Community Improvement District Sample Clauses
Community Improvement District. (a) The Developer shall petition the City for the creation of the District following its acquisition of the Property. The District’s boundaries shall cover, at a minimum, all portions of the Property used for commercial uses.
(b) The Developer shall cause the District, promptly following its formation and constitution of a board of directors to (1) authorize and enter into the District Project Agreement, and (2) take such steps as are necessary to impose the District Sales Tax in the amount of one percent (1.0%) or extend the existing District Sales Tax to include the Property.
(c) The City acknowledges that the District is integral to the financing of the Redevelopment Project, and in that regard the City will cooperate with and assist the Developer in all proceedings relating to the creation and certification of the District.
(d) The District shall not issue any other bonds or notes without the prior written consent of the City, which may be withheld in its sole and absolute discretion. Except as set forth in the District Project Agreement, the District shall not incur any other obligations without the prior written consent of the City in its sole and absolute discretion.
(e) The parties agree that 50% of the District Revenues will constitute Economic Activity Taxes and will be transferred to or at the direction of the City for deposit into the EATS Account of the Special Allocation Fund pursuant to Section 6.1 (and the Developer will cause the District to provide the necessary consents thereto required by Section 99.845.3 of the TIF Act). In addition, the Developer will cause the District to transfer all other District Revenues (i.e., the portion not required to be deposited into the Special Allocation Fund by operation of the TIF Act), less District Expenses, to the City or to any Trustee for any TIF Obligations in accordance with Section 6.2. Once all TIF Obligations have been repaid, the District may use District Revenues for any purpose permitted by the CID Act and the petition providing for the creation of the District.
(f) Notwithstanding anything contained herein to the contrary, if property outside of the Redevelopment Area is included in the District’s boundaries, then, so long as any TIF Obligations are outstanding, (1) at least 50% of District Revenues generated from the property outside of the Redevelopment Area shall be included in the District Revenues transferred to the District Revenues Account or the Trustee pursuant to Section 6.2 and ...
Community Improvement District. It is contemplated by the parties that the Project shall be funded in part by CID Bonds. Developer has identified certain Project Costs which may be paid with CID Bonds if and to the extent that such Project Costs are: (i) agreed- upon by the parties and identified on Exhibit L attached hereto for Phase 1 (the "Phase 1 CID Project Costs"), (ii) agreed-upon by the parties and identified on Exhibit M attached hereto for Phase 2 (the "Phase 2 CID Project Costs"), and (iii) eligible for payment or reimbursement pursuant to the CID Act. Collectively, the Phase 1 CID Project Costs and the Phase 2 CID Project Costs may be referred to herein as the "CID Project Costs." Further, in connection with the CID, the parties hereby agree as follows:
Community Improvement District. In order to provide operating funds for the Transit Program, Company agrees to submit to Issuer no later than 30 days after Company’s acquisition of fee title to the Project Site a petition in substantially the form attached as Exhibit F hereto seeking approval by Issuer for the creation of a community improvement district (the “CID”) and a waiver of assessment proceedings in substantially the form attached as Exhibit G hereto, and Company further agrees that the CID shall impose an annual special assessment in the amount of $300,000 for a term of twenty (20) years to provide operating funds for the Transit Program (the “CID Funds”). The CID shall be subject to renewal with the approval of Company and Issuer, as provided by State law. The Company agrees to timely pay all CID special assessments in the manner set forth in the CID Act. The Issuer will deposit the CID Funds into a segregated fund held with the Issuer and use such CID Funds solely for payment of CID Costs of the Transit Program. Except for the CID Funds, all funds for the operation of the Transit Program shall be provided by Issuer. During the term of the CID, the Issuer and Company agree to take no action that would terminate or impair the CID or the collection of the CID special assessments. Notwithstanding anything to the contrary herein, if Company shall properly file a petition seeking the approval by Issuer of (a) the creation of the CID, and (b) the imposition of an annual special assessment, for a term of twenty (20) years, in the annual amount of $300,000, and following the completion of such activities by Company, the Issuer shall for any reason fail, not later than the later of December 31, 2023 or the issuance of a certificate of occupancy for the Project, to pass ordinance(s) approving the creation of the CID and the imposition of an annual special assessment, for a term of twenty (20) years, in the annual amount of $300,000, then in that event the terms and provisions of this Section 3.12 shall terminate and be null and void and of no further force and effect.
Community Improvement District. By: Title:
Community Improvement District. Section 6.01. Formation and Operation of the CID 3 Section 6.02. CID Responsible for Maintenance of Storm Water Improvements 3
Community Improvement District. If a Community Improvement District (“CID”) that includes all or a majority of the area of Special Business District No. 2 of the City of Cape Girardeau is established pursuant to Sections 67.1401 to 67.1571 RSMo, as amended, and the CID does not include the Project Site, then during the term of the CID, Developer shall make monthly to the City supplemental cash payments in an amount equal to: (1) the revenues in each such month of the Project that would be subject to the CID sales tax if the Project was included within the CID, multiplied by (2) a percentage equal to the sales tax rate levied by the CID up to a maximum rate of one percent (1.0%). Each such supplemental payment shall be made contemporaneous with payments of monthly sales tax receipts due to the State of Missouri Department of Revenue. City shall deposit the monthly supplemental payment into the Riverfront Fund for uses authorized for the Riverfront Fund but such deposit shall not constitute the City’s funding to the Riverfront Fund described in Paragraph 3.12.
Community Improvement District. The Developer shall have the right in Developer’s sole and subjective discretion, to pursue the creation of a community improvement district pursuant to the CID Act, to be known as the “University Village Community Improvement District.” The CID shall be created for the purpose of providing tax revenues for funding Reimbursable Development Project Costs paid or incurred in connection with the CID Project and CID Administrative Costs. If the Developer elects to cause the creation of the CID, the CID shall be created and shall operate in accordance with the following:
Community Improvement District. The CID has been formed with boundaries that include the Redevelopment Project Areas excluding the Initial Anchor Store and has imposed the CID Sales Tax. CID Revenue will fund a portion of the Redevelopment Project Costs as set forth in Exhibit F-3, which include the cost of certain Public Project Improvements within the boundaries of the CID and the cost of the BKD relocation as part of the Private Project Improvements.
Community Improvement District. It is contemplated by the parties that portions of the Project may be funded in part by one or more community improvement districts (each, a "CID" and collectively, "CIDs") established pursuant to K.S.A. 12-6a26 et seq. (the "CID Act") within the District, each with a CID sales tax ("CID Sales Tax"). The UG previously created one such CID in the District, the boundaries of which generally encompass Project Area 1 (the "Waterpark CID"), and the UG Commission approved the levy of a 2% CID Sales Tax which was imposed on July 1, 2013 and will end on June 30, 2035. Developer acknowledges and agrees that Developer has no right to, or interest in, the Waterpark CID whatsoever, nor shall Developer have rights or access to any CID Proceeds generated by the Waterpark CID. Within one hundred and twenty (120) days following the Assignment and SVV's sale of the SVV Site to Developer, the UG hereby directs its staff to bring forward a termination of the Waterpark CID for consideration by the UG's Commission. Given the importance of potential additional CIDs to the Public Financing for the Project, however, the UG will also agree to consider creating one or more additional CIDs for Project Area 1 and/or other portions of the District in the future, subject to the UG Commission’s sole and absolute discretion at the time of any such request. Developer understands and agrees that the UG cannot bind governing bodies of the UG regarding the approval of future CIDs and nothing contained herein shall in any way bind the Commission of the UG to approve future CIDs, which decisions shall unconditionally remain within the sole discretion of such Commission. As and when any CID is brought to the UG Commission for approval, the UG and Developer will have identified certain specific Project Costs which may be paid with CID Revenues if and to the extent that such Project Costs are: (i) agreed upon by the parties and identified on the Total Project Budget (as the same may be amended by the parties from time to time), and (ii) eligible for payment or reimbursement pursuant to the CID Act (the "CID Project Costs"), which CID Project Costs will be reimbursable from the revenues of the CID Sales Tax less the CID Administrative Fee (as defined in this Section 4.4(f) below) (the "CID Proceeds"). The UG and Developer hereby agree that the Purchase Price will, at Developer's request, be deemed to be included as a CID Project Cost, provided however that Developer recognizes and agrees that if a...
Community Improvement District. (a) No later than 45 days following the submittal of the Notice of Acquisition, the Developer will submit the CID Petition to the City pursuant to the CID Act. The boundaries of the District described in the CID Petition shall include all of the Property except for the portion of the Property upon which the Public Works Facility will be located. The petition for creating the District shall provide that the District’s continued existence shall be conditioned upon the District entering into the District Project Agreement. The Developer shall cause the District, promptly following its formation and constitution of a board of directors, to (i) authorize and enter the District Project Agreement with the City and the Developer and (ii) take such necessary steps to impose the District Sales Tax, including but not limited to passing necessary resolutions and submitting the matter of imposing the District Sales Tax to the qualified voters of the District. The Developer shall, as a “qualified voter” of the District, vote in favor of imposing the District Sales Tax.
(b) The City will cooperate with and assist the Developer in all proceedings relating to the creation and certification of the District.