Examples of Phase 1 in a sentence
Nor is the City warranting that it will have throughout the term of this Agreement and the Notes the continuing legal ability under State law to apply Available Tax Increment to the payment of the Phase 1 Note and the Phase 2 Note, or Remaining Available Tax Increment to the payment of the Additional Phase 2 Note, which continued legal ability is a condition precedent to the City's obligations under the Notes.
Each Applicable Developer acknowledges that the City has made no warranties or representations to the Developer as to the amounts of Tax Increment that will be generated or that the Available Tax Increment will be sufficient to pay the Phase 1 Note or Phase 2 Note, or the Remaining Available Tax Increment will be sufficient to pay the Additional Phase 2 Note, in whole or in part.
Each Applicable Developer understands that the Available Tax Increments pledged to the payment of the Phase 1 Note or the Phase 2 Note, and the Remaining Available Tax Increments pledged to the payment of the Additional Phase 2 Note, are derived from real estate taxes on such Applicable Developer's Phase, which taxes must be promptly and timely paid.
Set for completion in 2020, the development will be in two phases, of which Phase 1 (Park Area excluding the seafront retail F&B) is slated for completion by mid-2018.
The parties agree that the income and rent restrictions under this Section 4.5, related to Phase 1, shall terminate on the Termination Date.