1998_0526_packet - Laserfiche WebLink

Home

difference shall be paid from Tax Increments that the city has retained f rom previous years ' r i i if such Tax _. Increments exceeded_ $256g188 (the "Retained Tax Increments") and if and to the extent that the Retained Tax Increments are not sufficient to pay the Insufficiency, the amount of the remaining Insufficiency shall be carried forward, without interest accruing thereon, and shall be paid on a future Note Payment Date in the M- 1— 81: 1 MMW�14-want there are Tax Increments on such r future Note Pa e t Dgtealn excess gf o256 188 (7) The City' s obligation to make payments on the Nate Notea on any Note Payment Date or any date thereafter shall be condit ioried upon the requirement that (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement and (E) this Agreement shall not have been rescinded pursuant to Section 4 .2 (b) . (8) The Note Notes shall be governed by and payable F. pursuant to the additional terms thereof, as set forth in Exhibit r: . In the event of any conflict between the terns of the Note ,r Dotes and the terms of this Section 3 . t the terms of the Note shall govern. The issuance of the ire Dotes pursuant and �r subject to the terns of this Agreement, and the taking by the city of such additional actions as bond counsel for the Note Notes may require in connection therewith, are hereby authorized and approved by the City. Section 3 ,3 # ve o er' s Fee. As partial compensation for services provided by the City to facilitate development of the Project and for additional municipal services required by the Project during the tern of this Agreement, the Developer shall pay to the City in immediately available funds on or before February I of each year commencing February 1, 1997, a Developer' s Fee in an amount equal to the LA/HACA Loss incurred by the City the previous year; provided that the payment to be made in the year 2011 shall be paid on January 1, 2011. V5 to v4; OS/20/98 10