07-22-2019 EDA Packet - Laserfiche WebLink

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Authority, the principal amount of the TIF Note will be reduced by 5% of the difference between the initial estimated construction costs of the Minimum Improvements and the Infrastructure Improvements and the final construction costs of the Minimum Improvements and the Infrastructure Improvements. • If the final construction costs of constructing the Skilled Nursing Units are less than estimated by the Developer at the time it sought assistance from the Authority the principal amount of the TIF Note will be reduced by 5% of the difference between the initial estimated construction costs of the Skilled Nursing Units and the final construction costs of the Skilled Nursing Units. • If the Skilled Nursing Units are not commenced by August 1, 2027, the Authority shall reduce the principal amount of the TIF Note by 5%. • Notwithstanding the foregoing, the reductions of the TIF Note are capped at $160,900. Sale of Property In the first eight years following the date of this Agreement, if the Developer sells Parcel 2, Parcel 3, Parcel 4a, Parcel 4b, and/or Parcel 4c (as described in EXHIBIT I of the Agreement) for more than one hundred and five percent (105%) of the Developer’s cost for such parcel (including purchase price and all fees related to the purchase), the Developer shall pay to the Authority 45% of the profit obtained by Developer for such parcel. The cost of each parcel sold by the Developer shall be determined by dividing the gross land price paid by the Developer by the net developable acreage of the Development Property to determine a per square foot cost and multiplying the square footage cost by the number of square feet sold. The net developable acreage will be based on the final plat. Minimum Assessment Agreement Developer has agreed to a minimum assessment for property tax purposes of $28,993,000 for the property within the Tax Increment District for the term of the TIF Note. The County still needs to confirm this value.