Examples of TIRZ Plan in a sentence
To the extent of available funds in the Tax Increment Fund (as further described in Article IV below) and subject to the limitations of this Agreement, the District shall assist the City by implementing the TIRZ Plan with respect to the District, including the financing and construction of the Projects and carrying out such other services related to the TIRZ as may be requested by the City Manager.
The District Obligations may be in the form of a Development Financing Agreement with the Developer who agrees to construct improvements or other facilities included in the TIRZ Plan in exchange for the obligation of the District to repay the Developer for such costs from Bond proceeds and future payments made by the City and the Zone to the District pursuant to this Agreement.
Such payments are Project Costs and are eligible for reimbursement in accordance with the TIRZ Plan and this Agreement.
The City and the Developer agree that, subject to the consideration provided in this Agreement, the Developer shall assist the City and the Zone in the implementation of the TIRZ Plan and in the funding of the TIRZ Projects therein.
The TIRZ Plan shall not be amended without Developer consent, to the extent it would affect the reimbursement of Developer.
Subject to the provisions of this Article, the District shall have the power from time to time to issue and incur District Obligations and enter into contracts with consultants upon such terms and conditions as the District Board shall determine to be necessary or desirable to implement the TIRZ Plan.
The City, on behalf of itself and the Zone, will pay the District, not later than the first business day of each calendar quarter during the term of this Agreement, all monies then available in the Tax Increment Fund, subject to the retention by the City of an amount equal to the City’s direct administrative costs connected with the Zone and as provided in the TIRZ Plan, not to annually exceed five percent (5%) of each year’s annual Tax Increment Revenue.
Such services may include, without limitation, management and administration of the Zone, assistance with the enlargement of the Zone and amendments to the TIRZ Plan, preparation of tax rolls and documentation and coordination with other taxing units, construction and monitoring of infrastructure projects, purchase of equipment and supplies, and buying and selling real property as necessary to implement the Plans and as permitted by the TIRZ Act.
The parties acknowledge and agree that the Development is included in the TIRZ Plan, as it may be amended from time to time, and is subject to the terms of this Agreement, and the costs for same are Project Costs eligible for funding through the Tax Increment.
In consideration of the services and Projects to be provided by the District, the City and the Zone covenant and agree that they will, as authorized under the TIRZ Act and other applicable laws, continuously collect the Tax Increments from the Taxing Units whose participation in the Zone is reflected in the TIRZ Plan during the term of this Agreement in the manner and to the maximum extent permitted by applicable law.