TIF Notes Sample Clauses
TIF Notes. (a) The Village hereby agrees to issue, authenticate and deliver to the Developer or its registered assigns, in exchange for the payment or incurrence by Developer or any Affiliate thereof of Economic Development Project Costs evidenced as described in this Section 4.02 and the Term Sheet attached as Exhibit D to the Annexation Agreement, one or more TIF Note(s) or series of TIF Note(s) in an aggregate original principal amount equal to sum of (i) $100,000,000 plus (ii) any cost of the Road Projects paid by Developer or an Affiliate which exceeds $5,500,000 plus (iii) any cost of the Base Water and Sewer System not funded with the DCCA Loan plus (iv) any other costs mutually agreed to between the Village and Developer (the "Initial Original Principal Amount"); provided, however, any increase described in clause (ii) shall not exceed $18,000,000 and the aggregate increase described in clauses (ii) and (iii) shall not exceed $25,000,000. The Village agrees to issue one or more TIF Note(s) or series of TIF Note(s) subject to the above limitation in aggregate original principal amount and such TIF Notes shall be deemed purchased by Developer by the payment or incurrence of the Economic Development Project Costs which shall be evidenced as provided in Section 4.02 hereof. The principal amount of the TIF Note(s) shall accrete and appreciate at ten percent (10%) per annum, compounded semi-annually until the earlier of the Interest Commencement Date or the date interest accrued on the TIF Notes on a current (semi-annual basis).
(b) The Developer or its registered assigns shall, at the option of the Developer, be entitled to have the TIF Notes issued from time to time, or the original principal amount of TIF Notes theretofore issued to be increased from time to time, in an original principal amount not to exceed the limitations described herein, by the payment or incurrence by Developer or any Affiliate of Economic Development Project Costs and the submission of a Note Requisition Request to the Trustee in form of EXHIBIT I hereto. The original principal amount of the TIF Notes shall be increased dollar-for-dollar for the Economic Development Project Costs so evidenced by any such Note Requisition Request, subject to the limitation described herein. The TIF Note(s) will be issued in such form and subject to such terms and conditions as shall be provided in the TIF Note Ordinance, the Indenture and consistent with the term sheet attached as EXHIBIT D to the Annexati...
TIF Notes. In order for Developer to obtain the TIF Assistance contemplated by this Agreement, the Authority shall issue, subject to the terms and conditions of this Agreement, two (2) “pay-as-you-go” TIF notes (each a “TIF Note” and collectively, the “TIF Notes”) to Developer in the aggregate principal amount of up to $7,550,000 (the “Maximum Principal Amount”). One TIF Note shall be issued after the Completion of the Phase 1 Minimum Improvements (“Phase 1 TIF Note”) and Developer’s satisfaction of the other conditions to issuance of the Phase 1 TIF Note set forth in Section 3.4(d). The maximum original principal amount of the Phase 1 TIF Note shall be $5,935,000. The second TIF Note shall be issued upon the Completion of the Phase 2 Minimum Improvements (“Phase 2 TIF Note”) and Developer’s satisfaction of the other conditions to issuance of the Phase 2 TIF Note set forth in Section 3.4(e). The maximum original principal amount of the Phase 2 TIF Note shall be $1,615,000. Each TIF Note shall be issued in substantially the form attached as Exhibit H.
TIF Notes. There are no tax increment allocation financing notes with respect to the Company’s intermodal project in Will County, Illinois outstanding other than (i) the Senior Lien Notes (Tax Increment Allocation Notes, Series 20▇▇ (▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇roject)) issued by the Village of ▇▇▇▇▇▇ on November 30, 2003 to Bank of New York, as Trustee under that certain Master Trust Agreement dated as of January 1, 2004 (the “Master Trust Agreement”) as supplemented by that certain Series Trust Agreement dated as of January 1, 2004 (the “Series Trust Agreement and, together with the Master Trust Agreement, the “Trust Agreement”), each by and between CNT Administrator, LLC and Bank of New York , as Master Trustee (the “Master Trustee”) in an original principal amount of $47,326,542.23 (the “2003 Senior TIF Notes”) and (ii) Junior Lien Notes (Tax Increment Allocation Notes, Series 20▇▇ (▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇roject)) issued by the Village of ▇▇▇▇▇▇ on November 30, 2003 to CenterPoint Intermodal LLC and CenterPoint Realty Services Corporation in an original principal amount of $63,556,145.77 (the “2003 Junior Lien Notes”). No tender rights certificates evidencing tender rights have been issued with respect to the 2003 Junior Lien Notes. CenterPoint Intermodal LLC has good and marketable title to the 2003 Junior Lien Notes, free and clear of all claims, liens, security interests encumbrances. CNT Administrator LLC has good and marketable title to the Class B Certificates issued to CNT Administrator LLC by the trust created by the Trust Agreement , free and clear of all claims, liens, security interests encumbrances but in all respects subject and subordinate to the right, title and interest of the holders of the Class A Certificates (as defined in the Trust Agreement). There are no tax increment allocation financing notes or payment certificates with respect to the Company’s Village of ▇▇▇▇▇▇ redevelopment project outstanding.
TIF Notes