City’s Obligation to Reimburse Developer Sample Clauses

City’s Obligation to Reimburse Developer. The City agrees to reimburse the Developer, but solely from the proceeds of the TIF Notes and/or TIF Bonds as provided herein, for verified Reimbursable Redevelopment Project Costs in an amount not to exceed the Maximum Reimbursement Amount (plus Issuance Costs and accrued interest on any TIF Notes).
Sample 1
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City’s Obligation to Reimburse Developer. The City agrees to reimburse Developer for the verified Reimbursable Redevelopment Project Costs in the amounts and as set forth on Exhibit C subject to the Developer’s rights of substitution amongst the categories of cost as set forth in Section 4.2 below. Subject to the terms of the Note Ordinance and this Agreement, the City agrees to issue TIF Notes, to be sold to the Developer to evidence the City’s obligation to reimburse Developer for verified Reimbursable Redevelopment Project Costs in an amount not to exceed $3,995,000 (subject to limitation as provided in Exhibit C). The Developer agrees that it will not form or cause to be formed a transportation development district or community improvement district without the prior approval of the City Council.
Sample 1
City’s Obligation to Reimburse Developer. A. Subject to the limitations set forth in this Agreement, the City shall reimburse the Developer for all verified Reimbursable Project Costs which do not exceed the Reimbursable Project Costs Cap under the conditions and restrictions set forth in this Agreement, plus all Administrative Costs and Financing Costs, which shall not count against the Reimbursable Project Costs Cap. The Parties agree that reimbursement will occur on a “pay as you go” basis as revenues are collected in the Special Allocation Fund or, from the proceeds of Obligations which may be issued by the City upon Developer’s request, at the sole discretion of the City, in accordance with this Agreement. Subject to the terms of this Agreement, the City may issue one or more series of Obligations to reimburse the Developer for verified Reimbursable Project Costs, in an aggregate principal amount not to exceed the Reimbursable Project Costs Cap, plus all Administrative Costs and Financing Costs. The City shall have no obligation to reimburse Developer until funds are available in the Special Allocation Fund or until Obligations have been issued for such purpose. In connection with the demolition, site preparation, development and construction associated with the Project, the Developer shall submit an Application for Reimbursable Project Costs in substantial compliance with Exhibit G for any Reimbursable Project Costs. The City will not reimburse the Developer for any cost that is not a “redevelopment project cost” under Section 99.805(15) of the TIF Act.
Sample 1
City’s Obligation to Reimburse Developer. (a) The City agrees to reimburse the Developer for the Verified Reimbursable Redevelopment Project Costs through Reimbursement Payments made to the Developer from the Xxxxxx Special Allocation Fund, the Xxxxxx South Special Allocation Fund and the District Revenues Account. The aggregate amount of Reimbursement Payments paid during the term of this Agreement shall not exceed the sum of $15,000,000 plus Interest Costs. Notwithstanding anything to the contrary herein, (i) the City shall not make, nor is the Developer entitled to, any Reimbursement Payments prior to the City’s acceptance of the Certificate of Substantial Completion and (ii) the gross total of Reimbursement Payments, including Interest Costs paid to the Developer, shall not exceed $28,000,000.
Sample 1
City’s Obligation to Reimburse Developer. The City agrees to reimburse the Developer, but solely from the proceeds of the TIF Notes and/or TIF Bonds as provided herein, for verified Reimbursable Redevelopment Project Costs incurred with respect to any Phase in an amount not to exceed the Maximum Reimbursement Amount for any such Phase (plus Issuance Costs and accrued interest on any TIF Notes), as set forth below (or such lesser amount as provided herein) and dependent upon whether the District agrees to contribute District Revenues to the repayment of the TIF Obligations: Maximum Reimbursement Amount Phase TIF Revenues Only District Revenues Total IA $ 5,500,000 $ 3,500,000 $ 9,000,000 IB 3,000,000 3,000,000 IIA 1,500,000 1,500,000 IIB 2,000,000 2,000,000 III 1,500,000 1,500,000 TOTAL $ 13,500,000 $ 3,500,000 $ 17,000,000 The amounts listed above under the “Total” column for the “Phase 1A” and “TOTAL” rows assumes that the District will contribute all District Revenues to the repayment of the TIF Obligations. If the District agrees to contribute only a portion of the District Revenues to the repayment of the TIF Obligations, the increase to the Maximum Reimbursement Amount resulting from the contribution of TIF Revenues (i.e., the difference between the “TIF Revenues Only” and “Total” columns) will be reduced by the percentage of District Revenues not contributed to the payment of TIF Obligations. For example, if only 50% of the District Revenues are contributed to the repayment of the TIF Obligations, the total Maximum Reimbursement Amount for all Phases would be $13,500,000 + (($17,000,000 – $13,500,000) * 50%) = $15,250,000.
Sample 1
City’s Obligation to Reimburse Developer 
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Related to City’s Obligation to Reimburse Developer

  • University’s Obligations The University agrees:

  • Developer's Obligation The Developer shall bear the total cost and expense of all the obligations and duties created by this Contract unless otherwise explicitly stated in this Contract. Those obligations and duties are, generally, to create all Improvements as may be required by the City in accordance with this Contract and with City Requirements. Such Improvements include but are not limited to: i) all Improvements within the Project; ii) all Improvements connecting to water, sewer, or stormwater infrastructure outside the Project, whether existing or planned; iii) modifications to any existing water, sewer, or stormwater infrastructure outside the Project that facilitate provision of utility service to the Project, or compliance with City Requirements, or integration of the Improvements with the surrounding existing or planned water, sewer, or stormwater system; and iv) new streets or alterations to existing streets or rights of way within which the Improvements are located. The Developer's obligations also include all costs, including but not limited to legal costs, of acquiring all fees or easements within which the Improvements will be located.

  • Conditions to Each Party’s Obligations The respective obligations of each Party to consummate the Merger are subject to the satisfaction of the following conditions:

  • Developer’s Obligations (a) Upon the expiry of the Agreement Period by efflux of time and in the normal course, the Developer shall on the Expiry Date, hand back vacant and peaceful possession of Project Site and the Project Facilities to the Authority free of cost and in good operable condition.

  • APPLICANT’S OBLIGATION TO MAINTAIN VIABLE PRESENCE In order to receive and maintain the limitation authorized by Section 2.4 in addition to the other obligations required by this Agreement, the Applicant shall Maintain Viable Presence in the District commencing at the start of the Tax Limitation Period through the Final Termination Date of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Applicant shall not be in breach of, and shall not be subject to any liability for failure to Maintain Viable Presence to the extent such failure is caused by Force Majeure, provided the Applicant makes commercially reasonable efforts to remedy the cause of such Force Majeure.

  • Exceptions to the obligation to provide assistance 1. Assistance may be refused or may be subject to the satisfaction of certain conditions or requirements, in cases where a Party or the EAC Partner States as the case may be concerned is of the opinion that assistance under this Protocol would:

  • Supplier’s Obligations on Termination Unless otherwise specified by Buyer, upon Supplier’s receipt of a notice of termination of this Order, Supplier shall promptly: (a) stop work as directed in the notice; (b) place no further subcontracts/orders related to the terminated portion of this Order; (c) terminate, or if requested by Buyer assign, all subcontracts/orders to the extent they relate to work terminated; (d) deliver all completed work, work in process, designs, drawings, specifications, documentation and material required and/or produced in connection with such work; and (e) return or destroy all Confidential Information as set forth in Section 16(d).

  • CONSULTANT’S OBLIGATIONS 10. Consultant shall immediately correct any breach of this Agreement or violation of the MLS Policies within its control, whether committed by Firm, Salesperson Party, or Consultant, upon notice from MLS.

  • INDEMNIFICATION AND CONSULTANT’S RESPONSIBILITIES Consultant shall indemnify, defend with counsel reasonably acceptable to the City, and hold harmless the City and its officials, officers, employees, agents, contractors, consultants, and volunteers from and against any and all losses, liability, claims, suits, actions, damages, and causes of action arising out of any personal injury, bodily injury, loss of life, or damage to property, or any violation of any federal, state, or municipal law or ordinance, to the extent caused, in whole or in part, by the willful misconduct or negligent acts or omissions of Consultant or its employees, subcontractors, or agents, by acts for which they could be held strictly liable, or by the quality or character of their work. The foregoing obligation of Consultant shall not apply when (1) the injury, loss of life, damage to property, or violation of law arises wholly from the negligence or willful misconduct of the City or its officers, employees, agents, contractors, consultants, or volunteers and (2) the actions of Consultant or its employees, subcontractor, or agents have contributed in no part to the injury, loss of life, damage to property, or violation of law. It is understood that the duty of Consultant to indemnify and hold harmless includes the duty to defend as set forth in Section 2778 of the California Civil Code. Acceptance by City of insurance certificates and endorsements required under this Agreement does not relieve Consultant from liability under this indemnification and hold harmless clause. This indemnification and hold harmless clause shall apply to any damages or claims for damages whether or not such insurance policies shall have been determined to apply. By execution of this Agreement, Consultant acknowledges and agrees to the provisions of this Section and that it is a material element of consideration. In the event that Consultant or any employee, agent, or subcontractor of Consultant providing services under this Agreement is determined by a court of competent jurisdiction or the California Public Employees Retirement System (PERS) to be eligible for enrollment in PERS as an employee of City, Consultant shall indemnify, defend, and hold harmless City for the payment of any employee and/or employer contributions for PERS benefits on behalf of Consultant or its employees, agents, or subcontractors, as well as for the payment of any penalties and interest on such contributions, which would otherwise be the responsibility of City.

  • Files Management and Record Retention relating to Grantee and Administration of this Agreement a. The Grantee shall maintain books, records, and documents in accordance with generally accepted accounting procedures and practices which sufficiently and properly reflect all expenditures of funds provided by Florida Housing under this Agreement.

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