Use of TIF Bond Proceeds. A. Use of Project One TIF Bond Proceeds. Project One TIF Bond Proceeds shall be used for and expended for priority expenses (each a “Priority Expense”) in the following priority: FIRST PRIORITY EXPENSE: Reimburse the City for the cost of issuing the Project One TIF Bond, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest and reserves, the Project One Tax Increment Financing Fee in the amount of one percent (1%) of the total of the Project One TIF Bond, and the City’s cost to record Exhibits G, H, I, and L. SECOND PRIORTY EXPENSE: Payment of grant or grants in the amount of $227,500.00 to reimburse Redeveloper for costs of the Project One Site Acquisition. THIRD PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper in the amount of $100,000.00 for costs of the Project One Site Preparation (including demolition, grading, and alley paving) and Streetscape Improvements. Said costs are approximately $90,000 and $10,000 respectively. FOURTH PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper up to the sum of $50,000.00 for the costs of the Project One Façade Enhancements. Based on preliminary cost estimates, the Project One TIF Bond Proceeds shall not fully fund the eligible Project One Façade Enhancements. The Second through Fourth Priority Expenses are collectively the “Redeveloper Project One Priority Expenses.” Only costs for Redeveloper Project One Site Acquisition, Project One Site Preparation, Project One Streetscape Improvements, and Project One Façade Enhancement costs incurred after the date of this Agreement shall be eligible for reimbursement as Redeveloper Project One Priority Expenses under this Section. The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Project One Site Acquisition, Project One Site Preparation, Project One Streetscape Improvements, and/or Project One Façade Enhancements in excess of the available Project One TIF Bond Proceeds as described above. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of eligible Project One Site Acquisition, Project One Site Preparation, Project One Streetscape Improvements, and Project One Façade Enhancements as described herein and the Redeveloper does not have discretionary judgment over the applications of said grant funds.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority: FIRST PRIORITY: Reimburse the City for the cost of issuing the TIF Bond, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest, and reserves. Reimburse the City for the cost of recording the Façade Agreement and Memorandum of Agreement and Use Restrictions. SECOND PRIORITY: Payment of grant or grants to reimburse Redeveloper for costs of the City’s Tax Increment Financing Administration Fee and the Redeveloper Public Improvements. THIRD PRIORTY: Payment of grant or grants to reimburse Redeveloper for the cost of the Public Enhancements. Only Redeveloper Public Improvements and Public Enhancement costs incurred after the date of this Agreement shall be eligible for reimbursement as Second Priority and Third Priority items. The City shall not have any obligation to making a grant or grants to reimburse the Redeveloper for the Redeveloper Public Improvement and/or Public Enhancements in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Redeveloper Public Improvements and/or Public Enhancement costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. In the event there is not enough available TIF Bond Proceeds to complete the Public Enhancements in the Third Priority item as shown above, the Redeveloper may request the Urban Development Director to modify or reduce the scope, scale, size or phasing of the Third Priority item(s), but not eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. Subject to the preceding sentence, the City Urban Development Director on behalf of the City is hereby authorized to modify or reduce the scope, scale, size or phasing of the Third Priority items, but not to eliminate any Third Priority item in order to have enough available TIF Bond Proceeds to fund the modified or reduced Third Priority items. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of eligible Redeveloper Public Improvements and Public Enhancements as described herein and the Redeveloper does not have discretionary judgment over the applications of said grant funds.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority for each phase of the Redevelopment Project: FIRST PRIORITY: Reimburse the Redeveloper for the cost of recording the Memorandum of Agreement and Use Restrictions and Payment of the City’s Tax Increment Financing Administration fee. SECOND PRIORITY: Payment of grant or grants to reimburse Redeveloper for all or partial costs for Site Acquisition within the project site up to One Hundred Thousand Dollars ($100,000.00) THIRD PRIORITY: Payment of grant or grants to reimburse Redeveloper for all or partial costs for façade enhancements up to Seventy Five Thousand Dollars ($75,000.00). FOUTH PRIORITY: Payment of a grant or grants to reimburse Redeveloper for all or partial costs for Site Preparation, to include demolition, up to Fifteen Thousand Dollars ($15,000.00). The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Site Acquisition, Site Preparation, or Façade Enhancements in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Second, Third, and Fourth Priority costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of the Site Acquisition, Site Preparation and Façade Enhancement costs. Redeveloper does not have discretionary judgment over the applications of said grant funds.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority: FIRST PRIORITY: Reimburse the City for the cost of issuing the TIF Bond, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest, and reserves. SECOND PRIORITY: Reimburse the City its cost to record the Building Maintenance and Public Access Agreement and the Memorandum of Redevelopment Agreement and Use Restrictions. THIRD PRIORITY: Payment of grant or grants to reimburse Redeveloper for costs of the Public Enhancements. Only Public Enhancement costs incurred after the date of this Agreement shall be eligible for reimbursement as Third Priority items. The City shall not have any obligation to making a grant or grants to reimburse the Redeveloper for the Public Enhancements in excess of the available TIF Bond Proceeds as described above. Redeveloper shall use its own funds to fund any Public Enhancement costs that exceed the TIF Bond Proceeds that are lawfully available and granted to the Redeveloper hereunder. The funds granted to Redeveloper are restricted and earmarked solely for the reimbursement of the eligible Public Enhancements as described herein and the Redeveloper does not have discretionary judgment over the applications of said grant funds.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended for priority expenses (each a “Priority Expense”) in the following priority: FIRST PRIORITY EXPENSE: Reimburse the City for the Bond Counsel Fee and the TIF Admin. Fee and the cost to record the recordable exhibits to this Agreement. SECOND PRIORITY EXPENSE: Payment of grant or grants in the amount of approximately Four Hundred Eighty Five Thousand and No/100 Dollars ($485,000.00) to reimburse Redeveloper for some or all of its costs of the Site Acquisition. The First and Second Priority Expenses are collectively the “Redeveloper Priority Expenses”) more particularly described on Exhibit “B”, attached and incorporated by this reference. Only costs for Redeveloper Priority Expenses incurred after the date of this Redevelopment Agreement shall be eligible for reimbursement as Redeveloper Priority Expenses under this Section. The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Priority Expenses in excess of the available TIF Bond Proceeds. The funds granted to Redeveloper are designated for the reimbursement of TIF eligible costs. However, these projected costs are estimates and the final figures may vary. The City agrees that the individual line items of the TIF eligible costs may be adjusted based on final costs.
Use of TIF Bond Proceeds. A. Use of TIF Bond A Proceeds. TIF Bond A Proceeds shall be used for and expended in the following priority: FIRST PRIORITY: Reimburse the City for the cost of issuing the TIF Bond A, including but not limited to bond counsel fees, fiscal advisory fees, placement fees, capitalized interest and reserves, the Tax Increment Financing Fee in the amount of one percent (1%) of the combined total of TIF Bond A and TIF Bond B, and the City’s cost to record Exhibits G, H, I, and L. SECOND PRIORTY: Payment of grant or grants in the amount of $1,590,000 to reimburse Redeveloper for a portion of the Purchase Price for the Site Acquisition including the acquisition of the Parking Rights. THIRD PRIORITY: Payment of grant or grants in the minimum amount of $300,000 to reimburse Redeveloper for costs of the Redeveloper Streetscape Improvements and in the minimum amount of $400,000 to reimburse Redeveloper for costs to design the Plaza and construct the Plaza Enhancements. FOURTH PRIORITY: Payment of grant or grants to reimburse Redeveloper for the cost of the Energy Enhancements. FIFTH PRIORTY: Payment of grant or grants to reimburse Redeveloper for the costs of the Façade Enhancements.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended for priority expenses (each a “TIF Priority Expense”) as summarized on the Sources and Uses of Funds for Public Improvements and Enhancements (Exhibit B) in the following priority: FIRST TIF PRIORITY EXPENSE: Reimburse the Redeveloper for the Bond Counsel Fee for the TIF Bond, the TIF Admin. Fee, and the Redeveloper’s cost to record any attached Exhibits. SECOND TIF PRIORITY EXPENSE: Payment to grant to City for City Public improvements of Twenty Thousand and NO/100 Dollars ($20,000). THIRD TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Site Preparation costs up to One Million One Hundred Ninety Six Thousand and NO/100 Dollars ($1,196,000.00). FOURTH TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Demolition costs up to Three Hundred Eighty-Five Thousand Two Hundred Fifty Thousand and NO/100 Dollars ($385,250.00). FIFTH TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Redeveloper Right-of-Way Improvement costs up to Forty-nine Thousand Four Hundred Fifty and No/100 Dollars ($49,450.00). SIXTH TIF PRIORTY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Façade Enhancements up to Two Million Three Hundred Five Thousand Seven Hundred Fifty and NO/100 Dollars ($2,305,750.00).
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended for priority expenses (each a “Priority Expense”) in the following priority: FIRST PRIORITY EXPENSE: Reimburse the City for the Bond Counsel Fee and the TIF Admin. Fee and the cost to record the recordable exhibits to this Agreement. SECOND PRIORITY EXPENSE: Payment of grant or grants in the amount of approximately Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) to reimburse Redeveloper for some or all of its costs of the Site Preparation. THIRD PRIORITY EXPENSE: Payment of grants in the amount of approximately Six Hundred Seventy Eight Thousand One Hundred Fifteen and No/100 Dollars ($678,115..00) for the extension of Transformation Drive. FOURTH PRIORITY EXPENSE: Payment of grants in the amount of approximately Seven Hundred Eighty Eight Thousand and No/100 Dollars ($788,000.00) for Energy Enhancements including the costs necessary to utilize the CRES within the NIC. FIFTH PRIORITY EXPENSE: Payment of grants in the amount of approximately Three Hundred Eighty Thousand and No/100 Dollars ($380,000.00) for the Façade Improvements. SIXTH PRIORITY EXPENSE: Payment of grants in the amount of approximately Three Hundred Sixty Thousand and No/100 Dollars ($360,000.00) for streetscaping/landscaping in the public right-of-way. SEVENTH PRIORITY EXPENSE: Payment of grants in the amount of approximately Seven Hundred Eight Thousand and No/100 Dollars ($708,000.00) for construction of public parking lots. EIGHTH PRIORITY EXPENSE: Payment of grants in the amount of approximately One Hundred Twenty Five Thousand and No/100 Dollars ($125,000.00) for design fees for these public improvements. The First through Eighth Priority Expenses are collectively the “Redeveloper Priority Expenses.”) more particularly described on Exhibit “B”, attached and incorporated by this reference. Only costs for Redeveloper Priority Expenses incurred after the date of this Redevelopment Agreement shall be eligible for reimbursement as Redeveloper Priority Expenses under this Section. The City shall not have any obligation to make a grant or grants to reimburse the Redeveloper for the Priority Expenses in excess of the available TIF Bond Proceeds. The funds granted to Redeveloper are designated for the reimbursement of TIF eligible costs. However, these projected costs are estimates and the final figures may vary. The City agrees that the individual line items of the TIF eligible costs may be adjusted based on final costs.
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended for priority expenses (each a “TIF Priority Expense”) as summarized on the Sources and Uses of Funds for Public Improvements and Enhancements (Exhibit B) in the following priority: FIRST TIF PRIORITY EXPENSE: Reimburse the Redeveloper for the Bond Counsel Fee for the TIF Bond, the TIF Admin. Fee, and the Redeveloper’s cost to record any attached Exhibits. SECOND TIF PRIORITY EXPENSE: Grant to City of Five Hundred Thousand ($500,000.00) for City Public Improvements. THIRD TIF PRIORITY EXPENSE: Payment of grant or grants to reimburse Redeveloper for all or a portion of the Site Acquisition costs up to Two Million Six Hundred Fifty Thousand Dollars ($2,650,000.00).
Use of TIF Bond Proceeds. TIF Bond Proceeds shall be used for and expended in the following priority for each phase of the Redevelopment Project: FIRST PRIORITY: Reimburse the Redeveloper for the cost of recording the Memorandum of Agreement and Use Restrictions, payment of bond counsel fees, and payment of the City’s Tax Increment Financing Administration fee. SECOND PRIORITY: Payment of a grant or grants to reimburse Redeveloper for all or partial costs for Site Acquisition within the project site up to Seven Hundred Twenty-four Thousand Six Hundred Fifty-five and No/100 Dollars ($724,655.00) THIRD PRIORITY: Payment of a grant or grants to reimburse Redeveloper for all or partial costs for Site Preparation, to include demolition, up to Sixty-three Thousand Dollars ($63,000.00).
