the cost to record the recordable exhibits to this Agreement. SECOND PRIORITY EXPENSE: Payment of grant or grants in the amount of approximately Four Hundred Eighty Five Thousand and No/100 Dollars ($485,000.00) to reimburse Redeveloper for some or all of its costs of the Site Acquisition. The First and Second Priority Expenses are collectively the “Redeveloper Priority Expenses”) more particularly described on Exhibit “B”, attached and incorporated by this reference. Only costs for Redeveloper Priority Expenses incurred after the date of this Redevelopment Agreement shall be eligible for reimbursement as Redeveloper Priority Expenses under this Section. The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Priority Expenses in excess of the available TIF Bond Proceeds. The funds granted to Redeveloper are designated for the reimbursement of TIF eligible costs. However, these projected costs are estimates and the final figures may vary. The City agrees that the individual line items of the TIF eligible costs may be adjusted based on final costs.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority for each phase of the Redevelopment Project: FIRST PRIORITY: Reimburse the City for the cost of issuing the TIF Bond, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, recording fees, capitalized interest, the City’s Administrative Fee pursuant to the requirements of Section 3.04.080 of the Lincoln Municipal Code, and reserves. SECOND PRIORITY: Reimburse the City for the cost of recording the Memorandum of Redevelopment Agreement and Use Restrictions. THIRD PRIORITY: Reimburse the Redeveloper for Site Acquisition within the Project Area as identified in this Agreement. The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Site Acquisition in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Third Priority costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of the Issuance Costs and Site Acquisition as described herein, and the Redeveloper does not have discretionary judgment over the applications of said grant funds.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended for priority expenses (each a “TIF Priority Expense”) as summarized on the Sources and Uses of Funds for Public Improvements and Enhancements (Exhibit B) in the following priority: SECOND TIF PRIORITY EXPENSE: Grant to City of Five Hundred Thousand ($500,000.00) for City Public Improvements. THIRD TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Site Acquisition costs up to Two Million Six Hundred Fifty Thousand Dollars ($2,650,000.00).
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority for each phase of the Redevelopment Project: FIRST PRIORITY: Reimburse the Redeveloper for the cost of recording the Memorandum of Agreement and Use Restrictions, payment of bond counsel fees, and payment of the City’s Tax Increment Financing Administration fee. SECOND PRIORITY: Payment of a grant or grants to reimburse Redeveloper for all or partial costs for Site Acquisition within the project site up to Seven Hundred Twenty-four Thousand Six Hundred Fifty-five and No/100 Dollars ($724,655.00) THIRD PRIORITY: Payment of a grant or grants to reimburse Redeveloper for all or partial costs for Site Preparation, to include demolition, up to Sixty-three Thousand Dollars ($63,000.00).
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority for each phase of the Redevelopment Project: FIRST PRIORITY: Reimburse the Redeveloper for the cost of recording the Memorandum of Agreement and Use Restrictions, payment of bond counsel fees, and payment of the City’s Tax Increment Financing Administration fee. SECOND PRIORITY: Payment of a grant or grants to reimburse Redeveloper for all or partial costs for Site Acquisition within the project site up to Five Hundred Thirty-Seven Thousand Four Hundred Dollars ($537,400.00) THIRD PRIORITY: Payment of a grant or grants to reimburse Redeveloper for all or partial costs for Site Preparation, to include demolition, up to One Million Dollars ($1,000,000.00).
Use of TIF Bond Proceeds. Use of TIF Bond A Proceeds. TIF Bond A Proceeds shall be used for and expended in the following priority: FIRST PRIORITY: Reimburse the City for the cost of issuing the TIF Bond A, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest and reserves, the Tax Increment Financing Fee in the amount of one percent (1%) of the combined total of TIF Bond A and TIF Bond B, and the City’s cost to record Exhibits G, H, I, and L. SECOND PRIORTY: Payment of grant or grants in the amount of $1,590,000 to reimburse Redeveloper for a portion of the Purchase Price for the Site Acquisition including the acquisition of the Parking Rights. THIRD PRIORITY: Payment of grant or grants in the minimum amount of $300,000 to reimburse Redeveloper for costs of the Redeveloper Streetscape Improvements and in the minimum amount of $400,000 to reimburse Redeveloper for costs to design the Plaza and construct the Plaza Enhancements. FOURTH PRIORITY: Payment of grant or grants to reimburse Redeveloper for the cost of the Energy Enhancements. FIFTH PRIORTY: Payment of grant or grants to reimburse Redeveloper for the costs of the Façade Enhancements.
Use of TIF Bond Proceeds. The second and third subparagraphs of Section 503(A) shall be deleted and replaced with the following language: “SECOND PRIORITY EXPENSE: Payment of grant or grants in the amount of $2,911,500.00 to reimburse Redeveloper for a portion of the costs of Site Acquisition. THIRD PRIORITY EXPENSE: Payment of a grant or grants in the amount of $1,325,000.00 for some or all of the costs of Site Preparation.”
