02-28-2005 EDA Packet - Laserfiche WebLink

Home Search

The Authority shall deliver the Note to Developer upon Developer's having submitted to the Authority the evidence, in a form reasonably satisfactory to Authority, that Developer has incurred and paid Site Improvement Costs in at least the principal amount of. the Note. Such evidence must be submitted by no later than the date required for substantial completion of the Minimum Improvements under Section 4.3. (b) The Developer understands and acknowledges that the Authority makes no representations or warranties regarding the amount of Available Tax Increment (as defined in the Note), or that revenues pledged to the Note will be sufficient to pay the principal of the Note. Any estimates of Tax Increment prepared by the Authority or its financial advisors in connection with the TIF District or this Agreement are for the benefit of the Authority, and are not intended as representations on which the Developer may rely. Section 3.4. Payment of Administrative Costs. The Developer is responsible to pay all reasonable out of pocket costs, not to exceed $10,000, incurred by the Authority through the date of execution of this Agreement that are attributable to or incurred in connection with the negotiation and preparation of this Agreement and other documents and agreements in connection with the development contemplated hereunder (collectively, "TIF Administrative Costs"). TIF Administrative Costs shall be evidenced by invoices, statements or other reasonable written evidence of the costs incurred by the Authority. Upon termination of this Agreement in accordance with its terms, Developer remains obligated to pay TIF Administrative Costs incurred as of the effective date of termination. Section 3.5. Records. The Authority and its representatives shall have the right at all reasonable times after reasonable notice to inspect, examine and copy all books and records of Developer relating to the Minimum Improvements and the Development Property. Section 3.6. Business Subsidy Agreement. The provisions of this Section constitute the "business subsidy agreement" for the purposes of the Business Subsidy Act. (a) General Terms. The parties agree and represent to each other as follows: (1) The subsidy provided to the Developer consists of payments on the Note, which payments represent a forgivable loan that is repayable by the Developer in accordance with this Section. The Note is payable from a portion of the Tax Increments from the TIF District, an economic development tax increment financing district. (2) The public purposes of the subsidy are to facilitate development of the Authority's industrial park, increase net jobs in the City and the State, and increase the tax base of the City and the State. (3) The goals for the subsidy are: to secure development of the Minimum Improvements on the Development Property; to maintain such improvements as a distribution facility for the time period described in clause (6) below; and to create the jobs and wage levels in accordance with Section 3.6(b) hereof. (4) If the goals described in clause (3) are not met, the Developer must make the payments to the Authority described in Section 3.6(c). SJB-258192v3 8 LN 140-89