07-01-2019 Council Packet - Laserfiche WebLink

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11 (i) delivered to the Authority written evidence in a form satisfactory to the Authority that the Developer has paid Senior Building Costs in at least the principal amount of the TIF Note; (ii) submitted the Construction Plans to the Authority and obtained approval for the Construction Plans from the Authority; (iii) obtained all land use approvals necessary for the construction of the Minimum Improvements; (iv) submitted evidence that the Developer has obtained financing in accordance with Section 7.1 hereof; (v) completed construction of the Infrastructure Improvements; and (vi) delivered to the Authority an investment letter in a form set forth in EXHIBIT F attached hereto. (b) Qualifications. The Developer understands and acknowledges that the Authority makes no representations or warranties regarding the amount of Available Tax Increment, or that revenues pledged to the TIF Note will be sufficient to pay the principal and interest on the TIF 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. If the total Senior Building Costs exceed the principal amount of the TIF Note, such excess is the sole responsibility of Developer. (c) The Authority acknowledges that the Developer may assign the TIF Note to any lender that provides part of the financing for the acquisition of the Development Property or the construction of the Minimum Improvements. The Authority consents to such assignment, conditioned upon receipt of an investment letter from such lender in substantially the form set forth in EXHIBIT E attached hereto. Section 3.6. Reduction of TIF Note. (a) The principal amount of the TIF Note will be reduced by the amount of any additional trunk credits or fee reductions it receives from the City (not including the credits described in Section 3.8(b) hereof). (b) Within sixty (60) days of the completion of the construction of the Senior Building, the Developer shall provide the Authority with final construction costs of the Senior Building (including related Infrastructure Improvements). If the final construction costs of constructing the Senior Building (including related Infrastructure Improvements) are less than estimated by the Developer at the time it sought assistance from the Authority, the Authority shall reduce the principal amount of the TIF Note by 5% of the difference between the initial estimated construction