Common use of Initiation of a CFD Clause in Contracts

Initiation of a CFD. Owner may, at its option, submit a written request to City on City's standard application form requesting that City establish a Community Facilities District to finance the Development Impact Fees described on Exhibit “C” to this Agreement, or the acquisition and construction of public facilities. To the extent the City determines it cannot meet the requirements under federal tax code to allow any Development Impact Fees to qualify under tax-exempt bonds, the City shall permit the issuance of taxable bonds to fund such fees (or portion thereof).