STAR Bonds Sample Clauses
The STAR Bonds clause establishes the terms and conditions under which Sales Tax Anticipation Revenue (STAR) bonds are issued and managed within a development project. It typically outlines the process for using future sales tax revenues generated by a specific project to repay the bonds, including eligibility criteria for projects, the allocation of tax revenues, and the responsibilities of the parties involved. This clause is essential for enabling large-scale developments to secure upfront financing by leveraging anticipated tax income, thereby facilitating economic growth and redevelopment efforts while managing financial risk for both developers and municipalities.
STAR Bonds. It is contemplated by the parties that the Project shall be funded in part by STAR Bonds. In connection with the STAR Bonds, the parties hereby agree as follows:
STAR Bonds. The parties hereby agree as follows:
STAR Bonds. The Parties further acknowledge that the City has obtained the authorization of the Secretary of Commerce for the State of Kansas to issue STAR Bonds for the Development Site (the “STAR Bonds”). The Parties acknowledge and agree that the STAR Bonds have not been issued for and will not directly benefit the Developer for the Private Development Site.
STAR Bonds. Similar to Section 5.03 of the Original Development Agreement, the Parties will mutually cooperate to obtain the authorization of the Secretary to issue the 2022 STAR Bonds for the Project. The City is currently pursuing, and will continue to diligently pursue, all necessary approvals for the Governing Body; and the selection of a Placement Agent or Underwriter so that the 2022 STAR Bonds may be issued in one or more bond issuances in accordance with Sections 6.06 and 6.07 of the Original Development Agreement. In the event that it is deemed necessary under commercially reasonable standards to issue the 2022 STAR Bonds in more than one series, the City agrees that it will diligently pursue such issues until the full amount of the 2022 STAR Bonds has been funded for the Project, provided that nothing herein shall be construed to obligate or bind the City to any future action or approval. Upon the issuance of the 2022 STAR Bonds, the proceeds of the sale of the 2022 STAR Bonds (the “2022 STAR Bond Proceeds”) will be deposited into a bond fund (the “2022 STAR Bond Fund”) governed by the Bond Documents, the proceeds of which may be utilized only for items deemed STAR Bond Eligible Costs pursuant to the STAR Bond Act.
A. First, the Developer may utilize the 2022 STAR Bond Proceeds to pay a portion of the costs to acquire the real property on which the Final Phase Project will be located, subject to the Secretary’s approval, as set forth on Exhibit E hereto.
B. Second, the Developer may utilize 2022 STAR Bond Proceeds to construct the 2022 Public Infrastructure Improvements.
C. Third, the Developer may utilize the 2022 STAR Bond Proceeds to pay a portion of the costs to construct the Outdoor Adventure Sports Complex, Aerial Park, and the Glamping Component, as set forth on Exhibit E hereto; provided, however, at the discretion of the City Representative, the 2022 STAR Bond Proceeds may be utilized to pay a portion of any cost identified in the Final Phase Project Budget to construct any other component of the Final Phase Project prior to completion of the Outdoor Adventure Sports Complex, Aerial Park, and Glamping Component.
D. After the Final Phase Project has been completed, the balance of the 2022 STAR Bond Proceeds may be utilized by the Developer for any other STAR Bond Eligible Costs with the prior written approval of the City Representative and the Secretary.
STAR Bonds. The parties hereby agree that Section 4.02(b) is deleted in its entirety and replaced with the words "Intentionally omitted" and Section 4.02(a) of the Development Agreement is deleted in its entirety and replaced with the following language, which omits any reference to additional STAR Bonds for Phase 2 of the Project: