Common use of Base Increment Clause in Contracts

Base Increment. The Developer may submit only one (1) written request to the DSD Director for the payment of the Base Increment for the Improvement constructed by the Developer upon the “Completion of the Construction” as defined in the Park Construction Agreement. Each Base Increment payment request must be in the form attached hereto as Exhibit D, which is incorporated herein by this reference, and conform to the requirements of (f) below. The request for payment of the Base Increment for the Improvement shall be accompanied by a copy of the following documents related to the construction of such Improvement: (1) each construction contract and copy of bid notice for such contract, (2) each change order, (3) each invoice submitted pursuant to such construction contracts, (4) evidence of payment of each such invoice such as copies of cancelled checks or other evidence of payment satisfactory to the DSD Director, and (5) written conditional lien releases executed by each applicable contractor, subcontractor and materialman in a form satisfactory to the City Attorney of the City (the “City Attorney”) for such Improvement.