07-22-2019 EDA Packet - Laserfiche WebLink

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12 Section 3.7. 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 the Developer receives from the City; provided that no reduction in the TIF Note will be made for the credits described in Section 3.9(b) hereof. At the request of the Developer, other than the credits described in Section 3.9(b), no additional trunk credits or fee reductions will be provided to the Developer for the Minimum Improvements, the Skilled Nursing Units, and the Infrastructure Improvements. (b) Within sixty (60) days of the completion of the construction of the Minimum Improvements and the Infrastructure Improvements, the Developer shall provide the Authority with final construction costs of the Minimum Improvements and the Infrastructure Improvements. If the final construction costs of constructing the Minimum Improvements and the 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 costs of the Minimum Improvements and the Infrastructure Improvements and the final construction costs of the Minimum Improvements and the Infrastructure Improvements. (c) Within sixty (60) days of the completion of the construction of the Skilled Nursing Units (subject to the provisions of Section 3.4), the Developer shall provide the Authority with final construction costs of the Skilled Nursing Units. 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 Authority shall reduce the principal amount of the TIF Note 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. (d) 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%. (e) Notwithstanding anything to the contrary herein, the reductions of the TIF Note contemplated in this Section 3.7 collectively shall not reduce the principal amount of the TIF Note by more than $160,900. Section 3.8. Sale of Restaurant Parcel or Commercial Parcel. 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) 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.