Common use of Use of TIF Bond Proceeds Clause in Contracts

Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority: 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, capitalized interest, and reserves. Reimburse the City for the cost of recording the Façade Agreement and Memorandum of Agreement and Use Restrictions. SECOND PRIORITY: Payment of grant or grants to reimburse Redeveloper for costs of the City’s Tax Increment Financing Administration Fee and the Redeveloper Public Improvements. THIRD PRIORTY: Payment of grant or grants to reimburse Redeveloper for the cost of the Public Enhancements. Only Redeveloper Public Improvements and Public Enhancement costs incurred after the date of this Agreement shall be eligible for reimbursement as Second Priority and Third Priority items. The City shall not have any obligation to making a grant or grants to reimburse the Redeveloper for the Redeveloper Public Improvement and/or Public Enhancements in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Redeveloper Public Improvements and/or Public Enhancement costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. In the event there is not enough available TIF Bond Proceeds to complete the Public Enhancements in the Third Priority item as shown above, the Redeveloper may request the Urban Development Director to modify or reduce the scope, scale, size or phasing of the Third Priority item(s), but not eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. Subject to the preceding sentence, the City Urban Development Director on behalf of the City is hereby authorized to modify or reduce the scope, scale, size or phasing of the Third Priority items, but not to eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of eligible Redeveloper Public Improvements and Public 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: 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, capitalized interest, and reserves. SECOND PRIORITY: Reimburse the City for the cost the $10,000 penal bond and the costs of recording the Façade Agreement and Memorandum of Redevelopment Agreement and Use Restrictions. SECOND THIRD PRIORITY: Payment of grant or grants to partially reimburse Redeveloper for costs of the City’s Tax Increment Financing Administration Fee Site Acquisition, Site Preparation, and the Redeveloper Public Improvements. THIRD PRIORTY: Payment of grant or grants to reimburse Redeveloper for the cost of the Public Enhancements. Only Site Acquisition, Site Preparation, and Redeveloper Public Improvements and Public Enhancement costs incurred after the date of this Agreement shall be eligible for reimbursement as Second Priority and Third Priority items. In the event there is not enough available TIF Proceeds to complete the Third Priority items as shown above, then the City and Redeveloper shall jointly agree to reduce the scope, scale, size or phasing of the Third Priority items accordingly. The Redeveloper, at its expense, may pay for any extra cost of such items without recourse of any kind against the City. The City shall not have any obligation to making a grant or grants to reimburse the Redeveloper for the Site Acquisition, Site Preparation, and Redeveloper Public Improvement and/or Public Enhancements Improvements and Site Acquisition in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use The Redeveloper, at its own funds to cost and expense, may fund any Redeveloper Public Improvements and/or Public Enhancement Third Priority costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. In the event there is not enough available TIF Bond Proceeds to complete the Public Enhancements in the Third Priority item as shown above, the Redeveloper may request the Urban Development Director to modify or reduce the scope, scale, size or phasing of the Third Priority item(s), but not eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. Subject to the preceding sentence, the City Urban Development Director on behalf of the City is hereby authorized to modify or reduce the scope, scale, size or phasing of the Third Priority items, but not to eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of the eligible Site Acquisition, Site Preparation, and Redeveloper Public Improvements and Public Enhancements 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 in the following prioritypriority 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, and reserves. SECOND PRIORITY: Reimburse the City for the cost of recording the Façade Agreement and Memorandum of Redevelopment Agreement and Use Restrictions. SECOND THIRD PRIORITY: Payment Reimburse the Developer for construction of grant or grants to reimburse the Public Improvements identified in this Agreement FOURTH PRIORTY: Reimburse the Redeveloper for installation of Public Enhancements as identified in this Agreement. FIFTH PRIORITY: Reimburse the Redeveloper for Site Preparation for Private Improvements in the Project Area as identified in this Agreement. SIXTH PRIORITY: Reimburse the Redeveloper for costs of associated with Land Acquisition in the City’s Tax Increment Financing Administration Fee and the Redeveloper Project Area. Only Public Improvements. THIRD PRIORTY: Payment of grant or grants to reimburse Redeveloper for the cost of the , Public Enhancements. Only Redeveloper Public Improvements , Site Preparation, and Public Enhancement Land Acquisition costs incurred after the date of this Agreement shall be eligible for reimbursement as Second Priority Third Priority, Fourth Priority, Fifth Priority, and Third Priority itemsSixth Priority. The City shall not have any obligation to making make a grant or grants to reimburse the Redeveloper for the Redeveloper Public Improvement Improvements, Public Enhancements, Site Preparation, and/or Public Enhancements Land Acquisition in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Redeveloper Public Improvements and/or Public Enhancement Third, Fourth, Fifth, and Sixth costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. In the event there is not enough available TIF Bond Proceeds to complete the Public Enhancements in the Third Priority item as shown above, the Redeveloper may request the Urban Development Director to modify or reduce the scope, scale, size or phasing of the Third Priority item(s), but not eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. Subject to the preceding sentence, the City Urban Development Director on behalf of the City is hereby authorized to modify or reduce the scope, scale, size or phasing of the Third Priority items, but not to eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of the Issuance Costs, eligible Redeveloper Public Improvements Improvements, Public Enhancements, Site Preparation, and Public Enhancements Land Acquisition as described herein 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, as more fully described on Exhibit “C” attached and incorporated by this reference: 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, and reserves. Reimburse the City for the cost of recording the Façade Agreement and Memorandum of Agreement and Use Restrictions. SECOND PRIORITY: Payment of grant or grants to reimburse Redeveloper Reimburse the Developer for costs construction of the City’s Tax Increment Financing Administration Fee and the Redeveloper Public ImprovementsImprovements identified in this Agreement. THIRD PRIORTY: Payment of grant or grants to reimburse Reimburse the Redeveloper for Site Preparation. FOURTH PRIORITY: Reimburse the cost Redeveloper for construction and/or installation of the Public EnhancementsEnhancements as identified in this Agreement. Only Redeveloper Public Improvements Improvements, Site Preparation, and Public Enhancement Enhancements costs incurred after the date of this Agreement shall be eligible for reimbursement as Second Priority Priority, Third Priority, and Third Fourth Priority items. The City shall not have any obligation to making make a grant or grants to reimburse the Redeveloper for the Redeveloper Administrative Fee, Public Improvement Improvements, Site Preparation, and/or Public Enhancements in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Redeveloper Public Improvements and/or Public Enhancement Third and Fourth Priority costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. In the event there is not enough available TIF Bond Proceeds to complete the Public Enhancements in the Third Priority item as shown above, the Redeveloper may request the Urban Development Director to modify or reduce the scope, scale, size or phasing of the Third Priority item(s), but not eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. Subject to the preceding sentence, the City Urban Development Director on behalf of the City is hereby authorized to modify or reduce the scope, scale, size or phasing of the Third Priority items, but not to eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of the Issuance Costs, eligible Redeveloper Public Improvements Improvements, Site Preparation, and Public Enhancements as described herein herein, and the Redeveloper does not have discretionary judgment over the applications of said grant funds.