Cid Financing. Developer owns all of the property that comprises the CID, and the Agreement provides for the imposition of a 1.0% CID sales tax within the CID, for a period of up to twenty-two (22) years from the date that the CID sales tax is first imposed. The CID is pay- as-you-go only, with no opportunity for the issuance of bonds. The maximum amount of CID reimbursements available to Developer is capped at $2,027,798. The reimbursements of eligible expenses from pay-as-you-go CID financing are to be paid on a 50/50 basis between Developer's private funds and the available CID sales tax funds, and there shall not at any time during the CID sales tax collection term be more Project costs paid with CID sales tax proceeds than the amount of Project costs paid by ▇▇▇▇▇▇▇▇▇'s private funds.
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