11-13-2002 Council Agenda - Laserfiche WebLink

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7 5 Execution of the Plan. Promy_ upon the Developer's request the EPA will execute the final plat of VILLAGE SQUARE and return it to the Developer for recordi The Developer is responsible for all costs and fees due upon therecordingof the finalTlat,. 8. TAX INCREMENT NOTE. The GityEDA acknowledges that the high cost of acquiring the Development Property and preparing it for development necessitates the Gi- t-yEDA's provision of certain financial assistance to aid the Developer. Therefore, the GityEDA agrees to reimburse the Developer for up to $- 999;098:091,050,000.00 of Reimbursable Costs through the issuance of the GityEDA's Tax Increment Note in substantially the form attached as Exhibit D subject to the following conditions: 8.1. The Developer is solely responsible for the initial payment of all Reimbursable Costs. 8.2. The GityEDA will execute, date, issue and deliver the Tax Increment Note to the Developer when the Developer has: (a) closed on the acquisition of the Development Property pursuant to the Purchase Agreement; and (b) closed on financing sufficient to pay the cost of acquiring the Development Property and constructing the Minimum Improvements. 8.3. Within 90 days after the Construction Completion Date, the Developer must provide the GityEDA with certifications, invoices and such other evidence as the GityEDA may reasonably require establishing the total amount of the Reimbursable Costs the Developer has incurred and paid. 8.4. The unpaid principal amount of the Tax Increment Note bears interest from the -date th= • : :.. _ _. . _ - Costs pursuant to- Seetien-84Februar 1 2005 at a rate equal to the lesser of 7.5% per annum or the annual rate of interest the Developer is obligated to pay on the promissory note the First Mortgage secures (which annual rate will be calculated in a manner that treats mortgage insurance premiums and mortgage service fees HUD imposes as interest). Interest will be computed on the basis of a 360 -day year consisting of twelve 30 -day months. Interest does not begin to accrue on the principal amount of the Tax Increment Note until the Developer has certified to total amount of the Reimbursable Costs to the CityEDA pursuant to Section 8.3. 8.5. The principal amount of the Tax Increment Note and interest thereon is payable solely from 9- 5- percent of theAvailable Tax Increments. 8.6. The payment terms for the Tax Increment Note are set forth in the pro formfot-ma Tax Increment Note attached as Exhibit D. 8.7. The Tax Increment Note is a special and limited obligation of the GityEDA and not a general obligation of the EDA or the City. Only 9-5- percent 1428086vdoo Red (V8 to V7) -12-