Waterfront TIF District. The Property is situated within the City of Burlington’s Waterfront Tax Increment Financing District (the “Waterfront TIF District”), within which the City is authorized to invest public funds to construct or acquire infrastructure improvements that facilitate private investment, all in accordance with applicable laws and regulations and following approval by the Vermont Economic Progress Council, by the Burlington City Council and with the support of the voters via a public referendum. Municipal debt incurred within the Waterfront TIF District is repaid using the incremental increase in property taxes generated by the real property located within the District over the property taxes that were generated by the District at the time that the District was first established, all as more particularly set forth and described in the laws and regulations by which the District was established and is now governed. The Vermont Legislature has authorized the City to extend the period to retain municipal and education tax increment for the Property until June 30, 2035 as long as Owner shall have, by December 31, 2019, provided to the City, for submission to the Vermont Economic Progress Council, an executed construction contract and a completion guarantee evidencing Owner’s commitment to construct not less than $50,000,000 of private development on the Property. Owner acknowledges that in addition to any other limitations set forth and described in this Agreement, the City’s ability to reimburse Owner for the hard and soft costs of constructing and equipping the Public Improvements, plus the costs of acquiring real property interests in St. Xxxx Street and Pine Street (as further described below) is dependent on Owner’s compliance with the statutory requirements and approvals required in this provision.
Waterfront TIF District. The Property is situated within the City of Burlington’s Waterfront Tax Increment Financing District (the “Waterfront TIF District”), within which the City is authorized to invest public funds to construct or acquire infrastructure improvements that facilitate private investment, all in accordance with applicable laws and regulations and following approval by the Vermont Economic Progress Council, by the Burlington City Council and with the support of the voters via a public referendum. Municipal debt incurred within the Waterfront TIF District is repaid using the incremental increase in property taxes generated by the real property located within the District over the property taxes that were generated by the District at the time that the District was first established, all as more particularly set forth and described in the laws and regulations by which the District was established and is now governed. The Vermont Legislature has authorized the City to extend the period to retain municipal and education tax Deleted: Draft 10/2/17
