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PF_3595_Contract
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PF_3595_Contract
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Last modified
7/17/2007 2:28:41 PM
Creation date
9/14/2005 1:54:22 PM
Metadata
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Template:
Contracts/Agreements
Agreement/Contract Type
Development Contract
Contracts/Agreements - Department
Community Development
Purpose/Title
Roseville Twin Lakes, LLC
Contracts/Agreements - Planning File #
3595
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<br />( c) On or before the March 1 immediately preceding the Reconciliation Date, the <br />Redeveloper will submit a final Sources and Uses schedule for the final accounting by the City <br />and the Redeveloper contemplated by Section 4.4. <br /> <br />(d) The Redeveloper will submit both a cumulative Sources and Uses schedule and a <br />projected Sources and Uses schedule through completion of the Project in support of any claim <br />of Financial Unfeasibility pursuant to Section 3.9. <br /> <br />Section 4.4. Redeveloper Return. Whenever this Agreement requires the Redeveloper <br />Return to be calculated: <br /> <br />(a) The net income from the Project shall be determined by subtracting all Project <br />Costs from all Project Revenues as shown on the most recent Sources and Uses schedule <br />submitted by the Redeveloper to the City; then <br /> <br />(b) The total Project Return shall be expressed as a percentage and is calculated by <br />dividing the net income from subparagraph (a) by the total of all proceeds from sales of <br />unimproved land sold to parties unrelated to the Redeveloper or to any of its equity owners, <br />housing units and improved commercial and office property as shown on the Sources and Uses <br />schedule. Such sales proceeds will be calculated as set forth in Section 4.5(b). The <br />Redeveloper's share of the Project Return (the "Redeveloper Return") shall not exceed that set <br />forth in the table below: <br /> <br />Project <br />Return <br /> <br />Redeveloper's Share <br />(Redeveloper Return) <br /> <br />0-12.5 % ............... ......... <br /> <br />1000/0 <br /> <br />Over 12.5 to 15.00/0...... <br /> <br />100% of the return up to <br />12.50/0, plus <br />750/0 of the return in excess of <br />12.5 up to 15.00/0 <br /> <br />Over 15.0 to 17.50/0...... <br /> <br />The amounts above, plus: <br />500/0 of the return in excess of <br />15.0 up to 17.5% <br /> <br />Over 17.50/0 .................. <br /> <br />The amounts above, plus: <br />250/0 of the return over <br />17.5% <br /> <br />17 <br /> <br />City's Share <br /> <br />00/0 <br /> <br />250/0 of the return in excess of <br />12.5 up to 15.00/0 <br /> <br />The amount above, plus: <br />500/0 of the return in excess of <br />15.0 up to 1 7.50/0 <br /> <br />The amounts above, plus: <br />750/0 of the return over <br />17.5% <br />
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