07-23-2003 Council Agenda - Laserfiche WebLink

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Any remaining Surplus Commercial Tax Increment will be "Available Surplus Commercial Tax Increment" and will reduce any Townhome Tax Increment Shortfall with respect to the applicable period as set forth in Section 8.2 of the Townhome Development Agreement. 8.7. Surplus Townhome Tax Increment Application. On any date on which there is Surplus Townhome Tax Increment, the Surplus Townhome Tax Increment will be applied first to reduce the Outstanding Townhome Tax Increment Shortfall, if any after the application of any Surplus Commercial Tax Increment for such period pursuant to Section 8.6 above. Any remaining Surplus Townhome Tax Increment will be "Available Surplus Townhome Tax Increment" and will reduce any Tax Increment Shortfall with respect to the applicable period as set forth in Section 8.2. 8.8. Reports. On or before July 1, 2005, and on or before each January 1, and July 1, thereafter through and including January 1, 2023, the EDA shall provide to the Developer a written report (the "Report") setting forth with respect to the real estate tax payment due and payable on the preceding May 15 (with respect to each July 1 report) and October 15 (as to the January notice) the following information: (a) the Tax Increment Shortfall or Surplus Commercial Tax Increment, (b) the Townhome Tax Increment Shortfall or Surplus Townhome Tax Increment, (c) the Outstanding Townhome Tax Increment Shortfall, and (d) the calculations supporting the application required by Sections 8.6 and 8.7 above. 8.9. Letter of Credit. To provide additional security for the Developer's performance under Section 8.2, the Developer must deliver to the EDA the Letter of Credit contemporaneously with the Developer's execution of this Agreement. The Letter of Credit will be reduced by $100,000 when the Minimum Improvements for Parcel 1 are 50% complete, which may be determined as set forth in Section 6.3. The Letter of Credit will be reduced an additional $100,000 when the Minimum Improvements for Parcel 1 are substantially complete, as evidenced by a certificate signed by Developer's architect for Parcel 1. Upon substantial completion of the Minimum Improvements for Parcels 2, 3 and 4, as evidenced by a certificate or certificates signed by Developer's architect for the applicable Minimum Improvements, the EDA will deliver the Letter of Credit to the Developer. 9. INSURANCE, CASUALTY LOSS, CONDEMNATION AND INDEMNIFICATIONS. 9.1. Insurance. (a) With respect to each Parcel, between the date the EDA conveys the Parcel to the Developer and the substantial completion of the Minimum Improvements for that Parcel, the Developer will obtain and maintain or cause to be obtained and maintained: (i) Builder's risk insurance, written on the so- called "Builder's Risk — Completed Value Basis ", in an amount equal to one hundred -16-