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: a. Demolition, salvage and site preparation of the Project Site, including the Redevelopment Project Improvements and the protection of public right-of-ways; b. Phase 2 utility work, including extension of cable television within the Project Site, water line improvements, electric line improvements and coordination and screening work with the Phase 1 utility improvements and work as generally shown on Exhibit “B-1” and Exhibit “B-2”, which are attached hereto and incorporated herein by this reference, but excluding utility service lines; c. Streetscape, including relocating streets, sidewalks, curb and gutters, pedestrian lighting, signage, landscape and irrigation materials and other street and sidewalk improvements within the Project Site; d. Construction of public docks within the public right of way along the east side of 0xx Xxxxxx and along the north side of “R” Street, in character with the Haymarket Landmark District; e. Construction of the A & H Plaza as described in Paragraph 11a. above and as generally shown on Exhibit “B”; f. Reconstruction of 0xx Xxxxxx, from “R” Street to “S” Street, reconstruction of “S” Street, from 0xx Xxxxxx to 0xx Xxxxxx and the reconstruction of the intersection of 8th and “S” Street; g. Public Facade Upgrade as described in Paragraph 11b. above; and h. Public Art as described in Paragraph 11c. above. In the event there is not enough available TIF Proceeds to complete the Second Priority items as shown above, the City Urban Development Director and the Redeveloper shall use their best efforts to agree to modify or reduce the scope, scale, size or phasing of the Second Priority item(s), but not eliminate any Second Priority item, to enable the available TIF Proceeds to fund the modified or reduced Second 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 Second Priority items, but not eliminate any Second Priority item, to enable the available TIF Proceeds to fund the modified or reduced Second Priority items. 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 Private 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 applications of said grant funds.
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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 Public Improvementsorder of priority:
a. Demolition, salvage (a) Design and site preparation construction of the Project Siteutility improvements, including storm sewer and other utilities in the Redevelopment Project Improvements east-west private alley;
(b) Design and construction of pedestrian alley improvements in the protection alley plaza;
(c) Design and construction of public right-of-waysway improvements, including sidewalk improve- ments and repair, alley return, curb, and parking;
b. Phase 2 utility work, including extension of cable television within the Project Site, water line improvements, electric line improvements and coordination and screening work with the Phase 1 utility improvements and work as generally shown on Exhibit “B-1” and Exhibit “B-2”, which are attached hereto and incorporated herein by this reference, but excluding utility service lines;
c. Streetscape, including relocating streets, sidewalks, curb and gutters, pedestrian lighting, signage, landscape and irrigation materials and other street and sidewalk improvements within the Project Site;
d. (d) Construction of public docks within the public right of way along the east side of 0xx Xxxxxx and along facade enhancements on the north side of “R” Street, in character with the Haymarket Landmark District;
e. Construction first floor and south faces of the A & H Plaza as described in Paragraph 11a. above and as generally shown building, with primary focus on Exhibit “B”;
f. Reconstruction of 0xx Xxxxxx, from “R” Street to “S” Street, reconstruction of “S” Street, from 0xx Xxxxxx to 0xx Xxxxxx and the reconstruction of the intersection of 8th and “S” Street;
g. Public Facade Upgrade as described in Paragraph 11b. above; and
h. Public Art as described in Paragraph 11c. abovesouth. In the event there is not enough available TIF Proceeds to complete the alphabetized Second Priority items item(s) as shown listed above, the City Urban Development Director and the Redeveloper shall use their best efforts to agree to modify minor redistributions of the TIF Proceeds or reduce modifications or reductions in the scope, scale, size or phasing of the Second Priority item(s), but not eliminate any Second Priority item, ) to enable the available TIF Proceeds to fund the modified or reduced Second Priority itemsitem(s). Subject to Notwithstanding the preceding proceeding sentence, no substantial change in the City Urban Development Director on behalf allocation of the City is hereby authorized to modify TIF Proceeds between designated priorities or reduce in the scope, scale, size or phasing of the Second Priority itemsitems 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 TIF Proceeds for the Second Priority items as shown above. Series B 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 eliminate 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 cost of the Public Improvements to be expended in the following order of priority: (a) Cost of any Series A Second Priority item, to enable the available TIF Proceeds to fund the modified or reduced Second Priority items. Redeveloper agrees that upon receipt of said grant(s) from the City, Redeveloper shall deposit said funds Public Improvements in a separate account(s) that does not include any excess of the Redeveloper’s funds for Private Series A TIF Proceeds; (b) Facade Improvements and pay for said Public Improvements from said separate account(s(East Wall). 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 applications of said grant funds.;
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Samples: Redevelopment Agreement
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 Public Improvements to be expended in the following Public Improvementsorder of priority:
a. DemolitionOverhead utilities conversion to underground utilities, LES, Time Warner, Windstream and other data, phone, internet and cable utilities and related improvements as generally shown on Exhibit “B”, which is attached hereto and incorporated herein by this reference, but excluding utility service lines;
b. Sanitary sewer, drainage and water improvements but excluding utility service lines, and alley resurfacing;
c. Site Preparation and streetscape--demolition and salvage and site preparation of the Project SiteBooth Fishery Building, and Peanut Butter Factory Building sites, including the Redevelopment Project Improvements and the protection of public right-of-ways;
b. Phase 2 utility work; streetscape improvements, including extension of cable television within the Project Sitestreets, water line improvements, electric line improvements and coordination and screening work with the Phase 1 utility improvements and work as generally shown on Exhibit “B-1” and Exhibit “B-2”, which are attached hereto and incorporated herein by this reference, but excluding utility service lines;
c. Streetscape, including relocating streetsstorm sewer, sidewalks, curb and gutters, pedestrian lighting, signage, pedestrian, landscape and irrigation improvements and materials and other related street and sidewalk improvements within the Project Site;; and
d. Construction x. Xxxx Parking--construction of public docks angle parking Xxxxx 0xx Xxxxxx along the west blocks face of Block 85 and the removal of abandon railroad tracks within the public right of way along the east side of 0xx Xxxxxx and along the north side of “R” Street, in character with the Haymarket Landmark District;
e. Construction of the A & H Plaza as described in Paragraph 11a. above and Project Site as generally shown on Exhibit “BA” (collectively “West Parking”;
f. Reconstruction of 0xx Xxxxxx, from “R” Street to “S” Street, reconstruction of “S” Street, from 0xx Xxxxxx to 0xx Xxxxxx and the reconstruction of the intersection of 8th and “S” Street;
g. Public Facade Upgrade as described in Paragraph 11b. above; and
h. Public Art as described in Paragraph 11c. above). In the event there is not enough available TIF Proceeds to complete the an alphabetized Second Priority items item(s) as shown above, the City Urban Development Director and the Redeveloper shall use their best efforts to agree to modify or reduce the scope, scale, size or phasing of the Second Priority item(s), but not eliminate any Second Priority item, ) to enable the available TIF Proceeds to fund the modified or reduced Second Priority itemsitem(s). Subject to the preceding sentence, the City Urban Development Director on behalf of the City is hereby authorized to amend or modify or reduce the scope, scale, size or phasing order of priority for the Second Priority items, but not eliminate any Second Priority item, to enable the available TIF Proceeds to fund the modified or reduced Second Priority itemsitems as shown above. 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 Private 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 applications application of said grant funds.
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Samples: Redevelopment Agreement
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. Phase One TIF Proceeds shall be expended in the following prioritypriority as shown and reflected on Exhibit “C”: FIRST PRIORITY: Reimburse the City for the cost of issuing the TIF BondIndebtedness, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest, and reserves. ; SECOND PRIORITY: Payment Site preparation improvements to clear blighted and substandard conditions, including site clearing, soil work, grading, demolition of grant or grants 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 the following Public Improvements:
a. Demolition, salvage and site preparation of the Project Site, including the Redevelopment Project Improvements and the protection of public right-of-ways;
b. Phase 2 utility work, including extension of cable television within the Project Site, water line improvements, electric line improvements and coordination and screening work with the Phase 1 utility improvements and work as generally shown on Exhibit “B-1” and Exhibit “B-2”, which are attached hereto and incorporated herein by this reference, but excluding utility service lines;
c. Streetscape, including relocating streets, sidewalks, curb and gutters, pedestrian lighting, signage, landscape and irrigation materials and other street and sidewalk improvements within the Project Site;
d. Construction of public docks within the public right of way along the east side of 0xx Xxxxxx and along the north side of “R” Street, in character with the Haymarket Landmark District;
e. Construction of the A & H Plaza as described in Paragraph 11a. above and as generally shown on Exhibit “B”;
f. Reconstruction of 0xx Xxxxxx, from “R” Street to “S” Street, reconstruction of “S” Street, from 0xx Xxxxxx to 0xx Xxxxxx and the reconstruction of the intersection of 8th and “S” Street;
g. Public Facade Upgrade as described in Paragraph 11b. above; and
h. Public Art as described in Paragraph 11c. above. In the event there is not enough available TIF Proceeds to complete the Second Priority items as shown above, the City Urban Development Director and the Redeveloper shall use their best efforts to agree to modify or reduce the scope, scale, size or phasing of the Second Priority item(s), but not eliminate any Second Priority item, to enable the available TIF Proceeds to fund the modified or reduced Second 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 Second Priority items, but not eliminate any Second Priority item, to enable the available TIF Proceeds to fund the modified or reduced Second Priority items. 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 Private 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 applications of said grant fundsdifferent priority.
Appears in 1 contract
Samples: Redevelopment Agreement
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 '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. 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 Reimburse Redeveloper for its costs of to construct the following Public Improvements:
a. Demolition, salvage and site preparation of the Project Site, including the Redevelopment Project Improvements and the protection of public right-of-ways;
b. Phase 2 utility work, including extension of cable television within the Project Site, water line improvements, electric line improvements and coordination and screening work with the Phase 1 utility improvements and work as generally shown on Exhibit “"B-1” " and Exhibit “"B-2”", which are attached hereto and incorporated herein by this reference, but excluding utility service lines;
c. Streetscape, including relocating streets, sidewalks, curb and gutters, pedestrian lighting, signage, landscape and irrigation materials and other street and sidewalk improvements within the Project Site;
d. Construction of public docks within the public right of way along the east side of 0xx Xxxxxx and along the north side of “"R” " Street, in character with the Haymarket Landmark District;
e. Construction of the A & H Plaza as described in Paragraph 11a. above and as generally shown on Exhibit “"B”";
f. Reconstruction of 0xx Xxxxxx, from “"R” " Street to “"S” " Street, reconstruction of “"S” " Street, from 0xx Xxxxxx to 0xx Xxxxxx and the reconstruction of the intersection of 8th and “"S” " Street;
g. Public Facade Upgrade as described in Paragraph 11b. above; and
h. Public Art as described in Paragraph 11c. above. In the event it becomes apparent that there is will not be enough available TIF Proceeds to complete the Second Priority items as shown above, the City Urban Development Director and the Redeveloper shall use their best efforts to agree to modify or reduce the scope, scale, size or phasing of the Second Priority item(s), but not eliminate any Second Priority item, to enable the available TIF Proceeds to fund be sufficient to reimburse the Redeveloper for its cost to construct the modified or reduced Second 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 Second Priority items, but not eliminate any Second Priority item, in an effort to enable the available TIF Proceeds to fund be sufficient to reimburse the Redeveloper for its cost to construct the modified or reduced Second Priority items. Redeveloper shall be responsible for the cost to construct any of the modified or reduced Second Priority items which exceed the TIF Proceeds available to reimburse Redeveloper for said cost. 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 's funds for Private Improvements and pay for said Public Improvements from said separate account(s). Redeveloper agrees that in the event the reimbursements are not directly paid to the contractor or vendor who does the Public Improvement work and instead the reimbursement are paid to the Redeveloper, then the Redeveloper shall deposit said funds in a separate account(s) that does not include any of the Redeveloper's funds for Private Improvements and pay said contractor or vendor for said Public Improvements work from the separate account(s). The grants are use of TIF Proceeds is restricted and earmarked for the funding reimbursement of Redeveloper’s cost to design, construct, and implement the Public Improvements as described herein and the Redeveloper does not have discretionary judgment over the applications of said grant fundsfunds TIF Proceeds.
8. That paragraph 17 of the Agreement be amended to read as follows:
Appears in 1 contract
