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. (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 all portions of the Property that would be reasonably expected to generate District Revenues if included in the District.
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. Unless the City otherwise consents in writing, the Developer shall petition the City for the creation of one or more CIDs encompassing those portions of the Redevelopment Area that are expected to generate more than an insubstantial amount of retail sales tax. The Parties acknowledge that each CID will be governed by a board of directors made up of five representatives of the owners of real property or businesses operating within the CID and that the initial directors of each CID shall be appointed by the Mayor with the consent of the Board of Aldermen from a slate of five candidates, who meet all the qualifications to serve on the board, to be provided to the City by the Developer. The Parties agree that the City shall be entitled to designate one person to be included on this slate of candidates. The Developer, as an owner of real property within each CID, will authorize the appointment to the board of directors of the person designated by the City by identifying such person as an authorized representative of the Developer with respect to the CID. The City’s designee shall satisfy the requirements of Section 67.1451-2(3) of the CID Act. Any successor directors of each CID shall also be appointed and further detail as to the applicable process to be used for the appointment of successor directors shall be set forth in each CID’s formation petition. The Parties, acting through their representatives on the boards of directors, shall cause the CIDs to (a) engage qualified administrators and/or legal counsel to assist in managing the CID and ensuring compliance with applicable laws and (b) take such steps as are necessary (including casting votes as a qualified voter under the CID Act) to impose a sales and use tax in the amount of one percent (1.0%) and such other taxes and assessments as may be permitted by the CID Act that the Developer may request. The CID may issue bonds, notes and other obligations as it determines appropriate; however, the CID will not issue any tax-exempt bonds, notes or obligations without the City’s prior written consent (which shall not be unreasonably withheld, conditioned or delayed). The City shall have the right to designate Bond Counsel for any tax-exempt obligations issued by or on behalf of the CID.
Community Improvement District. Section 5.01 CID Sales Tax 8 Section 5.02 Approval of CID Project Costs 8 Section 5.03 Application of CID Sales Tax Revenues; Reimbursement of CID Project Costs 8 Section 5.04 Governance of the CID 9
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 3.12.2. The parties hereby agree that Developer’s obligation to make the monthly supplemental payments shall constitute a lien on the Project in favor of the City.
Community Improvement District. By: Title:
Community Improvement District. Developer shall cause a valid petition for the formation of a Community Improvement District ("CID") with boundaries that include the Redevelopment Area to be filed with the City Council, along with all evidence, drawings, affidavits and any other supporting documentation required by the CID Act. The initial petition may include boundaries that do not include the entire Redevelopment Area. Thereafter, Developer shall take all necessary actions to petition the City to add property to the boundaries of the CID from time-to-time as the Developer acquires additional properties in the Redevelopment Area in order to establish boundaries of the CID that are as close as possible to being coterminous with the boundaries of the Redevelopment Area.
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.
Community Improvement District. The Corporation proposes a community improvement district (“CID”) be formed encompassing the Redevelopment Area. A CID is authorized under the Community Improvement District Act, Sections 67.1401-67.1571 RSMo, as amended. The CID would provide the Corporation a mechanism for converting the value of tax abatement under Chapter 353 to a stream of revenue to be used by the Corporation to offset the cost of various improvements related to the Project including, but not limited to, the pedestrian plaza, street improvements and parking facilities. A CID assessment on real property equal to the value of the tax abatement would be imposed on all redeveloped parcels regardless of subsequent ownership and/or control to ensure that all benefited property contribute to offset these extraordinary costs. Additionally, the CID would be authorized to impose a sales tax of up to 1% in retail sales within the Project Property. These funds would be applied toward the same activities as the CID assessment. In the event major improvements to Xxxxxx Road were undertaken by the City with the participation of other benefited property owners, the Corporation would consider having the CID sales tax pooled with the CID sales tax of a larger benefit district to accomplish a comprehensive Xxxxxx Road solution through Downtown Clayton.
