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CCP 06-15-1993
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CCP 06-15-1993
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<br />. increment assistance for development. The approach to be <br />utilized will depend on the circUlllstances related to any <br />particular transaction, with the intent that "up front" tax <br />increment financing assistance would be utilized only in <br />situations where the "pay as you go" approach would not <br />effectively secure the development opportunity, or provide <br />sufficient immediate funds to permit development as <br />contemplated. In either case, tax increment financing <br />proceeds would be applied to the following items in the <br />following priority: <br /> <br />(a) To defray the expense of public improvements associated <br />with and necessary to support the development <br />contemplated on the Redevelopment Property; <br /> <br />(b) To reimburse the Developer for qualifying development <br />costs, including land write-dOwn; and <br /> <br />(c) Any excess funds following payment of the foregoing <br />expenses would be distributed to the City for <br />application and distribution in such manner as the City <br />would deem appropriate. <br /> <br /> <br />The parties acknowledge and agree that the level of <br />. assistance available will be controlled and determined by <br />the level of development which occurs. with respect to any <br />particular transaction, the parties agree to cooperate in <br />the formulation, preparation and execution of any and all <br />docUlllents necessary to effectuate the purposes and intent <br />herein stated. <br /> <br />ART:ICLE V. <br />EXCLUS:IVE DEVELOPMENT R:IGHT <br /> <br /> <br />During the term of this Agreement, the City agrees that the <br />Developer shall have exclusive tax increment financing <br />supported development rights with respect to the <br />Redevelopment Property and that tax increment assistance or <br />other City financial assistance will be provided only with <br />respect to development of the Redevelopment property in <br />which the Developer is involved. In this connection, the <br />city agrees that the Developer will have the right to <br />develop all or any portion of the Redevelopment Property <br />subject and pursuant to the following terms and conditions: <br /> <br /> <br /> <br /> <br /> <br />. <br /> <br />8 <br />
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