Assistance in Development Financing Clause Samples
Assistance in Development Financing. 4.2.1 Draws/Payments
(a) Upon Developer drawing down the full Loan amount, Developer may make draws on the $800,000 of Assistance in Development Financing. Payments will be made on a pro rata basis for payment of Project Costs. Developer shall use borrowed funds for 68 percent of the Project Costs and shall receive a corresponding draw on in the amount of 32 percent of such Project Costs, not to exceed $800,000.
(b) With each draw, Developer shall submit documentation of Project costs incurred after the final Loan draw.
(c) Draw requests may be submitted only once per month and payments will be made within fifteen (15) days after the Project Manager’s approval of Developer’s draw request.
(d) Assistance in Development Financing payments shall not exceed an aggregate total of $800,000.
Assistance in Development Financing. “Assistance in Development Financing” means the $800,000 of the Development Incentive to be paid to Developer on a pro rata basis with the Project’s private financing after all equity has been expended and subject to the terms of this Agreement.
Assistance in Development Financing. Provided the Redeveloper has satisfied all conditions precedent set forth in this Agreement on or before the Expiration Date and construction has commenced on or before the Commencement Date, the Authority will provide assistance in development financing in the amount of $350,000.00, to be disbursed to the Redeveloper upon satisfaction of the conditions precedent set forth herein, which is to be repaid, with interest, over a fifteen (15) year period. The interest rate shall be 1.75% per annum. The assistance in development financing will be repaid by the sales, business property and real property tax incremental revenues generated by the Redevelopment, which will be secured by a continuing lien and minimum annual payment in lieu of taxes (PILOT) obligation as further provided in Section 5.11A of this Agreement and Section 2 of the Covenant Agreement.
Assistance in Development Financing. The Authority will provide assistance in development financing in the amount of $350,000.00, to be disbursed to the Redeveloper upon satisfaction of the conditions precedent set forth herein, which is to be repaid, with interest, over a fifteen (15) year period. The interest rate shall be 1.75% per annum. The assistance in development financing will be repaid by the sales, business property and real property tax incremental revenues generated by the Redevelopment, which will be secured by a continuing lien and minimum annual payment in lieu of taxes (PILOT) obligation as further provided in Section 5.11A of this Agreement and Section 2 of the Covenant Agreement.
Assistance in Development Financing