Examples of City Increment in a sentence
Each issue of IFD Debt will be structured with a debt service coverage-ratio that maximizes the proceeds of IFD Debt but is consistent with sound municipal financing practices and assures, to City’s reasonable satisfaction, based on calculations, explanations, and other substantial evidence provided by Developer, that the IFD is unlikely to need the Conditional City Increment to pay debt service on the IFD Debt.
Accordingly, City and Developer agree that, for each IFD, City will allocate in the IFP Conditional City Increment to such IFD for the limited purpose of paying debt service on IFD Debt in the event that Net Available Increment is insufficient for that purpose.
In compliance with the requirements of HB 15-1348 and SB 18-248, the Parties have negotiated and agreed to the sharing of City Increment as set forth herein.
The Parties acknowledge and agree that the City Increment is and shall be the Authority’s funds as provided in C.R.S. § 31-25-107(9)(a).
As such, the City recognizes and agrees that in reliance on this Agreement and in accordance with the provisions of C.R.S. § 31-25-107(9)(b), the adoption and approval of the Plan may include an irrevocable pledge of the City Increment to pay the Authority’s financial obligations in connection with the Urban Renewal Project.
The City Increment will be deposited into the Special Fund, commencing on the date of approval by the City of the Plan and ending upon the earlier of: (a) the occurrence of the Duration; or (b) the payment in full of any debt, as defined in the Act, incurred in furtherance of the Urban Renewal Project.
The Authority will deposit into the Special Fund the City Property Tax Increment received from the County Treasurer, to be combined with the City Sales Tax Increment, as the City Increment, that the Authority will use to pay Eligible Costs.
City agrees that each IFD, when formed, will irrevocably pledge the Net Available Increment to the financing of the Qualified Project Costs, to the repayment of any Conditional City Increment used to pay debt service on IFD Debt for such IFD in the manner set forth in Section 3.5(d) and to the extent set forth in Section 3.3(e), and to any IFD Debt issued for such IFD.
Second: Repay the City for the use of any Conditional City Increment allocated to the Pledging IFD in order to pay debt service on any IFD Debt of such Pledging IFD.
The Project will be financed from a combination of public and private sources, including the apportionment of ad valorem tax increments from Oklahoma City Increment Districts established in connection with the Project.