Use of TIF Proceeds. The TIF Proceeds shall be deposited into a fund account (“Project Account”) to be used for payment of the City’s TIF Bond cost of issuance and the grant or grants of funds for the costs of the Public Improvements. TIF Proceeds shall be 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: Payment of grant or grants to reimburse Redeveloper for costs of the following Public Improvements:
Use of TIF Proceeds. The TIF Proceeds from TIF Note shall be granted to the Redeveloper and be used to fund the costs of set forth on Exhibit “C”.
Use of TIF Proceeds. A. Priority of Expenditures. TIF Proceeds from the issuance of TIF Indebtedness shall be expended in the following priority in accordance with those cost estimates listed on Exhibit D Only those costs incurred after the execution of this Redevelopment Agreement by all parties hereto shall be eligible for payment. TIF Proceeds from the sale of the TIF Bond shall be expended in the following priority in accordance with those cost estimates listed on Exhibit D. FIRST PRIORITY: Reimburse the City for the actual costs associated with issuance of the TIF Indebtedness including bond counsel fees, issuance costs, and administrative fees, estimated costs are shown on the Uses and Sources of Funds in Exhibit D; SECOND PRIORITY: Reimburse Redeveloper for Site Acquisition costs, in an amount not to exceed Two Million Six Hundred Ten Thousand Seven Hundred and Fifty Dollars ($2,610,750.00).
Use of TIF Proceeds. The TIF Proceeds shall be deposited into a fund account (“Project Account”) to be used for payment of the City’s TIF Bond cost of issuance and the grant or grants of funds for the costs of the Public Improvements. TIF Proceeds shall be divided among the Series A and Series B Public Improvements. Series A TIF Proceeds shall be 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: Payment of grant or grants to reimburse Redeveloper for costs of the Public Improvements to be expended in the following order of priority:
Use of TIF Proceeds. A. Redeveloper Priority of Expenditures. TIF Bond Proceeds shall be used for priority expenses (each a “Priority Expense”) in the following order of priority as shown on Exhibit C: FIRST PRIORITY: Reimburse the Redeveloper for the Bond Counsel Fee for the TIF Bond, the TIF Administrative Fee, capitalized interest, and the Redevelopers’ cost to record; SECOND PRIORITY: Payment of grant or grants to reimburse the applicable Redeveloper for its cost of the LCC Façade Restoration and Hotel Façade Restoration to the extent TIF Proceeds are available; THIRD PRIORITY: Payment of a grant or grants to reimburse Cas-Neb- neda and Enterprises for their costs for the Skywalk Improvements to the extent TIF Proceeds are available; and FOURTH PRIORITY: Payment of a grant or grants to reimburse Redeveloper for its costs for the Right of way, Streetscape and Utilities to the extent TIF Proceeds are available. The First through Fourth Priority Items are hereinafter referred to as the “Redeveloper Priority Expenses.” Only costs for Redeveloper Priority Expenses incurred after the date of this Agreement shall be eligible for reimbursement as Redeveloper Priority Expenses under this Section. The funds granted to each Redeveloper are restricted and earmarked solely for the reimbursement of eligible costs of the Redeveloper Priority Expenses, as described herein, and the Redevelopers do not have discretionary judgment over the applications of said grant funds. The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Third Priority and Fourth Priority Expenses in excess of the available TIF Bond Proceeds remaining after the First Priority and Second Priority Expenses as described above have been paid in full. The costs for the Uses listed in Exhibit C are estimates and actual reimbursements will be based upon the actual design, inspection, project administration, construction, financing and implementation costs.
Use of TIF Proceeds. The TIF Proceeds shall be deposited into a fund account (“Project Account”) to be used for payment of the City’s TIF Bond cost of issuance and the grant or grants of funds for the costs of the City’s obligation to reimburse the Redeveloper for the Redeveloper’s cost to construct the Public Improvements, Public Enhancements, Certain Private Improvements and Optional Private Improvements. Unless otherwise noted, Public Improvement costs may include design fees, review fees, construction and installation costs, and inspection fees. TIF Proceeds shall be expended, in the project area, in the following priority:
Use of TIF Proceeds. A. TIF Bond A. TIF Proceeds from the sale of the TIF Bond A shall be expended in the following priority in accordance with those cost estimates listed on Exhibit L. Only costs incurred after the execution of this Redevelopment Agreement by all parties hereto shall be eligible for payment. FIRST PRIORITY: Reimburse the City for cost of issuance of the TIF Indebtedness including bond counsel fees, fiscal advisory fees, placement fees, capitalized interest and reserves; SECOND PRIORITY: Fund the Project Account A for the City Public Improvements.
Use of TIF Proceeds. The TIF Proceeds shall be deposited into a fund account (“Project Account”) to be expended in the priority set forth in the Sources and Uses of Funds. In the event there is not enough available TIF Proceeds to complete the Public Improvements listed on the Sources and Uses of Funds, the City Urban Development Director and the Redeveloper may agree to minor redistributions of the TIF Proceeds or minor modifications or reductions in the scope, scale, size or phasing of the Public Improvements to enable the available TIF Proceeds to fund the modified or reduced Public Improvements. No substantial change in the allocation of TIF Proceeds between designated priorities or in the scope, scale, sizing, or phasing of the Public Improvements shall be made without the approval of the Mayor. The Mayor is hereby authorized to amend or modify the order of priority and the amount of the TIF Proceeds for the Priority Items as set forth in the Uses and Sources of Funds. Redeveloper agrees that upon receipt of said grant(s) from the City, Redeveloper shall deposit said funds in a separate account(s) that does not include any of the Redeveloper’s funds for Redeveloper Improvements and pay for said Public Improvements from said separate account(s). The grants are restricted and earmarked for the funding of Public Improvements as described herein and the Redeveloper does not have discretionary judgment over the application of said grant funds. Redeveloper shall submit authentic and satisfactory documentation to the City to verify any grant of TIF Proceeds it receives was expended on eligible Project Costs. Any ineligible use of the TIF shall immediately be repaid to the City.
Use of TIF Proceeds. A. TIF Bond A. TIF Proceeds from the sale of the TIF Bond A shall be expended in the following priority in accordance with those cost estimates listed on Exhibit O. Only costs incurred after the execution of this Redevelopment Agreement by all parties hereto shall be eligible for payment. FIRST PRIORITY: Reimburse the City for cost of issuance of the TIF Indebtedness including bond counsel fees, fiscal advisory fees, placement fees, and reserves; SECOND PRIORITY: Reimburse the Redeveloper for Land Purchase Assistance. THIRD PRIORITY: Fund the Redeveloper Public Improvements. The Third Priority Items are hereinafter referred to as the “Redeveloper Priority Expenses.” The cost for the Uses items in Exhibit O are estimates and reimbursement will be based upon the actual design, inspections, project administration, construction and implementation costs. The Redeveloper is authorized to reduce or increase the scope, scale, size or phasing of a Third Priority item or items, subject to City approval, so long as the overall available Total TIF Uses amount is not exceeded. In the event there is not enough available Grant Funds (defined below) from TIF Proceeds to complete the Third Priority item(s) as shown above, then the Redeveloper is authorized to reduce the scope, scale, size or phasing of a Third Priority item or items or eliminate a Third Priority item or items subject to City approval.
Use of TIF Proceeds. Phase One TIF Proceeds shall be expended in the following priority as shown and reflected on Exhibit “C”: FIRST PRIORITY: Reimburse the City for the cost of issuing the TIF Indebtedness, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest, and reserves; SECOND PRIORITY: Site preparation improvements to clear blighted and substandard conditions, including site clearing, soil work, grading, demolition of existing concrete and garages, tree protection fencing, and preparatory earthwork; THIRD PRIORITY: Utility improvements, including extension and relocation of water and sewer service, improvements related to on-site storm water system, and other and utility improvements; FOURTH PRIORITY: Public sidewalk improvements, public improvements related to the new service entrance off 52nd Street, and landscaping improvements; FIFTH PRIORITY: Installation of energy efficient and sustainable improvements to the existing building that exceed code requirements, including HVAC, windows, insulation and other environmental/sustainable improvements; SIXTH PRIORITY: Environmental Remediation and abatement of asbestos containing material and/or lead based paint; SEVENTH PRIORITY: Rehabilitation of masonry and facade, and other exterior improvements which façade shall be subject to those protections of the Façade Easement. To the extent any TIF Priority use achieves a savings, any such excess for a listed priority may be used to reimburse Redeveloper for excess or unreimbursed costs of a different priority.
