CCP 06-15-1992 - Laserfiche WebLink

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~H L' "section 3.2(1) The Note shall be dated, issued and delivered when the Developer shall have demonstrated in writing 4It to the reasonable satisfaction of the city that the construction of the site Improvements has been completed, that the Developer has incurred and paid all costs of the acquisition of the Development Property and the Site Improvements and Legal and Administrative Expenses, as described in and limited by Section 3.1 and that the Developer determines that it will complete at least 50% of the Project by January 1, 1992 (unless waived by the Developer)." "Section 3.2(4) The payment dates of the Note shall be the Note Payment Dates. The Developer shall submit a statement to the City on or before each January 1 and July 1, commencing on July 1, 1994, setting forth the principal amount of the Note and the accrued interest thereon due on the following February 1 or August 1 as appropriate, shall include with the statement a Compliance Certificate covering a period commencing on January 1 of the immediately preceding calendar year and ending no later than December 1 of the same year or June 1 of the current year (whichever is the most recent date prior to submission of the statement), and executed by the Developer. On each Note Payment Date and subject to the provisions of the Note, the city shall pay, against the principal and interest then due on the Note, 90\ of any Tax Increments received by the city during the preceding 6 months. All such payments shall first be applied to accrued and . unpaid interest on the Note and then to principal of the Note." "Section 3.3. Developer's Fee and Leqal and Administrative Expenses. As partial compensation for services provided by the City to facilitate development of the Project and for additional municipal services required by the Project during the term of this Agreement, the Developer shall pay to the City in immediately available funds on or before the date the certificate of occupancy is issued by the City but no later than August 1, 1992 a Developer's Fee in the amount of $26,500. In addition, the Developer shall, upon request of the City, payor reimburse for the payment of all Legal and Administrative Expenses." The Note when executed shall provide in paragraph three as follows: _ "The amounts due under this Note shall be payable on August 1, 1993, and on each February 1 and August 1 thereafter to and including February 1, 2006, or, if the first should not be a Business Day (as defined in the Development Agreement) the next succeeding Business Day (the "Payment Dates"), provided, that such Payment Date shall be automatically extended if and to the extent required to relieve the City of any obligation to pay any . 18499 16