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02/28/2005 Council Packet
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02/28/2005 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
02/28/2005
Council Meeting Type
Regular
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The Authority shall deliver the Note to Developer upon Developer's having submitted to the <br />Authority the evidence, in a form reasonably satisfactory to Authority, that Developer has <br />incurred and paid Site Improvement Costs in at least the principal amount of the Note. Such <br />evidence must be submitted by no later than the date required for substantial completion of the <br />Minimum Improvements under Section 4.3. <br />(b) The Developer understands and acknowledges that the Authority makes no <br />representations or warranties regarding the amount of Available Tax Increment (as defined in the <br />Note), or that revenues pledged to the Note will be sufficient to pay the principal of the Note. <br />Any estimates of Tax Increment prepared by the Authority or its financial advisors in connection <br />with the TIF District or this Agreement are for the benefit of the Authority, and are not intended <br />as representations on which the Developer may rely. <br />Section 3.4. Payment of Administrative Costs. The Developer is responsible to pay all <br />reasonable out of pocket costs, not to exceed $10,000, incurred by the Authority through the date <br />of execution of this Agreement that are attributable to or incurred in connection with the <br />negotiation and preparation of this Agreement and other documents and agreements in <br />connection with the development contemplated hereunder (collectively, "TIF Administrative <br />Costs "). TIF Administrative Costs shall be evidenced by invoices, statements or other <br />reasonable written evidence of the costs incurred by the Authority. Upon termination of this <br />Agreement in accordance with its terms, Developer remains obligated to pay TIF Administrative <br />Costs incurred as of the effective date of termination. <br />Section 3.5. Records. The Authority and its representatives shall have the right at all <br />reasonable times after reasonable notice to inspect, examine and copy all books and records of <br />Developer relating to the Minimum Improvements and the Development Property. <br />Section 3.6. Business Subsidy Agreement. The provisions of this Section constitute the <br />"business subsidy agreement" for the purposes of the Business Subsidy Act. <br />(a) General Terms. The parties agree and represent to each other as follows: <br />(1) The subsidy provided to the Developer consists of payments on the Note, <br />which payments represent a forgivable loan that is repayable by the Developer in <br />accordance with this Section. The Note is payable from a portion of the Tax Increments <br />from the TIF District, an economic development tax increment financing district. <br />(2) The public purposes of the subsidy are to facilitate development of the <br />Authority's industrial park, increase net jobs in the City and the State, and increase the <br />tax base of the City and the State. <br />(3) The goals for the subsidy are: to secure development of the Minimum <br />Improvements on the Development Property; to maintain such improvements as a <br />distribution facility for the time period described in clause (6) below; and to create the <br />jobs and wage levels in accordance with Section 3.6(b) hereof <br />(4) If the goals described in clause (3) are not met, the Developer must make the <br />payments to the Authority described in Section 3.6(c). <br />SJB- 258192v3 8 <br />LN 140 -89 <br />
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