CCP 06-15-1992 - Laserfiche WebLink

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~ ARTICLE III UNDERTAKINGS BY DEVELOPER AND CITY section 3.1. Acauisition of the Development Property and site Improvements. The parties agree that the site Improvements to be constructed by the Developer are essential to the successful completion of the Project. The costs of the acquisition of the Development Property and the Site Improve- ments, which shall include engineering and all other costs directly related to the making of the Site Improvements, together with the Legal and Administrative Expenses are estimated to be at least $585,000. The costs of the acquisition of the Development Property and the site Improvements and Legal and Administrative Expenses shall be paid by the Developer. The City shall reimburse the Developer for the lesser of $585,000, or the costs actually incurred and paid by the Developer as further provided in Section 3.2 hereof. section 3.2. Reimbursement: Tax Increment Revenue Note. The City shall reimburse the payments made by the Developer under section 3.1 for costs of the acquisition of the Development Property and the site Improvements and Legal and Administrative Expenses through the issuance of the city's Tax Increment Revenue Note in substantially the form attached to this Agreement as Exhibit C, subject to the following conditions: . (1) The Note shall be dated, issued and delivered when the De~eloper shall have demonstrated in writing 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). (2) The unpaid principal amount of the Note shall bear simple, non-compounded interest from the date of issuance of the Note, at 9.00% per annum. Interest shall be computed on the basis of a 360 day year consisting of twelve (12) 30-day months. (3 ) The principal amounts of the Note and the interest thereon shall be payable solely from the Tax Increments. (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 I and July 1, commencing on July 1, 1993, setting forth the principal amount of the Note and the accrued . 18499 7