Speculative Building IRB Program Sample Clauses

Speculative Building IRB Program. The Developer may request that the City issue industrial revenue bonds, in one or more series (the “IRBs”) to finance eligible capital expenditures for certain buildings within the Project pursuant to the City’s Speculative Industrial/Flex/Office Buildings program (the “Spec Program”). Each proposed building: (a) must independently comply with all requirements of the Spec Program, including separate application, separate fee, and separate City Council consideration; and (b) will be located in the portions of the TIF District that are outside of a TIF project area, as depicted on the map attached as Exhibit B. If approved by the City Council, the IRBs would be issued after completion of each structure constructed pursuant to the Spec Program if the performance requirements of the Development Agreement are satisfied and all other conditions of the Spec Program are met. It is further anticipated that the IRBs would be purchased by the Developer or a related entity.