09-07-2021 EDA Packet - Laserfiche WebLink

Home Search

11 consideration of the Developer paying the Qualified Development Costs. Before delivery of the TIF Note, the Developer shall have: (i) submitted, on behalf of the Developer, the Construction Plans for the Minimum Improvements to the Authority and obtained approval for the Construction Plans from the Authority; (ii) obtained all land use approvals necessary for the construction of the Minimum Improvements; (iii) submitted evidence that the Developer has obtained financing in accordance with Section 7.1 hereof; and (iv) delivered to the Authority an investment letter executed by the Developer in a form set forth in EXHIBIT F attached hereto. Notwithstanding the foregoing, no principal payments will be made on the TIF Note until the following has been completed: (i) the Developer has 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; and (ii) the Developer has caused to be completed the Infrastructure Improvements. (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. 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(c) hereof. At the request of the Developer, other than the credits described in Section 3.9(c), 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.