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07-01-2019 Council Packet
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07-01-2019 Council Packet
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10/30/2021 1:08:48 PM
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7/8/2019 12:27:13 PM
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City Council
Council Document Type
Council Packet
Meeting Date
07/01/2019
Council Meeting Type
Work Session Regular
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ii <br />ARTICLE V <br />Insurance <br /> <br />Section 5.1. Insurance ..................................................................................................................... 17 <br />Section 5.2. Subordination .............................................................................................................. 18 <br /> <br />ARTICLE VI <br />Tax Increment; Taxes <br /> <br />Section 6.1. Right to Collect Delinquent Taxes ............................................................................. 19 <br />Section 6.2. Reduction of Taxes ..................................................................................................... 19 <br />Section 6.3. Qualifications .............................................................................................................. 19 <br />Section 6.4. Minimum Assessment Agreement ............................................................................. 20 <br /> <br />ARTICLE VII <br />Other Financing <br /> <br />Section 7.1. Generally ..................................................................................................................... 21 <br />Section 7.2. Authority’s Option to Cure Default on Mortgage ...................................................... 21 <br />Section 7.3. Modification; Subordination ...................................................................................... 21 <br />Section 7.4. Termination ................................................................................................................ 21 <br /> <br />ARTICLE VIII <br />Prohibitions Against Assignment and Transfer; Indemnification <br /> <br />Section 8.1. Representation as to Development ............................................................................. 23 <br />Section 8.2. Prohibition Against Developer’s Transfer of Property and <br />Assignment of Agreement .......................................................................................... 23 <br />Section 8.3. Release and Indemnification Covenants .................................................................... 23 <br /> <br />ARTICLE IX <br />Events of Default <br /> <br />Section 9.1. Events of Default Defined .......................................................................................... 25 <br />Section 9.2. Remedies on Default .................................................................................................. 25 <br />Section 9.3. Termination or Suspension of TIF Note .................................................................... 26 <br />Section 9.4. No Remedy Exclusive ................................................................................................ 26 <br />Section 9.5. No Additional Waiver Implied by One Waiver ........................................................ 26 <br />Section 9.6. Attorneys’ Fees ........................................................................................................... 27 <br /> <br />ARTICLE X <br />Additional Provisions <br /> <br />Section 10.1. Conflict of Interests; Representatives Not Individually Liable ................................. 28 <br />Section 10.2. Equal Employment Opportunity ................................................................................ 28 <br />Section 10.3. Restrictions on Use ..................................................................................................... 28
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