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07-26-2004
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07-26-2004
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8/6/2018 1:45:18 PM
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MV EDA
EDA Document Type
Council Packets
Date
7/26/2004
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<br /> 1664674v2 6 <br />ARTICLE III <br /> <br />UNDERTAKINGS BY DEVELOPER AND AUTHORITY <br />Section 3.1. Reimbursement of Costs. The costs of the Site Improvements shall be <br />paid for by the Developer. The Authority shall reimburse the Developer for up to $75,000 of the <br />Site Improvement costs actually incurred and paid by the Developer (the "Reimbursement <br />Amount") as further provided in Section 3.2. <br />Section 3.2. Limitation of Costs; Methods of Payment. <br />(1) The sole source of funds from which the Authority is obligated to reimburse the <br />Developer for the Reimbursement Amount is limited to Tax Increments and nothing herein shall <br />be construed to obligate the Authority or the City to use any of its general funds or other <br />municipal funds to reimburse the Developer for such costs. <br />(2) Provided that no Event of Default shall have occurred and be continuing <br />hereunder and the Developer has demonstrated in writing to the reasonable satisfaction of the <br />Authority that the Site Improvements have been completed and that the Developer has incurred <br />and paid all costs of the Site Improvements, as described in and limited by Section 3.1 and shall <br />have submitted paid invoices in an amount not less than the Reimbursement Amount, the <br />Authority shall reimburse the Developer the Reimbursement Amount from Tax Increments <br />within 30 days of the receipt of such evidence. <br />Section 3.3. Limitations on Undertaking of the Authority. Notwithstanding the <br />provisions of Sections 3.1, the Authority shall have no obligation to the Developer under this <br />Agreement to reimburse the Developer for the Reimbursement Amount, if the Authority, at the <br />time or times such payment is to be made, is entitled under Section 4.2 to exercise any of the <br />remedies set forth therein as a result of an Event of Default which has not been cured.
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