CCP 07-21-1997 - Laserfiche WebLink

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I apply the Net Proceeds of any insurance relating to such damage received by the Redeveloper to I the payment or reimbursement of the costs thereof. .. The Redeveloper shall complete the repair, reconstruction and restoration of the Minimum Improvements, whether or not the Net Proceeds of insurance received by the I Redeveloper for such purposes are sufficient to pay for the same. Any Net Proceeds remaining after completion of such repairs, construction and restoration shall be remitted to the Redeveloper. I (e) In the event that the Minimum Improvements are totally destroyed, the Redeveloper in lieu of rebuilding the Minimum Improvements, shall have the option of repaying I to the Authority the assistance provided to the Redeveloper hereunder. The amount of the assistance that shall be repayable at a particular time shall be equal to the amount that, in the I opinion of the City's fiscal consultant considering existing and projected interest rates, would be necessary to generate a stream of payments equal to the Redeveloper's Tax Increment guarantee obligations set forth in Section 6.1 of this Agreement. I Section 5.2. Condemnation. In the event that title to and possession of the Minimum Improvements or any material part thereof shall be taken in condemnation or by the exercise of I the power of eminent domain by any governmental body or other person (except the Authority or the City) prior to the Termination Date, the Redeveloper shall, with reasonable promptness after such taking, notify the Authority as to the nature and extent of such taking. Upon receipt of any .. Condemnation Award, the Redeveloper shall elect to either: (a) use the entire Condemnation Award to reconstruct the Minimum Improvements (or, in the event only a part of Minimum Improvements have been taken, then to reconstruct such part) within the Tax Increment District; I or (b) pay to the Authority out ofthe Condemnation Award the amount necessary to repay the assistance provided by the Authority hereunder, which amount shall be calculated as provided in Section 5.1 (e) of this Agreement. I I I I I I .. 17 I