04-14-1997 EDA - Laserfiche WebLink

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• ARTLCLE III THE IMPROVEMENTS Section 3 .1. Undertakings of the Developer. Subject to Unavoidable Delays, the Developer shall have substantially completed the Improvements by December 31, 1997. Section 3 .2 . Undertakings of the Authority. The Developer hereby represents to the Authority that. the Developer has incurred and paid or will incur and pay substantial Development Costs . The Authority hereby agrees to defray a portion of the Development Costs by issuing the EDA Note to the Developer, as registered owner thereof, substantially in the form of Exhibit C to this Agreement, the issuance of which EDA Note is hereby authorized and approved, subject to the following conditions: (a) The EDA Note shall be dated, issued and delivered as soon as practicable following the execution and delivery of this Agreement, provided no Event of Default shall have occurred and be at the time continuing. (b) As conditions to such reimbursement of Development Costs pursuant to the EDA Note, (i) the Authority shall have executed the Certificate of Completion, and there shall have been satisfied all of the conditions precedent thereto provided in Section 3 .3; (ii) the Developer shall have provided to the Authority reasonably satisfactory written substantiation of the amount and nature of the Development Costs for which reimbursement is sought hereunder; and (iii) the City and the Developer shall have executed the mutually- acceptable signage easement described in Section 3 .4. (c) Subject to the provisions of the EDA Note, the principal of and interest on the EDA Note shall be payable on each February 1 and August 1, commencing August 1, 1999, and continuing through February 1, 2005 (the "Payment Dates") , in the respective amount or amounts described in this subsection. The sole source of funds available for payment of the Authority' s obligations under this Section and correspondingly under the EDA Note shall be the Available Tax Increments . The principal amount of the EDA Note shall be $150, 000 . The amounts otherwise payable on the EDA Note on each Payment Date shall be limited to the Available Tax Increments received by the Authority within the preceding 6 months . All payments made on the EDA Note shall be applied first to accrued and unpaid interest and second toward payment of principal. All amounts of Tax Increments which are not Available Tax Increments are not subject to this Agreement, and the 346932.2 3-3.