Common use of Development Fund Clause in Contracts

Development Fund. Pursuant to the MIDA Act, , including financing or refinancing, MIDA shall receive funds to pay for the development of land within the MRF Project Area, ongoing operation of the MRF, MIDA expenses, and the cost of acquisition, construction, maintenance, repair, or replacement of publicly owned land, infrastructure, or improvements (including without limitation, roads, streets, public utility infrastructure, trails, paths, parks, recreation facilities, playgrounds, open space, etc., and such publicly owned land, infrastructure, or improvements being referred to herein as the “Infrastructure”) within or outside the MRF Project Area. The collection, allocation, use, and disbursal of funds that are part of the Development Fund less ten percent (10%) to pay for MIDA’s administrative, overhead, legal, and other operating expenses, described in Subsection 10(a) below, which are generated from the Hideout Zone shall be governed by this S ection 10. (“Development Fund”). a. Monies for the Development Fund will come from the: i. 75% of the Property Tax Allocation generated in the Hideout Zone in accordance with the MIDA Act for the 25-year period in which the property tax allocation may be collected as the same may be extended in accordance with the MIDA Act (“Property Tax Allocation Period”); ii. point of sale portion of sales and use tax collected from the Hideout Zone, in accordance with the MIDA Act; and iii. resort communities tax collected from the Hideout Zone, as authorized by the MIDA Act. b. Under the MIDA Act, MIDA may use the sales and use tax and the resort communities’ tax in either the Municipal Services Revenue Fund or the Development Fund. Both Parties agree that given the significant infrastructure costs associated with providing a high-quality development within the Hideout Zone, both taxes will be part of the Development Fund during the Property Tax Allocation Period. Following the Property Tax Allocation Period, the proceeds from such taxes may, if agreed by the MIDA Executive Director and Hideout Mayor, be included in the Municipal Services Revenue Fund, and failing such agreement, shall be used and / or allocated as provided in the MIDA Act. c. Thirty percent (30%) of the contribution to the Development Fund generated from each property in the Hideout Zone shall be used, consistent with the MIDA Act, to the extent justified and approved by MIDA to assist the landowners in the development of Infrastructure that will assist the landowners in the development of the landowner’s property. d. The remaining seventy percent (70%) of the contribution to the Development Fund shall be used to benefit the MRF Project Area and the surrounding Town of Hideout, as follows: i. These funds shall be split equally by MIDA and Hideout to benefit the MRF Project Area, as determined by each Party in its sole discretion, consistent with the MIDA Act. This includes, but is not limited to, infrastructure and improvements available to the public and military personnel such as parks, trails, boat ramps, and other recreation facilities. ii. Each Party may fund the installation of UTOPIA fiber within the boundaries of Hideout and the MRF Project Area. This may include the pledging of that Party’s one-half share of the 70% as collateral for bonds issued by the Utah Infrastructure Agency or MIDA, or to secure any other obligation of Hideout or MIDA under any agreement(s) they may enter into with the Utah Infrastructure Agency. iii. Hideout will identify the uses of the funds it controls as identified in Subsection (10)(d)(i) and submit them to MIDA each year, and MIDA shall include them within the MRF Project Area budget adopted each year pursuant to §63H-l-405 of the MIDA Act (“Development Fund Budget”). iv. Annually, MIDA, in consultation with Hideout, shall include in its Development Fund Budget the estimates of the costs associated with the improvements described above and the budget year in which they may be needed. e. Pursuant to §63H-l-502(l)(e) of the MIDA Act, the MIDA Board finds that all of the Infrastructure to be constructed in the Hideout Zone and within the boundaries of Hideout which are outside of the MRF Project Area, are of benefit to the MRF Project Area and this finding is adopted by the resolution approving this Agreement. f. For purposes of § 63H-1-501(2) of the MIDA Act, to begin and calculate the property tax allocation designated by MIDA resolution for any specific parcel of property within the Hideout Zone, MIDA designates Hideout as the entity to issue any certificate of occupancy required for any improvements on that parcel.

Development Fund. Pursuant to the MIDA Act, , including financing or refinancing, MIDA shall receive funds to pay for the development of land within the MRF Project Area, ongoing operation of the MRF, MIDA expenses, and the cost of acquisition, construction, maintenance, repair, or replacement of publicly owned land, infrastructure, or improvements (including without limitation, roads, streets, public utility infrastructure, trails, paths, parks, recreation facilities, playgrounds, open space, etc., and such publicly owned land, infrastructure, or improvements being referred to herein as the “Infrastructure”) within or outside the MRF Project Area. The collection, allocation, use, and disbursal of funds that are part of the Development Fund less ten percent (10%) to pay for MIDA’s administrative, overhead, legal, and other operating expenses, described in Subsection 10(a) below, which are generated from the Hideout Zone shall be governed by this S ection Section 10. (“Development Fund”). a. Monies for the Development Fund will come from the: i. 75% of the Property Tax Allocation generated in the Hideout Zone in accordance with the MIDA Act for the 25-year period in which the property tax allocation may be collected as the same may be extended in accordance with the MIDA Act (“Property Tax Allocation Period”); ii. point of sale portion of sales and use tax collected from the Hideout Zone, in accordance with the MIDA Act; and iii. resort communities tax collected from the Hideout Zone, as authorized by the MIDA Act. b. Under the MIDA Act, MIDA may use the sales and use tax and the resort communities’ tax in either the Municipal Services Revenue Fund or the Development Fund. Both Parties agree that given the significant infrastructure costs associated with providing a high-quality development within the Hideout Zone, both taxes will be part of the Development Fund during the Property Tax Allocation Period. Following the Property Tax Allocation Period, the proceeds from such taxes may, if agreed by the MIDA Executive Director and Hideout Mayor, be included in the Municipal Services Revenue Fund, and failing such agreement, shall be used and / or allocated as provided in the MIDA Act. c. Thirty percent (30%) of the contribution to the Development Fund generated from each property in the Hideout Zone shall be used, consistent with the MIDA Act, to the extent justified and approved by MIDA to assist the landowners in the development of Infrastructure that will assist the landowners in the development of the landowner’s property. d. The remaining seventy percent (70%) of the contribution to the Development Fund shall be used to benefit the MRF Project Area and the surrounding Town of Hideout, as follows: i. These funds shall be split equally by MIDA and Hideout to benefit the MRF Project Area, as determined by each Party in its sole discretion, consistent with the MIDA Act. This includes, but is not limited to, infrastructure and improvements available to the public and military personnel such as parks, trails, boat ramps, and other recreation facilities. ii. Each Party may fund the installation of UTOPIA fiber within the boundaries of Hideout and the MRF Project Area. This may include the pledging of that Party’s one-half share of the 70% as collateral for bonds issued by the Utah Infrastructure Agency or MIDA, or to secure any other obligation of Hideout or MIDA under any agreement(s) they may enter into with the Utah Infrastructure Agency. iii. Hideout will identify the uses of the funds it controls as identified in Subsection (10)(d)(i) and submit them to MIDA each year, and MIDA shall include them within the MRF Project Area budget adopted each year pursuant to §63H-l-405 of the MIDA Act (“Development Fund Budget”). iv. Annually, MIDA, in consultation with Hideout, shall include in its Development Fund Budget the estimates of the costs associated with the improvements described above and the budget year in which they may be needed. e. Pursuant to §63H-l-502(l)(e) of the MIDA Act, the MIDA Board finds that all of the Infrastructure to be constructed in the Hideout Zone and within the boundaries of Hideout which are outside of the MRF Project Area, are of benefit to the MRF Project Area and this finding is adopted by the resolution approving this Agreement. f. For purposes of § 63H-1-501(2) of the MIDA Act, to begin and calculate the property tax allocation designated by MIDA resolution for any specific parcel of property within the Hideout Zone, MIDA designates Hideout as the entity to issue any certificate of occupancy required for any improvements on that parcel.