CCP 09-22-1997 - Laserfiche WebLink

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. (i) Against the Parcel on which Phase II will be constructed shall be levied thirty seven percent (37%) of the total; (ii) Against the parcel on which Phase III will be constructed shall be levied thirty seven percent (37%) of the total; and (Hi) Against the Parcel on which Phase IV will be constructed shall be levied twenty six percent (26%) of the total. (c) The Assessments are intended to secure the payment of the Bonds --until the Redeveloper has generated certain marlcet values of improvements that will generate Tax Increment 10 pay the Bonds. Therefore, the Assessments are subjcct to discharge and release by the City as described in this Subsection. All or a portion of the Assessments shall be discharged and released as liens against each Parcel of the Redevelopment Property upon completion of the Phase constructed on the Parcel. A Phase shall be deemed to be complete upon the issuance by the City of a final certificate of occupancy for such phase. The amount of the Assessments that will be released upon completion of each Phase shall be based on the Marlcet Value of the completed improvements relative to the Market Value that was anticipated 10 be completed, which anticipated Markel Value formed the basis for the issuance of the Bonds. The Bonds will . be issued based on the assumption that the following Market Values will be generated from the construction of the Minimum Improvements and the Prior Improvements: (i) Phase II-$3,046,000,OO; 0 (ii) Phase ill-$3,046,000.00; (iii) Phase IV-$2,132,200.00; and (iv) Prior Improvements-$4,721 ,300.00, Upon completion of each Phase, the amount of the outstanding Assessments that will be discharged and released as liens on a Parcel on which a Phase has been completed shall be a percentage of the outstanding Assessments calculated by dividing the minimum market value established for such Phase in the Assessment Agreement for such Phase pursuant to Section 6.S by the assumed value for the Phase sel forth above in this subsection by the amount of, For example, if the minimum mw:ket value for Phase II as established by the Assessment Agreement for Phase IT is $2,500,000.00, the amount of the outstanding Assessments on the Parcel on which Phase IT is built will be reduced by eighty two percent (82%) which is $2,500,000.00 divided by $3,046,000,00. If the percentage of reduction of the Assessments is less than one hundred percent (100%), the percentage of the Assessments not released shall remain a lien on the property and shall be payable in accordance with Section 6.1, subject to possible reduction later to the extent that the Redeveloper generates Market Values on subsequent Phases that exceed the . anticipated amounts set forth above. If the minimum market value of a Phase is greater than the anticipated amount set forth above, the Redeveloper shall be entitled to have the outstanding Assessments on another Parcel reduced as if such excess had been built on such Parcel 12 lord 6N31o lZ6 <:1:9 'l;:!'d '3>tI3a 'S A3l<Il:!l:le S1::S1: l.661:-61:-Cl3S