05-09-1994 EDA WS - Laserfiche WebLink

Home Browse Search

pledge of and need for the Tax Increments to provide timely payment of the debt service on the Bonds; provided, however, that the Authority does covenant to the Developer to apply all other Tax Increments (that is, all Tax Increments other than the Available Tax Increments) to such purposes and to resort to Available Tax Increments only in the event that said other increments are insufficient for such debt service purposes. Section 3.3. Construction Plans. (a) The Authority shall have no obligation to the Developer to take any action pursuant to any provision of this Agreement until such time as the Developer has submitted Construction Plans to the Authority, and the Authority has approved such Construction Plans. The Authority shall approve the Construction Plans if it determines that they conform to the applicable provisions of this Agreement; provided, however, that any such approval of the Construction Plans pursuant to this Section 3.3 shall constitute approval for the purposes of this Agreement only and shall not be deemed to constitute approval or waiver by the Authority with respect to any building, zoning or other ordinances or regulation, and shal l not be deemed to be suf f icient plans to serve as the basis for the issuance of a building permit if the Construction Plans are not as detailed or complete as the plans otherwise required for the issuance of a building permit. Such Construction Plans must be rejected in writing by the Authority within 10 working days of submission or shall be deemed to have been approved by the Authority. Any rejection of the Construction Plans shall state in writing the Authority's reasons therefor. If the Authority rejects the Construction Plans in whole or in part, the Developer may submit new or corrected Construction Plans within 30 days after receipt by the Developer of written notification of the rejection, accompanied by a written statement of the Authority specifying the respects in which the Construction Plans submitted by the Developer fail to conform to the requirements of this Section 3.3. The provisions of this Section 3.3 relating to approval, rejection and resubmission of the Construction Plans shall continue to apply until the Construction Plans have been fully approved by the Authority. Approval of the Construction Plans by the Authority shall not relieve the Developer of any obligation to comply with the provisions of this Agreement or the provisions of applicable federal, state and local laws, ordinances and regulations, and approval of the Construction Plans by the Authority shall not be deemed to constitute a waiver of any Event of Default. (b) If the Developer desires to make any material change in the Construction Plans after their approval by the 262545 .1 3 - 3