Laserfiche WebLink
BRIGGS&MORGAN Fax:6512236645 Dec 11 '98 16:56 P. 13 <br /> firm financing commitments for construction and •ermanent <br /> financincr for the Proiect in an amount sufficient, together <br /> with cash e• it of com.lete the Pro 'ect in <br /> go_nforntance with the Construction Plante or the City shall <br /> receive such other evidence - financial abilit as in the <br /> reasonable iudoment of the City is revuired- <br /> t ) Issuatice „Jr Lige a�4 sar. ; �£a�Lioir Ltd <br /> LOtd3.tjo $ L forth iii Section 3 .3 of this Ayteeiue.il., <br /> *(g), The Developer shall have submitted to the City a letter of <br /> credit as required by Section 7.1; <br /> Delivery to the City of an agreement by the <br /> holder of the First Mortgage agreeing to be bound by the <br /> Assessors Minimum Market Value set forth in the Assessment <br /> Agreement; and <br /> -f -3-(i) Issuance of the Tax Increment Bonds and <br /> satisfaction of the conditions set forth. in Sect , 3 .4 of <br /> LLL, Ag.Lee«,ent.. Sections 3.3 and 3 .4- <br /> (j) The Developer shall submit evidence that the <br /> Develo.er has sent cash equity of not less than, $ <br /> on Proiect Costs and that the Rei:ahursement Amount will <br /> reimburse for Pro'ect Costs in excess of . and <br /> The Develo-er shall have submitted .aid invoices <br /> or other evidence acce•table to the Cit that the Develo-er <br /> has_,_,paid for costs of the Development Property, including <br /> relocation benefits and Site Improvement Costs of not less <br /> than S1, 700,000 . <br /> Section 3 .3 . issuance of Tax Increment Bonds . The City <br /> agrees to exercise its .best efforts to take all steps necessary <br /> to issue its Tax Increment Bonds in an amount sufficient to <br /> finance the City's obligations to the Developer under Section <br /> 3 .2 . The obligation of the City to issue the Bonds shall be <br /> subject to the limitations provided in Section 3 .3 of this <br /> Agreement . <br /> Section 3 .4 . Limitations on Financial Undertakings of the <br /> City. Notwithstanding the provisions of Section 3 .3, the City <br /> shall have no obligation to the Developer under this Agreement to <br /> issue the Tax Increment Bonds, if any of the following conditions <br /> exist : <br /> 965316.Red <br /> V2 to Vi; 12/I1/9a 9 <br />