CCP 07-20-1993 - Laserfiche WebLink

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. foregoing, the Partnership will request and seck to oblain from the City all necessary variances, conditional use pcrrnilS and zoning changes. (f) Neither the execution and delivery of dris Agrccmcnt or the Declaration, the consununation of the ttlIIIsactions coOlempIated hereby, nor the fulfi11mcnt of or compliance with the tennS and conditions of this Agreement is prohibited or limited by, conflicts with or resullS in a breach of, the tenDS, conditions or provisions of the agn:cmc:nt establishing and organizing the Partnership or any panncrship teSlriction or any evidences of indebtedness, agreement or inslI'UlI1Cnt of whateVer nalllre 10 which the Partnership is now a pany or by which it is bound. or constitutcs a default under any of the foregoing. Section 3. City Undertakinl!s. 3.01. Reimbursement of Cost of Public Develomnent Activitics. The City agrees to reimburse the Partnership for the COSlS of the Public Development Activities in the principal amount of $ , with interest at the rate of _ % per annum on the principal balance from time to time unpaid. said payments of principal and interest to be made on the dates and in the amounts set forth in Exhibit D herelO, which is hereby incorporated herein, but subject to the following tcm1S r>- and conditions, including adjusrment as provided in Subsection (e) below: (a) The City shall be entitled to withhold from the tax increment each 12-month period ending on February I, commencing February 2, 1994 (a "Payment Year''), an amount equal to $6,393, which amount the City shall retain prior to any reimbursement paymenlS 10 the Partnership. In addition, the Partnership shall be entitled 10 no more than $57,537 per Payment Year in reimbursement hereunder, and the City shall withhold all tax incn:menlS in excess of that amount in each Payment Year. . (b) No payments shall be made by the City unless and until the City Engineer has confinncd in writing 10 the City that the Public Development Activities and the Minimum Improvements have each been completed in accordance with the Plans (as hereinafter defined) and the plans and specifications therefor and the Certificate of Completion has been issued as contemplated in Section 4.05 hereof. (c) The City shall be entitled to withhold from the tax increment and not remit 10 the Partnership in a Payment Year for aninstal1ment of principal of and interest payable on a Payment Date one-half of the Excess Cash Flow (as defined in Section 3,02 hereof), if any. determined pursuant to Section 3.02 for the calendar year ended inunediately prior to such Payment Year. (d) . Any payment of principal and interest withheld by the City pursuant 10 the provisions of (a), (b) or (c) above shall be considered to be forgiven by the Partnership and the City shall be obligated only to make the future payments of principal and iOlerest shown on Exhibit D. (e) In the event the time for disttibution of properry tax revenues to the City by the County shall be modified from the dates presently in force, the parties shall amend Exhibit D to the extent neccssary to conform with the intention of the parties that the paymeOl date shall fall approximately 30 to 45 days after the expected dates upon which the City receives its major properry tax distributions from the County. . -3- ----- f