Economic Development Tax Increment Revenue Bonds Sample Clauses

Economic Development Tax Increment Revenue Bonds. As provided in this Agreement, and subject to this Section 2.1, the formal approvals of the City Parties and satisfaction of the conditions precedent set forth in Section 2.2, the City shall use its best efforts to issue the Bonds, pursuant to the Act, to the Developer or Developer’s bank to pay for or reimburse all or a portion of the Project Costs and capitalized interest, if any. Project Costs shall not include any payments for or reimbursements of road impact fees “RIF”) payable by the Developer under Ordinance 17-43 in connection with the Project. Developer and City shall negotiate any RIF reimbursemements related to the Project in a separate agreement. The Bonds shall (1) be issued pursuant to a Trust Indenture, in accordance with the Act; (2) mature not later than 25 years after the delivery date of the Bonds; (3) be issued in an aggregate principal amount not to exceed $1,525,000, inclusive of amounts to be paid toward capitalized interest and cost of issuance, to yield the Net Proceeds to pay for or reimburse Project Costs; (4) bear a fixed interest rate not to exceed six (6.0%); (5) be subject to optional redemption, on any date, upon fifteen (15) days’ notice, in whole or in part, in such order of maturity as the City shall direct and by lot within maturities, at face value, with no premium, plus in each case accrued interest to the date fixed for redemption, with no premium or penalty, as may be further provided in the Trust Indenture; and (6) be payable on February 1 and August 1, solely from Net TIF Revenues, when and if available. The Bonds may be issued in one or more series and may be structured as draw down bonds with the principal being drawn incrementally as such bonds are purchased by the Developer. The Bonds may be subject to mandatory sinking fund redemption. Payments on the Bonds are payable in lawful money of the United States of America by check mailed or delivered to the registered owners or by wire transfer as provided in the Trust Indenture. In accordance with the Act, the Bonds shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City. If the Bonds are purchased by the Developer’s bank, the Developer shall provide a corporate or personal guarantee to make principal and interest payments on the Bonds to the extent Net TIF Revenues are insufficient to make such payments. In January of each year, the Redevelopment Commisison shall make an annual determination of whether...
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Related to Economic Development Tax Increment Revenue Bonds

  • Tax Increment Financing The Redevelopment Agreement provides for the capture of the Tax Increment, as defined therein, by the City of the Redeveloper Improvements to be made by the Redeveloper for a period not to exceed fifteen (15) years after the Redevelopment Project effective date defined in the Redevelopment Agreement. The Tax Increment so captured by the City shall be used for to make the Redeveloper Improvements as described in the Redevelopment Agreement.

  • Billing Increments Unless otherwise stated in a Service Order, usage-based charges will be billed on either a per-minute or per- message basis. Service calls invoiced on a per-minute basis will have an initial minimum call duration of one (1) minute, subsequent intervals of one (1) minute each, and will be billed by rounding to the next whole minute.

  • Incremental Progression Three (3) Year Trained Teacher - Professional Development

  • Design Development Phase INDICATE IN STATEMENT OF WORK “NOT APPLICABLE” IF SECTION IS NOT APPLICABLE

  • Increment (a) If the Reference Tonnage Handled by all Access Holders plus the Excess Tonnage Shipped by all Access Holders in a Financial Year exceeds the Aggregate Reference Tonnage ("Over-shipment"), DBCT Management will initially hold (or be entitled to hold - if it is has not actually been paid the relevant amount) a portion of the revenue attributable to the Over-shipment of up to and including 2% of the Revenue Cap (the "Provisional Increment") calculated in accordance with Sub¬Section 4 (b) below.

  • Development Phase contractual phase initiated with the approval of ANP for the Development Plan and which is extended during the Production Phase while investments in xxxxx, equipment, and facilities for the Production of Oil and Gas according to the Best Practices of the Oil Industry are required.

  • COSTS DISTRIBUTED THROUGH COUNTYWIDE COST ALLOCATIONS The indirect overhead and support service costs listed in the Summary Schedule (attached) are formally approved as actual costs for fiscal year 2020-21, and as estimated costs for fiscal year 2022-23 on a “fixed with carry-forward” basis. These costs may be included as part of the county departments’ costs indicated effective July 1, 2022, for further allocation to federal grants and contracts performed by the respective county departments.

  • CONSTRUCTION INDUSTRY DEVELOPMENT & PROMOTION FUND 19.01 The Employer shall contribute to the Union’s Construction Industry Development and Promotion Fund (the “Industry Fund”) the amount identified at Schedule “A” for each hour worked by each employee covered by this Agreement, and it shall remit such contributions to the Union together with union dues, and in the manner described in the Remittances to the Union article and in the Union’s remittance directives.

  • Development Area 10.4. The Development Area shall encompass all Deposits to be produced.

  • Total Project Costs The sum of the Construction Cost, allowances for contingencies, and the total costs of services of Engineer or other design professionals and consultants, together with such other Project-related costs that Owner furnishes for inclusion, including but not limited to cost of land, rights-of-way, compensation for damages to properties, Owner’s costs for legal, accounting, insurance counseling and auditing services, interest and financing charges incurred in connection with the Project, and the cost of other services to be provided by others to Owner pursuant to Exhibit B of this Agreement.

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