12-19-2001 Council Agenda - Laserfiche WebLink

Home Browse Search

2.23. 2.19. "Developer Note" means the promissory note the Developer makes payable to the order of the City, pursuant to Section 6.3, to evidence the Developer's obligation to repay the City Loan. The Developer Note must be in a form reasonably acceptable to the City. 2.24. 2.20. "Develo. er's Additional 1 • eratin ' E. uit " means the amount of any cash contributions and the fair market value of any non -cash contributions Developer's members make to Developer to finance a negative Annual Cash Flow. Developer's Additional Operating Equity does not include contributions used to finance costs associated with the initial construction of the Minimum irovements or the reconst uction of the Minimum Improvements following a casualty loss or costs associated with any capital improvements to the Redevelopment Property. For a contribution to the Developer to qualify as Developer's Additional Operating Equity, the must consent in writing to the amount of the contribution which consent the City may not unreasonably withhold or delay. 2.25. "Developer's Cumulative Return on Equity" means a 15% annual ret o urn n the s op um of Develer's Equity, for the period from the date the it issues a temporary certificate of occupancy for the Minimum Improvements, and Developer's Additional Operating Equity, calculated from the date the additional equity is contributed to Developer, through the end of a Fiscal Year if Developer's Cumulative Return on Equity is being calculated to determine if Excess Annual Cash Flow exists in that Fiscal Year, and through the Maturity Date, if Developer's Cumulative Return on Equity is being calculated for purposes of Section 6.3(e). 2 26 2.21. "Developer's Equity" means the $600,000650,000 of cash the Developer must contribute to the development of the Redevelopment Property before the City will disburse the City Loan to the Developer. 2.22. "Developer's Return on Equity" mgans an annual return of 15% on the sum of Developer's Equity and Developer's Additional Equity, if any. Developer',, Return of Equity will not begin to accrue until the City issues a temporary Certificate of Occupancy. If the City issues the temporary Certificate of Occupancy on a date other than January 1, the Developer Return on Equity for the year in which the City issues the temporary Certificate of Occupancy will be pro rated on a per diem basis. 2.27. 2.23. "Disbursement Date" has the meaning set forth in Section 6.2(a). 2.28. 2.21. "Eligible Expenses" means expenses the Developer incurs in connection with the development of the Redevelopment Property and for which the City may reimburse the Developer under the terns of the Tax Increment Financing Plan. 1353333vDOC Red (V3 to V2) Page 108