CCP 07-20-1993 - Laserfiche WebLink

Home Browse Search

. Further. promptly upon completion of the Public Development Activities. the Partnership shall certify the actUal costs of the Public Development Activities to the City, as provided in Section 4.10 hereof. If the total of such costs are lower than the total of those costs shown in the budget included as pan of the initial Exhibit D, the principal amount to be reimbursed hereW1der shall be reduced to the final total cost amount and a new Exhibit D shalI be prepared and substituted which will amortize said final cost (less any principal theretofore paid) over the remaining payment dates such that amortized payments of principal and interest in each Payment Year thereafter equal. as nearly as practicable, $57,537, such principal to bear inlereSt at such an annual rate. but not in excess of eight percent (8.00%) per annum, to equal such amortized payments; provided. however. that if an equal inlereSt rate greater than eight percent (8.00%) per annum is required to amortize such principal and interest so that $57,537 is payable thereon in each subsequent Payment Y car. the new Exhibit D shall amortize said final cost (less any principal theretofore paid) over the remaining payment dates at eight percent (8.00%) per annum. (f) The City shall be obligated to make the payments required pursuant to this Section 3 only from and ro the exlem of the taX increment actUally received from the Disaict for any taX year and such payments shall never be considered to be a general obligation or <- indebtedness of the City; provided that the amount required to be paid by the City on any Payment Date shall not exceed the amount set forth in Exhibit D. If. on any Payment Date, the taX increment available to the City from the Disaict after withholding the amount specified in paragraph (a) hereof, is not sufficient to pay the installment then due under this Section 3 in full, the funds available shall be applied first to interest and then to principal then due. To the extent that an installment of principal or interest to be paid and not forgiven under this Section 3 is not paid on a Payment Date because taX increment revenues are insufficient therefor, such installment shall continue to be an obligation of the City . under the terms of this Agreement, but shall not bear interest from and after said Payment Date. and shall be paid. subject to the provisions of Sections 3.01(a), (h) hereof, only from taX increment actUally received and available therefor on a subsequent Payment Date, after the payment of the installment of principal and interest payable on said subsequent Payment Date. (g) Upon 30 days' written notice to the Partnership, the City may prepay all or a portion of the outstanding principal balance due pursuant to this Section 3, and Exhibit D, without penalty, on any date at a prepayment price equal to the outstanding principal balance to be prepaid plus accrued interest to the prepayment date. If a partial prepayment is made, the prepayment shall be applied to the last maturing installments of principal and the semiannual payments required under this Section 3 and Exhibit D shall not otherwise be reduced. Subsequent to any partial prepayment, a revised Exhibit D shall be prepared and executed by the parties hereto. The Partnership may at any time request the City to apply excess tax increment from the Property to the prepayment of all or a portion of the principal balance due hereunder but the City, in its sole discretion. shall determine whether any prepayment shall be made. (h) The City shall not be obligated to make any payments hereunder subsequent to February 1,2010, and any amounts remaining unpaid as of said date (other than by reason of failure of the City to comply with the terms of this Agreement) shall be considered forgiven by the Partnership and shall cease to be owing. . -4- r