Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to Developer. The Village shall only be obligated to make payments under the Municipal Revenue Obligation to the extent that the Project generates sufficient Excess Tax Increment to make installment payments. The Municipal Revenue Obligation shall be in the form attached hereto as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions:
Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer and Seller, within sixty (60) calendar days after the City’s receipt the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount of the MRO shall equal the lesser of: (a) twenty percent (20%) of the Available Tax Increment generated on the Apartment Parcel and all other Spirit Lake Development Parcels during the life of the District, and (b) Four Million Nine Hundred Fifty Thousand Dollars ($4,950,000.00) with up to Four Million Dollars ($4,000,000.00) payable to Developer and up to Nine Hundred Fifty Thousand Dollars ($950,000.00) payable to Seller.
Municipal Revenue Obligation. Following the completion of the Site Grading, Developer may provide to the City a written request for issuance of a Municipal Revenue Obligation, which request shall include Developer's certification of the cost of the Site Grading and documentation of Developer's payments to contractors for the Site Grading work. Within forty-five days after submittal of a complete written request for issuance of the Municipal Revenue Obligation with the required certification and documentation, the City shall issue a Municipal Revenue Obligation to Developer, in the principal amount of the lesser of (1) the cost of the Site Grading work or (2) Five Hundred Fifty Thousand Dollars ($550,000), in the form attached hereto as Attachment E, under the following terms and conditions:
Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer, within ninety (90) calendar days after the City’s receipt of the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount paid under the MRO shall equal the lesser of: (a) Three Hundred Fifty Thousand Dollars ($350,000.00), and (b) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date (as defined below).
Municipal Revenue Obligation. Following the completion of and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of the written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to Developer, in the principal amount up to Seven Hundred Six Thousand, Six Hundred Seventy Dollars ($706,670), and only to the extent that the Project generates sufficient Excess Tax Increment to make installment payments, in the form attached hereto as Attachment C, under the following terms and conditions:
Municipal Revenue Obligation. An annual payment from the Village to Developer in an amount equal to Excess Tax Increment paid by Developer from the execution of the Agreement to the TID Closure Date up to $300,000.00, and payable solely from Excess Tax Increment.
