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Last modified
2/16/2024 12:32:50 PM
Creation date
2/16/2024 12:31:54 PM
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Planning Files
Planning Files - Planning File #
1481
Planning Files - Type
Planning-Other
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Section 6.4. Payment of Deficiencies in Taxes. In the event that in any <br />year the tax increment generated by the Minimum Improvements, together with <br />any available capitalized interest, is less than the amount needed to pay debt <br />service on the Bonds, the City shall provide notice of such fact to Redeveloper. <br />Thirty (30) days after receipt of such notice the Redeveloper shall pay to the City <br />an amount equal to the amount of such deficiency in taxes reduced by one -sixtieth <br />(1/60) for each unit of housing within the Minimum Improvements which has been <br />conveyed by Redeveloper; provided, however, that in no event shall the <br />Redeveloper pay toward principal payments on the Bonds more than twenty-five <br />percent (25%) of this principal amount of the Bonds or pay toward interest <br />payments on the Bonds more than twenty-five percent (25%) of the interest due on <br />the Bonds. <br />15 <br />
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