Common use of Valuation of the Redeveloper Property Clause in Contracts

Valuation of the Redeveloper Property. The City intends to use the Ad Valorem Tax Provision to generate tax increment financing funds which shall be used to finance the issuance of the TIF Bond (as defined below) for the Private Improvements and to make the grant or grants to Redeveloper to fund the Redeveloper Public Improvements associated with the Private Improvements in accordance with this Redevelopment Agreement. The tax increment is to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Development Law which will be attributable to the redevelopment contemplated under this Redevelopment Agreement. The TIF Tax Revenues which are to be used to pay debt service on the TIF Bond Indebtedness from the sale of the TIF Bond will be derived from the increased valuation from redeveloping the Redeveloper Property as provided in this Redevelopment Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Redeveloper Property and the Private Improvements thereon below $11,800,000 commencing on the Effective Date of the Ad Valorem Tax Provision and continuing for a period of not to exceed fifteen (15) years after the Effective Date or so long as any portion of the TIF Bond Indebtedness remains outstanding and unpaid, whichever period of time is shorter.

Valuation of the Redeveloper Property. The City intends to use the Ad Valorem Tax Provision to generate tax increment financing funds which shall be used to finance the issuance of the Project One TIF Bond and the Project Two TIF Bond (both as defined below) for the Private Project One Housing and Project Two Housing respectively to fund the Site Acquisition and Redeveloper Public Improvements associated with each project of New Housing and to make the grant or grants to Redeveloper to fund the Redeveloper Public Improvements associated with the Private Improvements in accordance with this Redevelopment Agreement. The tax increment is to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Development Law which will be attributable to the redevelopment contemplated under this Redevelopment Agreement. The Project One TIF Tax Revenues and Project Two TIF Tax Revenues which are to be used to pay debt service on the applicable Project One TIF Bond Indebtedness and Project Two TIF Indebtedness from the sale of the Project One TIF Bond for the Project One Housing and the sale of the Project Two TIF Bond for the Project Two Housing will be derived from the increased valuation from redeveloping the Redeveloper Property applicable Project One Site and Project Two Site as provided in this Redevelopment Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Redeveloper Property Project One Site and the Private Improvements Project One Housing thereon below $11,800,000 1,940,000.00 and the Project Two Site and the Project Two Housing thereon below $2,893,000.00 commencing on the applicable Effective Date Dates (defined below) of the Ad Valorem Tax Provision for the Project One Housing and Project Two Housing and continuing for a period of not to exceed fifteen (15) years after the Effective Date for each phase of the New Housing or so long as any portion of the Project One TIF Bond Indebtedness with respect to the Project One Housing and/or the Project Two TIF Indebtedness with respect to the Project Two Housing remains outstanding and unpaid, whichever period of time is shorter.. The City acknowledges that Redeveloper intends to sell the New Housing to individual home buyers who shall, by accepting title to such units of New Housing subject to this Agreement, assume the obligation and restriction against protesting the valuation of the New Housing below the minimum valuation levels as set forth below: a) Five (5) units containing 2 Bedrooms: $185,000.00 b) Three (3) units containing 3 Bedrooms: $199,000.00

Valuation of the Redeveloper Property. The City intends to use the Ad Valorem Tax Provision to generate tax increment financing funds which shall be used to finance the issuance of the TIF Bond (as defined below) for the Private Improvements and to make the grant or grants to Redeveloper to fund the Redeveloper Public Improvements associated with the Private Improvements in accordance with this Redevelopment Agreement. The tax increment is to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Development Law which will be attributable to the redevelopment contemplated under this Redevelopment Agreement. The TIF Tax Revenues which are to be used to pay debt service on the TIF Bond Indebtedness from the sale of the TIF Bond will be derived from the increased valuation from redeveloping the Redeveloper Property as provided in this Redevelopment Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Redeveloper Property and the Private Improvements thereon below $11,800,000 2,055,000 commencing on the Effective Date of the Ad Valorem Tax Provision and continuing for a period of not to exceed fifteen (15) years after the Effective Date or so long as any portion of the TIF Bond Indebtedness remains outstanding and unpaid, whichever period of time is shorter.

Valuation of the Redeveloper Property. The City intends to use the Ad Valorem Tax Provision to generate tax increment financing funds which shall be used to finance the issuance of the TIF Bond (as defined below) for the Private Improvements and to make the grant or grants to Redeveloper to fund the Redeveloper Public Improvements associated with the Private Improvements in accordance with this Redevelopment Agreement. The tax increment is to be derived from the increased valuation, determined in the manner provided for in Article 8, Section 12 of the Constitution of the State of Nebraska and the Community Development Law which will be attributable to the redevelopment contemplated under this Redevelopment Agreement. The TIF Tax Revenues which are to be used to pay debt service on the TIF Bond Indebtedness from the sale of the TIF Bond will be derived from the increased valuation from redeveloping the Redeveloper Property as provided in this Redevelopment Agreement. Redeveloper agrees not to contest any taxable valuation assessed for the Redeveloper Property and the Private Improvements thereon below $11,800,000 5,675,000.00 commencing on the Effective Date of the Ad Valorem Tax Provision and continuing for a period of not to exceed fifteen (15) years after the Effective Date or so long as any portion of the TIF Bond Indebtedness remains outstanding and unpaid, whichever period of time is shorter. Redeveloper reserves the right to subdivide the Project Site to separate ownership of the two (2) structures and in such event, the protest values shall be allocated: A. Motel: $4,610,000.00; and B. Retail Building: $1,065,000.00. The Redeveloper and its successors and assigns agree not to contest taxable valuation below these valuations.