Agenda Packets - 1997/08/11 - Laserfiche WebLink

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phases of development, and shall show and be compatible with any public improvements • to be constructed adjacent to or as part of the Project; (b) undertake and obtain such other preliminary economic feasibility studies, income and expense projections, or such other economic information as may be reasonably required by the City and EDA to confirm the economic feasibility and soundness of the Project; (c) within one hundred twenty(120)days of execution, submit to the City and EDA for a review a Proposed Project financing plan which proposes the Developer's ability to finance the Project based on the level of TIF assistance to be provided under the terms of the proposed Redevelopment Contract; and (d) furnish to the City and EDA such information or documentation as may be required by the City and EDA to identify the intended legal entity constituting the Developer, the identity of the Developer's principal owners, and the legal relationship of such principal owners. 6. During the period of this Agreement, the City and EDA shall, concurrently with the Developer's performance described in paragraph 5 herein: (a) obtain an estimate of the City's and EDA's cost of constructing any associated public improvements necessary to complete the Project; • (b) develop a financial plan for the City's and EDA's participation in the Project and construction of associated public improvements, which plan shall document all public costs, projected public revenues, and bond or note financing, if any, including debt service costs; (c) reasonably cooperate with the Developer in meeting the Developer's obligations hereunder; and (d) evaluate whether tax increment financing assistance should be provided to Developer for TIF eligible costs of the Project and if so, at what level. 7. It is expressly understood that the subsequent execution and implementation of the Redevelopment Contract between the parties shall be subject to: (a) the City's and EDA's informed judgment that its undertakings thereunder are feasible based upon estimated tax increment revenues and are consistent with the purposes and objectives of the tax increment financing plan developed for the tax increment financing district that includes the area in which the Project is proposed to be located,the terms of such tax increment financing plan to be within the City's and EDA's • sole discretion; JX7.27914 j 14C205-6 L/b 30Vd 0tEeLEEZIS,CI N3nvap '8 ACaNN3}I'N102I3 ES '0t 46-II-0[1'd