Agenda Packets - 1987/12/14 - Laserfiche WebLink

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Redevelopment Property, Tranallealth, a Therefore, in the event that the Redeveloper has felled by June 1, 1988, to secure a binding commitmeat, !n a form reasonably approved by the City, f= TrenslfealthAo eco e a tenant of the Minimum improvements, the net amount of the Bonds wh ch are available for paying the costs set forth at Section 3.9(b) of this Agreement shall be deemed to be $170,000 less than the actual amount of Bonds available. In the event that such amount is so reduced, the City agrees to use the $170,000 to fund the reserve fund described at Section 6.2 of this Agreement. Section 3.8. Dedication cf City Financial Assistance. In consideration of the Financial Assistance to be provided by the City to this Agreement, the Redeveloper agrees that It will dedicate a portion of the amounts to be reimbursed to the Redeveloper pursuant to Section 3.7 of this Agreement to the constructlon of certain exterior refinements to the Minimum Improvements and interior office amenities which are in addition to those types of refinements and amenities normally found In buildings similar to the Minimum Improvements. The exact nature of such refinements and, amenities are as shown in the approved Panned Unit Development documents for the Redeveloper's project. Section 3.9. Iscuanc_e of Bonds: Use of Bond Proceeds. (a) The City agrees that It will, subject to limitations of law, use its best efforts to issue and sell the Bonds byami 31, 1988. The principal amount of the Bonds shall be the amount which, In the reasonable discretion of the City and its fiscal consultant, may be amortized solely through the use of Tax increment generated from the Redevelopment Property and completed Minimum Improvements, considering the Redeveloper's schedule for construction of the Minimum Improvements and existing and projected mill rates. It is anticipated that the amount of the Bonds which may be issued and repaid solely out of Tax htcrement generated from the Redevelopera development hereunder is equal to $6,000,000.00. In no avant shall the City be obligated to issue bonds in a principal amount greater than $8,000,000,00. (b) The proceeds of the Bonds shall be urted to pay the City's costa hereunder, Including reimbursements to Redeveloper. Because the principal amount of the Bonds and the exact cost of some of the City's activities hereunder Is presently unknown, the proceeds of the Bonds shall be used to pay the following costs In the following order: (1) First, to pay all reasonable avid necessary costs Incurred by the City in connection with the issuance of the Bonds Including, bond discount, reserve fund, if any, and fees of legal counsel and other consultants retained in connection with the Issuance of the Bonds; -(il) Second, to pay all City administrative and other reasonable and necessary costs incurred or anticipated to be incurred in connection with the City's administration of this Agreement, the Development District, and the Tax increment District; (111) Third, to pay the costs of constructing the Public improvements; (1v) Fourth, to reimburse the Redeveloper for the amounts pursuant to Section 3.7 of this Agreement; 15