CCP 08-18-1997 - Laserfiche WebLink

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- - --.----- . Upon completion of each Phase and upon completion of the Prior Redeveloper Improvements. the amonnt of the outstandin& Assessments that will be dischanfcd and released as liens on a Parcel on whieh a Phase has been completed or on the Redeveloper Propcrty upon completion of the Prior Redeveloper Tmprovements shall he a percentage of the outstanding Assessments calculated bv dividin!i' the assumed value for the Phase or Prior Redcveloper lmnrovements set forth above in this subsection bv the amount of lh,~ minimum market value established for stich fhase or for the Prior Redeveloper Improvements pursuant to Seclion 6 5 For example if the minimum market value for Phase n as established by the Assessment A<'Teement for Phase T1 is $ . the amonnt of the outstanding Assessments on the Parcel on which Phase II is blLiIt will be rcdnced hv - percent ( %) which is $ divided bv $ . If the percentage ofrcduction of the Assessments is less than one hundred percent (100%) the percentage of the Assessment' no! rclea,ed shall remain a lien on the pnlpertv and shall bc pl\Yable in accordance with Section 6.1 subiect to possib1e reduction later to the extent that the Redeveloper generates Markct Values on subsequent Phases that exceed the anticinated amounts set forth above_ If the minimum market value of a Phase or the Prior Redeveloper Improvements is \"reater th3n the anticipated amollnt set forth above. the Redevelqper shall be entitled to have the outstanding Assessments on another Parcel or on the Redeveloper Property reduced as if such excess had been built on such P3reel or on the Redeveloper Proj)erty. (,n The reduction in tl1e outstandin~ amount of anY Assessment~ hy virtue of the . completion of a Phase or the Prior Redeveloper Improvements a' described in (d) above shall not be effcctive until tbe date that the Authority receives the urort payment of Tax Increment generated based on the completed Phase or the complcted Prior RedeveloJler Improvements Until such time the Assessments shan rcmain a lien on the Parcel or the Redeveloper Propertv and shall be payable in accordance witl1 Section 6_1_ (e) The oblil?'ation ofthe Antbority or City to reduce the Assessments as described in subsections (c) and (d) above shall he subiect to satisfaction of the following conditions - precedent: - (i) The Redeveloper shall not at s\lch time bc in default Imder the kllllS of this A~'eement; and I (ii) The Assessment Agreement for the Phase or for the Prior R!'.developer I Improvements shall have been executed by the Authority the Redeveloper and the County Assessor of the County and shall have been recorded a!i'uinst the subject property as described in Section 6.5. I Section 3.7. 1998 West Round Lake Road Imnrovements If the Authority and City determine to proceed with the 1998 Wcst Round Lake Road Improvements using the proceeds of I the Bonds issned to finance the 1997 14th Street Improvements and the 1998 Hi<>hway 96 ImJ'rovements il mav do so and tbe eost of such improvements will he added to the Bonds and will be assessed a~ainst the Redevelopment ProJlerty and Redeveloper Improvements liS .. descrihed in Section 3 6 Tf the Anthority and City detenninc lo do such improvements later the 14 H/[0'd 61'"0<'. a:6 cT9 1 '~'d '3~13a ~ ^3la~da 6c:9T <'.66T-H-8ntJ