2006-12-27 CC Packet - Laserfiche WebLink

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TABLE OF CONTENTS Page Introduction....................................................................................................................... ............ 1 ARTICLE I DEFINITIONS .................... .......... ...... ............ ...................................... ........... 6 Section 1.1. Definitions............................. ........................ .....................................:. 6 ARTICLE II REPRESENTATIONS AND WARRANTIES.............................................. 11 Section 2.1. Representations and Warranties of the City....................................... 11 Section 2.2. Representations and Warranties of the Developer............................. 11 ARTICLE III REIMBURSEMENT OF PROJECT COSTS................................................ 12 Section 3.1. . Statement of Intent............................................................................. 12 Section 3.2. Conveyance of Development Property ..............................................12 Section 3.3. Acquisition of Development Property ............................................... 13 Section 3.4. Issuance of Tax Increment Bonds................;..................................... 14 Section 3.5. Limitations on Financial Undertakings of the City............................ 14 Section 3.6. Use of Tax Increment Bond Proceeds ............................................... 14 Section 3.7. Installation of Public Improvements .................................................. 15 ARTICLE IV UNDERTAKINGS BY DEVELOPER AND CITy..................................... 16 Section 4.1. Reimbursement of Costs for Projects ................................................ 16 Section 4.2. Tax Increment Revenue Notes........................................................... 16 Section 4.3. Use of Development Property Tax Increments...............~.................. 17 Section 4.4. Reimbursement of Costs for Projects ................................................ 17 ARTICLE V CONSTRUCTION OF MINIMUM IMPROVEMENTS.................:............ 19 Section 5.1. Construction of Minimum Improvements ......................................... 19 Section 5.2. Construction Plans ............................................................................. 19 Section 5.3. Commencement and Completion of Construction............................. 20 ARTICLE VI INSURANCE................................................................................................. 21 Section 6.1. Insurance ....................................................... ..................................... 21 Section 6.2. Condemnation.................................................................................... 23 Section 6.3. Reconstruction or Payment ................................................................ 23 Section 6.4. Relationship to Mortgagee .................................................................23 ARDCLE VII ASSESSMENT AGREEMENTS AND OTHER COVENANTS ................. 24 Section 7.1. Execution of Assessment Agreements............................................... 24 Section 7.2. Real Property Taxes ...........................................................................25 ARTICLE VIII MORTGAGE FINANCING ..........................................................................27 Section 8.1. Limitation Upon Encumbrance of Property ....................................... 27 Section 8.2. Approval of Mortgage........................................................................ 27 Section 8.3. Notice of Default; Copy to Mortgagee .............................................. 27 1309762vRED V3 to V2; 12J22J06 1 ~lp