Common use of Use of TIF Proceeds Clause in Contracts

Use of TIF Proceeds. 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.

Appears in 1 contract

Samples: Redevelopment Agreement

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Use of TIF Proceeds. Redeveloper Priority of Expenditures. A. TIF Bond A. TIF Proceeds from the sale of the TIF Bond A shall be used for priority expenses (each a “Priority Expense”) expended in the following order of priority as shown in accordance with those cost estimates listed on Exhibit CL. 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. B. TIF Bond B. TIF Proceeds from the sale of the TIF Bond B 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; THIRD PRIORITY: Reimburse the Redeveloper for the Bond Counsel Fee costs of the Land Purchase Assistance, Plaza Enhancements; Façade Enhancements for the TIF Bond, use of those materials which exceed 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 requirements of the LCC Façade Restoration IDP and Hotel Façade Restoration to the extent TIF Proceeds are available; THIRD PRIORITY: Payment of a grant or grants to reimburse Cas-Neb- neda applicable Downtown Design Standards 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 availableEnergy Enhancements. The First through Fourth Third 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 cost for the Uses listed items in Exhibit C “L” are estimates and actual reimbursements reimbursement will be based upon the actual design, inspectioninspections, project administration, construction, financing 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 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.

Appears in 1 contract

Samples: Redevelopment Agreement

Use of TIF Proceeds. Redeveloper Priority of Expenditures. The TIF Bond Proceeds shall be deposited into a fund account (“Project Account”) to be used for priority expenses (each a “Priority Expense”) 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 order of priority as shown on Exhibit C: priority: A. FIRST PRIORITY: Reimburse the Redeveloper City for the Bond Counsel Fee for cost of issuing the TIF Bond, the TIF Administrative Feeincluding but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest, and the Redevelopers’ cost to record; reserves. B. SECOND PRIORITY: Payment of grant or grants to reimburse rReimburse the applicable Redeveloper for its cost costs of to construct the LCC Façade Restoration following Public Improvements, specifically described below: i. Utility work, including sanitary and Hotel Façade Restoration to storm sewer relocation and construction, water line relocation and construction, electric line improvements and other dry utility improvements as generally shown on Exhibit “F”, which are attached hereto and incorporated herein by this reference, but excluding utility service lines; ii. Street scape, and right-of-way improvements, including paving of streets; construction of sidewalks, curb and gutters; traffic signals and pedestrian lighting; public docks; on-street parking; drop off lanes; signage; landscape and irrigation materials and other street and sidewalk improvements within the extent TIF Proceeds are available; Redevelopment Area; C. THIRD PRIORITY: Payment of a grant or grants to reimburse Cas-Neb- neda rReimburse Redeveloper for its costs to construct those portions of the Private Improvements consisting of structural repairs and Enterprises for their costs for the Skywalk Improvements improvements needed to the extent TIF Proceeds are available; and rehabilitate the Tool House, a historical building. D. FOURTH PRIORITY: Payment of a grant or grants to reimburse rReimburse Redeveloper for its costs of to construction of those portions of the Private Improvements for consisting of the Right private dock areas where public access easements have been granted by the Redeveloper as dock and which are a consistent element in this historic district. E. FIFTH PRIORITY: Payment of way, Streetscape grant to rReimburse Redeveloper for its costs of to construct the following Public Enhancements: i. Historic facade rehabilitation to the Tool House; ii. Brick facade upgrades to the hotel. F. SIXTH PRIORITY: Payment of grant to rReimburse Redeveloper for its costs of to construct Public Enhancements for energy efficiency improvements beyond what is required by building codes and Utilities to which were approved by the City in the construction documents review phase. To the extent TIF Proceeds proceeds are availableinsufficient to pay all the costs of the priorities, except the energy efficiency improvements, the Redeveloper shall be responsible for completion of each priority and for the payment of any shortfall therefor. 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 grants TIF Proceeds are restricted and earmarked solely for the funding of reimbursement of eligible costs of the aforesaid Public Improvements, Public Enhancements, and Private Improvements as described herein and the Redeveloper Priority Expenses, as described herein, and the Redevelopers do does not have discretionary judgment over the applications use of said grant funds. The City shall not have any obligation to make a grant or grants to reimburse the When Redeveloper has satisfactorily met City’s expectations for the Third Priority and Fourth Priority Expenses in excess completion 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 Improvements, and if the Uses listed Redeveloper’s actual expenditures are less than estimated in Exhibit C are estimates and actual reimbursements will “B”, the Project Account shall be based upon available for to be applied toward reimbursement of the actual design, inspection, project administration, construction, financing and implementation costsremaining priorities. 6. That paragraph 18 of the Agreement be amended to read as follows:

Appears in 1 contract

Samples: City of Lincoln Redevelopment Agreement

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Use of TIF Proceeds. Redeveloper Priority of Expenditures. TIF Bond Proceeds from the issuance of TIF Indebtedness shall be used for priority expenses (each a “Priority Expense”) expended in the following order of priority as shown on Exhibit Cpriority: FIRST PRIORITY: Reimburse the Redeveloper for the Bond Counsel Fee Fees for the TIF Bond, the TIF Administrative Fee, the Redeveloper’s cost to record the Memorandum of Redevelopment Agreement and Use Restrictions as shown on Exhibit W, and capitalized interest, and if any for the Redevelopers’ cost to record; TIF Indebtedness. SECOND PRIORITY: Payment of grant or grants to reimburse the applicable Reimburse Redeveloper for its cost of the LCC Façade Restoration and Hotel Façade Restoration City Property Purchase Assistance, to the extent TIF Proceeds are available; . THIRD PRIORITY: Payment of a grant or grants to reimburse Cas-Neb- neda and Enterprises Reimburse Redeveloper for their costs for the Skywalk Streetscape Improvements as completed, to the extent TIF Proceeds are available; and . FOURTH PRIORITY: Payment of a grant or grants to reimburse Reimburse Redeveloper for its costs Sanitary Sewer Main, Muny Building Utilities, Muny Building Improvements and Utilities, to the extent TIF Proceeds are available. FIFTH PRIORITY: Reimburse Redeveloper for Remaining Project Site Purchase Assistance, to the Right of wayextent TIF Proceeds are available. SIXTH PRIORITY: Reimburse Redeveloper for Façade Enhancements, Streetscape and Utilities to the extent TIF Proceeds are available. Seventh Priority: Reimburse Redeveloper for any Substation Screen Enhancement expenses, to the extent TIF Proceeds are available. The First through Fourth First, Second, Third, Fourth, Fifth, Sixth and Seventh 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 as earmarked solely for the reimbursement of eligible costs of the Redeveloper Priority Expenses, as described herein, and the Redevelopers do Redeveloper does not have discretionary judgment over the applications application 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 Redeveloper Priority Expenses in excess of the available TIF Bond Proceeds. In the event there is not enough available Grant Funds (defined below) from TIF Proceeds remaining after to complete the First Priority and Second Redeveloper Priority Expenses Priority item(s) as described above have been paid in fullshown above, then the City and Redeveloper may by mutual written agreement reduce the scope, scale, size or phasing of a Redeveloper Priority Expenses item or items or eliminate a Redeveloper Priority Expenses item or items. The costs for the Uses listed in Exhibit C N are estimates and actual reimbursements will be based upon the actual design, inspectionengineering, staking, inspections, project administration, construction, financing and implementation costs. Subject to the terms of this Redevelopment Agreement, the City Finance Director on behalf of the City shall have the authority to determine the timing of issuance of the TIF Indebtedness and all other details of the TIF Indebtedness, TIF Bond, TIF Tax Revenues, Project Account, and Grant of Funds for the eligible TIF costs of the Public Improvements; provided that, the semi-annual TIF Tax Revenues shall be applied toward payment of the annual debt service of the TIF Indebtedness. All such arrangements made by the Finance Director shall be subject to approval of the Mayor.

Appears in 1 contract

Samples: Redevelopment Agreement

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