Common use of Approval For Expenditure of Public Funds Clause in Contracts

Approval For Expenditure of Public Funds. If a law is enacted prior to July 1, 2016 that extends the expiration date for the portion of the Waterfront TIF District that includes the Property until December 31, 2035, then Owner shall timely provide the City with the materials and submissions to the level of completeness necessary for the City to seek approval from the Vermont Economic Progress Council, from the Burlington City Council and from the voters to expend funds from the Waterfront TIF District to pay for the Public Improvements, so as to reasonably facilitate Owner’s adherence to the Project Schedule. The City agrees that so long as Owner timely submits such materials and submissions, the City shall use diligent, good faith efforts to process such submissions in a timely manner in an effort to reasonably facilitate Owner’s adherence to the Project Schedule. The Parties agree that if the City fails to obtain the necessary approvals to expend funds from the Waterfront TIF District to pay for the Public Improvements, prior to November 15, 2016, then either Party shall have the right, but not the obligation, to terminate this Agreement. Notwithstanding the right of the City to terminate this Agreement if it fails to obtain the necessary approvals to expend funds from the Waterfront TIF District as stated immediately above, termination of this Agreement shall not divest the Owner of any zoning rights or development permits that Owner shall have obtained with respect to the Project or the Property.

Approval For Expenditure of Public Funds. If a law is enacted prior to July 1, 2016 that extends the expiration date for the portion of the Waterfront TIF District that includes the Property until December 31, 2035, then Owner shall timely provide the City with the materials and submissions to the level of completeness necessary for the City to seek approval from the Vermont Economic Progress Council, from the Burlington City Council and from the voters to expend funds from the Waterfront TIF District to pay for the Public Improvements, so as to reasonably facilitate Owner’s adherence to the Project Schedule. The City agrees that so long as Owner timely submits such materials and submissions, the City shall use diligent, good faith efforts to process such submissions in a timely manner in an effort to reasonably facilitate Owner’s adherence to the Project Schedule. The Parties agree that if the City fails to obtain the necessary approvals to expend funds from the Waterfront TIF District to pay for the Public Improvements, prior to November 15, 2016, then either Party shall have the right, but not the obligation, to terminate this Agreement. Notwithstanding the right of the City to terminate this Agreement if it fails to obtain the necessary approvals to expend funds from the Waterfront TIF District as stated immediately above, termination of this Agreement shall not divest the Owner of any zoning rights or development permits that Owner shall have obtained with respect to the Project or the Property.. Deleted: 18¶ 00167135.DOCX