07-22-2019 EDA Packet - Laserfiche WebLink

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11 Section 3.6. Issuance of TIF Note. (a) Terms. In order to reimburse the Developer for a portion of the Qualified Development Costs related to development of the Senior Housing Units on the TIF District Property, the Authority shall issue and Developer shall purchase, for the consideration outlined herein, the TIF Note in the maximum principal amount of $3,218,000 in substantially the form set forth in EXHIBIT E attached hereto. The Authority and the Developer agree that the TIF Note shall be issued in consideration of the Developer paying the Qualified Development Costs. Before delivery of the TIF Note, the Developer shall have: (i) delivered to the Authority written evidence in a form satisfactory to the Authority that the Developer has paid Qualified Development Costs in at least the principal amount of the TIF Note; (ii) submitted the Construction Plans for the Minimum Improvements and Infrastructure Improvements 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 and the Infrastructure 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 executed by the Developer 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 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 Qualified Development 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 and the Infrastructure 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 F attached hereto.