Xxxxx of Funds. In order to support redevelopment of this P Street and Canopy Street Project and as an inducement for Redeveloper to construct the Private Improvements and JPA to construct the Streetscape, the City agrees to the extent allowed by law and then only to the extent funds are lawfully available from issuance of the TIF Indebtedness from TIF Bond B (“TIF Proceeds B”), to pay on behalf of or make a grant of funds (“Grant Funds B”) first to JPA in the total amount of the Streetscape and then to the Redeveloper up to the total amount of the remaining TIF Proceeds, less the amounts expended on the First Priority Item, to pay the Land Purchase Assistance and reimburse Redeveloper for the cost of the other Redeveloper Priority Expenses. In order to receive reimbursement from Grant Funds, the Redeveloper shall submit authentic and satisfactory documentation to the City to verify the Private Improvements have been substantially completed and that the expenditures were made for eligible Redeveloper Priority Expenses. The City shall maintain a record of all expenditures of the TIF Proceeds to determine the total amount of TIF Proceeds expended on Redeveloper Priority Expenses.
Xxxxx of Funds. In order to support redevelopment of this TDP Project and as an inducement for Redeveloper to construct the Private Improvements, the City agrees to the extent allowed by law and then only to the extent funds are lawfully available from issuance of the TIF Indebtedness from TIF Bond A (“TIF Bond A Proceeds”) and TIF Bond B (“TIF Bond B Proceeds”), to pay on behalf of or make a grant of funds (“Grant Funds A and Grant Funds B, respectively”) to the Redeveloper up to the total amount of the respective TIF Bond A and TIF Bond B Proceeds, less the amounts expended on the First Priority Item for each TIF Bond, to reimburse Redeveloper for the cost of the TIF Bond A and TIF Bond B Priority Expenses. In order to receive reimbursement from Grant Funds A and Grant Funds B, the Redeveloper shall submit authentic and satisfactory documentation to the City to verify the Private Improvements have been substantially completed and that the expenditures were made for eligible Redeveloper Priority Expenses. The City shall maintain a record of all expenditures of the TIF Bond A Proceeds and TIF Bond B Proceeds to determine the total amount of TIF Bond A Proceeds and TIF Bond B Proceeds expended on Redeveloper Priority Expenses. The City further agrees to grant Excess TIF Tax Revenues to Redeveloper to be applied toward the payment of the Purchase Price.
Xxxxx of Funds. In order to support redevelopment of this O Street and Canopy Street Project and as an inducement for Redeveloper to construct the Private Improvements and JPA to construct the JPA Improvements identified in Section 310, the City agrees to the extent allowed by law and then only to the extent funds are lawfully available from issuance of the TIF Indebtedness to the Redeveloper up to the total amount of the remaining TIF Proceeds, less the amounts expended on the First Priority Item, to pay the Land Purchase Assistance and reimburse Redeveloper for the cost of the other Redeveloper Priority Expenses. In order to receive reimbursement from Grant Funds, the Redeveloper shall submit authentic and satisfactory documentation to the City to verify the Private Improvements have been substantially completed and that the expenditures were made for eligible Redeveloper Priority Expenses. The City shall maintain a record of all expenditures of the TIF Proceeds to determine the total amount of TIF Proceeds expended on Redeveloper Priority Expenses.
Xxxxx of Funds. In order to support this Redevelopment Project and as an inducement for Redeveloper to construct the Redeveloper Improvements and Redeveloper Public Improvements, the City agrees to the extent allowed by law and then only to the extent funds are lawfully available from issuance of the TIF Indebtedness from the TIF Bond (“TIF Proceeds”) to pay on behalf of or make a grant of funds (“Grant Funds”) to the Redeveloper up to the total amount of the remaining TIF Proceeds, less the amounts expended on the First Priority Items. In order to receive reimbursement from Grant Funds, the Redeveloper shall submit authentic and satisfactory documentation to the City to verify the actual costs of Redeveloper and that the expenditures were made for eligible Redeveloper Priority Expenses pursuant to Section 903A. The City shall maintain a record of all expenditures to determine the total amount of TIF Proceeds expended on Redeveloper Priority Expenses. Notwithstanding the foregoing provisions of this Section, the City shall be entitled to retain not more than 10% of the TIF Proceeds otherwise allocated by Section 903A as Redeveloper Priority Expenses as security for the completion of the Redeveloper Improvements. At such time as the City issues a Certificate of Completion to Redeveloper, the City shall release the TIF Proceeds retained from the Redeveloper pursuant to this Section.
Xxxxx of Funds. Subject to the terms of this Agreement and to the availability of appropriated funds, Grantor hereby grants funds to Grantee the lesser of Two Million and NO/100 Dollars ($2,000,000.00) or Forty Four and Seven Hundredths percent (44.07%) of the actual total cost of the Project, which is estimated to be Four Million Five Hundred Thirty Seven Thousand Seven Hundred Sixty Three and NO/100 Dollars ($4,537,763.00) as set forth in Attachment A and which will be finally determined in the Project Completion Report (as described in Section X(C) of this Agreement)(the “Grant Funds”). The Grant Funds are awarded to Grantee for the sole and express purpose of undertaking and completing the Project. In accordance with O.R.C. § 122.653(C)(3), the Grant Funds shall not exceed seventy-five percent (75%) of the estimated total cost of the Project. Grantee shall undertake and complete the Project as set forth in Attachment A, except that Grantee may reallocate Grant Funds between budget line items by an amount not to exceed ten percent (10%) of the budget line, or ten thousand dollars ($10,000.00) whichever is less, originally allocated for that use. All Grant Funds shall only be spent on the Project and at the Project Property. Grantee shall receive the Grant Funds on a reimbursement basis with a 10% retainage maintained until the Final Project Report is received and accepted by ODOD and approval by ODOD of proper documentation detailing costs for Eligible Activities incurred by Grantee and as further set forth in Section VII of this Agreement.
Xxxxx of Funds. 1) County, State, and/or Federal funds shall be limited to and shall not exceed the respective amounts shown on the Service Summary(ies).
