Common use of Developer Payments Clause in Contracts

Developer Payments. (a) On an annual basis, the City agrees to pay Developer, within thirty (30) days of the end of each Fiscal Year, all amounts then on deposit in the Project Cost Account. (b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain unpaid, because of a bona fide valuation dispute being pursued by ▇▇▇▇▇▇▇▇▇, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value and deposited into the City’s general fund; and second, shall constitute payment of Property Taxes with respect to Non-Captured Increased Assessed Value and deposited into the City’s general fund; and third, shall constitute payment of Property Taxes with respect to Captured Assessed Value, to be applied to payment of Developer 's share of the Tax Increment Revenues for the year concerned and deposited into Project Cost Account. (c) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain due to the City from and unpaid by Developer, for any reason other than a bona fide valuation dispute, or if any portion of any other fee or charge due to the City by Developer including but not limited to sewer and stormwater fees, ambulance fees, or assessments, remain unpaid, no payment of Developer 's share of the Tax Increment Revenues for the year concerned will be deposited into the Project Cost Account until such property taxes assessed against real or personal property located in the District, and other fees, charges, and assessments are paid in full. (d) Annually, Developer will provide financial statements as back-up documentation of Project Costs for its TIF payments, which documentation will be kept confidential by the City. (e) Prior to receiving the first payment under this Agreement, Developer shall provide evidence reasonably satisfactory to the City of the Developer’s ability to complete the Project in accordance with State law. Reasonably satisfactory evidence shall include documentation that the Developer has closed on complete financing for the Project. (f) On a bi-weekly basis during the course of construction of the Project, Developer must provide documentation in a form reasonably satisfactory to the City demonstrating that all firms employed in the construction phase of the Project have compensated their employees, at all relevant times, the current wage rates and fringe benefits as required under applicable state prevailing wage law, 26 M.R.S. §1306, or the City’s minimum wage requirements set forth in Chapter 33, Sections 1-12 of the Portland City Code, whichever is greater. (g) Developer must provide evidence reasonably satisfactory to the City demonstrating that the Project was designed, constructed and rehabilitated in accordance with the City’s Green Building Code set forth in Chapter 6, Article VII, of the Portland City Code.

Developer Payments. (a) On an annual basis, the City agrees to pay Developer, within thirty (30) days of the end of each Fiscal Year, all amounts then on deposit in the Project Cost Account. (b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain unpaid, because of a bona fide valuation dispute being pursued by ▇▇▇▇▇▇▇▇▇Developer, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original $ Assessed Value and deposited into the City’s general fund; and second, shall constitute payment of Property Taxes with respect to Non-Captured Increased Assessed Value and deposited into the City’s general fund; and third, shall constitute payment of Property Taxes with respect to Captured Assessed Value, to be applied to payment of Developer 's share of the Tax Increment Revenues for the year concerned and deposited into Project Cost Account. (c) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain due to the City from and unpaid by Developerunpaid, for any reason other than a bona fide valuation dispute, or if any portion of any other fee or charge due to the City by Developer including but not limited to sewer and or stormwater fees, ambulance fees, or assessments, remain unpaid, no payment of Developer 's share of the Tax Increment Revenues for the year concerned will be deposited into the Project Cost Account until such property taxes assessed against real or personal property located in the District, and other fees, charges, and assessments are paid in full. (d) Annually, Developer will provide financial statements as back-up documentation of Project Costs for its TIF payments, which documentation will be kept confidential by the City. (e) Prior to receiving the first payment under this Agreement, Developer shall provide evidence reasonably satisfactory to the City of the Developer’s ability to complete the Project in accordance with State law. Reasonably satisfactory evidence shall include documentation that the Developer has closed on complete financing for the Project. (f) On a bi-weekly basis during the course of construction of the Project, Developer must provide documentation in a form reasonably satisfactory to the City demonstrating that all firms employed in the construction phase of the Project have compensated their employees, at all relevant times, the current wage rates and fringe benefits as required under applicable state prevailing wage law, 26 M.R.S. §1306, or the City’s minimum wage requirements set forth in Chapter 33, Sections 1-12 of the Portland City Code, whichever is greater. (g) Developer must provide evidence reasonably satisfactory to the City demonstrating that the Project was designed, constructed and rehabilitated in accordance with the City’s Green Building Code set forth in Chapter 6, Article VII, of the Portland City Code.

Developer Payments. (a) On an annual basisa. Subject to the Expense Cap, as hereinafter defined, the Developer shall reimburse the City agrees for the fees, out-of-pocket costs, all charges for counsel and consultants and all other expenses incurred by the City in providing the City Services (the “Charges”), Charges incurred prior to pay the Effective Date (“Prior Charges”) shall be reimbursed solely in accordance with Section 3.b and 3.d of this Agreement and Charges incurred after the Effective Date (“Subsequent Charges”) in accordance with Section 3.e of this Agreement. The City shall not be required to obtain the Developer’s approval for payment of any of the Charges incurred within the Expense Cap. b. The City acknowledges receipt of Fifteen Thousand Dollars ($15,000) (the "Deposit") from the Developer, representing the City's TIF Application Fee to be applied to reduce the Prior Charges incurred by the City and authorized for reimbursement hereunder. c. The City shall submit an itemized statement for actual attorneys' and outside consultants' time and out-of-pocket expenses necessary to perform its obligations hereunder or for any additional obligations or expenditures incurred by the City after the Effective Date. Such statements shall be submitted no more often than monthly. The Developer shall pay the City the amounts set forth on such statements (the "Additional Funds") within thirty (30) days of receipt thereof. Both parties agree to a pre-authorized expense budget of $10,000 for Subsequent Charges (the end "Expense Cap"). If City determines that the Subsequent Charges shall exceed the Expense Cap, the City shall provide the Developer with at least sixty (60) days advance written notice, prior to incurring any Subsequent Charges in access of each Fiscal Yearthe Expense Cap, all and justification for additional expense items and deposits that may be required to obtain the Developer’s approval for said additional Subsequent Charges. If Developer determines that it is unwilling to fund amounts then on deposit in excess of the Project Cost Account. Expense Cap, it shall so notify City, and City and Developer shall meet and negotiate in good faith to determine if the City's consideration of the Plan can continue without incurring Subsequent Charges in excess of the Expense Cap. If the City determines that it is not reasonably able to complete review and consideration of the Plan without incurring Subsequent Charges in excess of the Expense Cap, it shall notify Developer, and Developer shall either (a) agree to pay such Subsequent Charges in excess of the Expense Cap, or (b) Notwithstanding anything notify City of its election not to the contrary contained herein, if, with respect to any Tax Payment Date, any portion pay Subsequent Charges in excess of the property taxes assessed against real or personal property located Expense Cap, in the District remain unpaid, because of a bona fide valuation dispute being pursued by ▇▇▇▇▇▇▇▇▇, the property taxes actually paid with respect which case Developer shall have no obligation to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value and deposited into the City’s general fund; and second, shall constitute payment of Property Taxes with respect to Non-Captured Increased Assessed Value and deposited into the City’s general fund; and third, shall constitute payment of Property Taxes with respect to Captured Assessed Value, to be applied to payment of Developer 's share pay Subsequent Charges in excess of the Tax Increment Revenues for the year concerned and deposited into Project Cost Account. (c) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain due to the City from and unpaid by Developer, for any reason other than a bona fide valuation dispute, or if any portion of any other fee or charge due to the City by Developer including but not limited to sewer and stormwater fees, ambulance fees, or assessments, remain unpaid, no payment of Developer 's share of the Tax Increment Revenues for the year concerned will be deposited into the Project Cost Account until such property taxes assessed against real or personal property located in the DistrictExpense Cap, and other fees, charges, and assessments are paid in full. (d) Annually, Developer will provide financial statements as back-up documentation of Project Costs for its TIF payments, which documentation will be kept confidential by the City. (e) Prior to receiving the first payment under this Agreement, Developer City shall provide evidence reasonably satisfactory to the City of the Developer’s ability have no further obligation to complete the Project review and consideration of the Plan; at City's option, City may treat such election by Developer not to pay Subsequent Charges in accordance with State law. Reasonably satisfactory evidence shall include documentation that excess of the Developer has closed on complete financing Expense Cap as Developer's election to withdraw its application for consideration of the ProjectPlan. (f) On a bi-weekly basis during the course of construction d. Upon approval of the ProjectPlan and Special District, Developer must provide documentation in a form reasonably satisfactory to the City demonstrating that all firms employed in shall be entitled to reimbursement for any Prior Charges from the construction phase of revenues generated from the Project have compensated their employees, at all relevant times, the current wage rates and fringe benefits as required under applicable state prevailing wage law, 26 M.R.S. §1306Special District sales tax, or the City’s minimum wage requirements set forth in Chapter 33, Sections 1-12 proceeds of the Portland City Code, whichever is greaterbonds attributable to the special district sales tax (the “Special District Bonds”). All Prior Charges paid prior to the Effective Date shall be paid from those sources of funding identified in this Section 3.d no later than six months from the date the Special District Bonds are issued. e. Upon approval of the Plan and Special District, the City shall be entitled to reimbursement for any Subsequent Charges not previously reimbursed by Developer. City shall be entitled to submit outstanding statements for payment from revenues generated from any of the following: (gi) Developer must provide evidence reasonably satisfactory the Special District sales tax, (ii) the proceeds of the Special District Bonds, (iii) tax increment financing revenues from the redevelopment area that are collected in the special allocation fund established pursuant to the Plan and the Act, or (iv) the proceeds of any bonds issued pursuant to the Plan (the “TIF Bonds”). All Subsequent Charges incurred after the Effective Date and not previously reimbursed by Developer shall be paid from those sources of funding identified in this Section 3.e no later than six months from the date the TIF Bonds are issued. f. If the Plan and Special District are not approved by the City demonstrating that Council, the Project was designed, constructed and rehabilitated Developer shall have no obligation whatsoever to reimburse the City for any Prior Charges not already reimbursed or Subsequent Charges in accordance with the City’s Green Building Code set forth in Chapter 6, Article VII, excess of the Portland City CodeExpense Cap.

Developer Payments. (a) On an annual basis, the City agrees to pay Developer, within thirty (30) days of the end of each Fiscal Yearfiscal year (ends June 30 each year), all amounts then on deposit in the Project Cost Account. (b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain unpaid, because of a bona fide valuation dispute being pursued by ▇▇▇▇▇▇▇▇▇, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value and deposited into the City’s general fund; and second, shall constitute payment of Property Taxes with respect to Non-Captured Increased Assessed Value and deposited into the City’s general fund; and third, shall constitute payment of Property Taxes with respect to Captured Assessed Value, to be applied to payment of Developer 's share of the Tax Increment Revenues for the year concerned and deposited into the Project Cost Account. (c) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain due to the City from and unpaid by Developerunpaid, for any reason other than a bona fide valuation dispute, or if any portion of any other fee or charge due to the City by Developer including but not limited to sewer and or stormwater fees, ambulance fees, or assessments, remain unpaid, no payment of Developer 's share of the Tax Increment Revenues for the year concerned will be deposited into the Project Cost Account until such property taxes assessed against real or personal property located in the District, and other fees, charges, and assessments are paid in full. (d) Annually, Developer will provide financial statements as back-up documentation of Project Costs for its TIF payments, which documentation will be kept confidential by the City. (e) Prior to receiving the first payment under this Agreement, Developer shall provide evidence reasonably satisfactory to the City of the Developer’s ability to complete the Project in accordance with State law. Reasonably satisfactory evidence shall include documentation that the Developer has closed on complete financing for the Project. (f) On a bi-weekly basis during the course of construction of the Project, Developer must provide documentation in a form reasonably satisfactory to the City demonstrating that all firms employed in the construction phase of the Project have compensated their employees, at all relevant times, the current wage rates and fringe benefits as required under applicable state prevailing wage law, 26 M.R.S. §1306, or the City’s minimum wage requirements set forth in Chapter 33, Sections 1-12 of the Portland City Code, whichever is greater. (g) Developer must provide evidence reasonably satisfactory to the City demonstrating that the Project was designed, constructed and rehabilitated in accordance with the City’s Green Building Code set forth in Chapter 6, Article VII, of the Portland City Code.