HRA PACKET 12102019 - Laserfiche WebLink

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8 623340v3SA730-2 documentation, and if such further documentation is found reasonably sufficient, the Authority will deliver the Demolition Payment to the Redeveloper. (c) Notes; Terms. To reimburse the remainder of the Public Redevelopment Costs incurred by the Redeveloper, the Authority shall issue and the Redeveloper shall purchase one or two Notes in the maximum aggregate principal amount of $3,300,000. The maximum principal amount of the Note issued in connection with construction of Phase I of the Minimum Improvements shall be $1,950,000, and the maximum amount of the Note issued in connection with construction of Phase II of the Minimum Improvements shall be $1,350,000. The Authority shall issue and deliver each Note upon Redeveloper having: (i) delivered to the Authority one or more certificates signed by the Redeveloper’s duly authorized representative, containing the following: (i) a statement that each cost identified in the certificate is a Public Redevelopment Cost as defined in this Agreement and that no part of such cost has been included in any previous certification; (ii) evidence that each identified Public Redevelopment Cost has been paid or incurred by or on behalf of the Redeveloper; and (iii) a statement that no uncured Event of Default by the Redeveloper has occurred and is continuing under the Agreement. The Authority may, if not satisfied that the conditions described herein have been met, return any certificate with a statement of the reasons why it is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require; (ii) submitted and obtained Authority approval of financing in accordance with Section 7.1; and (iii) delivered to the Authority an investment letter in a form reasonably satisfactory to the Authority. The terms of the Notes will be substantially those set forth in the form of the Note shown in Schedule B, and the Notes will be subject to all terms of the Authorizing Resolution, which are incorporated herein by reference. (d) Single Note. Notwithstanding the foregoing, the Authority shall issue and the Redeveloper shall purchase a single Note in the maximum principal amount of $3,300,000 if the following conditions are met: (i) The Redeveloper provides evidence of Public Redevelopment Costs in the full aggregate principal amount of $3,300,000 in accordance with Section 3.3(c)(i) hereof; (ii) The Redeveloper submits and obtains Authority approval of financing for Phase II of the Minimum Improvements in accordance with Section 7.1; and (iii) The Authority has not previously issued any Note to the Redeveloper in accordance with this Agreement.