Agenda Packets - 1987/12/14 - Laserfiche WebLink

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�I obligation to make such reimbursement shall be evidenced by a promissory notes in a form acceptable to the City and the Redeveloper. (b) if the Redeveloper is in compliance with this Agreement and all conditions to the City's performance have been satisfied, the City agrees to reimburse, solely to the extent that there exist sufficient proceeds from the Bonds for such purpose, the Redeveloper for amounts provided or deemed to have been provided by the Redeveloper to the City pursuant to this Section 3.7. The City shall make a reimbursement to the Itedeveloper ter Issuance of a Certificate of Completion fora Phase, or earlier ( following such issuance as Bond proceeds are available considering the liquidity of the City's Investments using the Bond proceeds. The amount to be reimbursed by the City to Redeveloper following issuance cf a Certificate of Completion on any Parcel, as aforesaid, shell be determined as follows' (1) Tne "percentage shere" of Bondproceedsavailable for reimbursement of the Redeveloper ar el shall be established by digthe eAm untminimum the Ass ssoes�Marketme for the provLA Parcel by Valuefor all parcels thee Aggregate comprising the project (as set forth in Section 6.4); ((i) The total amount of Bond proceeds available for reimbursement of the Redeveloper shall be established and shall equal the &net bond proceeds available for diatributlon to Redeveloper after payment of expenses authorized by Section 3 0 b)(0 (fD and III of this Agreement, L plus Interest earrings thereon; an (ill) The "percentage share" for a parcel shall to multiplied times the total ds Redeveloper and nthe f resultant bond p sum e shall vrepresent lable o the disbursement amount be Areimbursed to the Redeveloper. in the event that this Agreement Is terminated prior to the City's reimbursement of the Redeveloper for the entire amount paid by the Redeveloper under this Section 3.7, the City shall have no obligation to further reimburse the Redeveloper for any amounts paid by the Redeveloper pursuant to this Section 3.7; except that In the even: that the Redeveloper falls, whether as a result of Unavoidable Delays or for other reasons, to complete construction of the Minimum improvements so as to produce the Assessor's Minimum Market Values at the times set forth In Section 4.3, but does complete such construction prior to termination of this Agreement, the amount of the funds to be reimbursed by the City to the Redeveloper under this Section 3.7 shall be reduced by the amount that the Tax Increment which will be generated by the partially completed hfinimum Improvements, is less than the amount of Tax Increment which would have been generated and remitted to the Authority in that year and future years if the Minimum improvements had been completed on or before the specified date in Section 4.3. The City shall have no obligation to pay any Interest on any amounts provided to the City by the Redeveloper pursuant to this Section 3.7. (c) it is understood by the City and the Re�eveloper that the City's Fco ligatIonto reimburse the Redeveloper for $170,000 of the amount which the 7obligated to reimburse the Redeveloper pursuant to this Section 3.7 ty isnditional upon the Redeveloper having secured as a tenant of a portion of the 14