Economic Development Revenue Bonds. Subject to all Applicable Laws and Requirements, and subject further to compliance by Developer with all City requirements for the issuance of economic development revenue bonds (“EDRBs”), the parties hereby agree that Developer may use EDRB financing to obtain an exemption on sales taxes levied by Kansas governmental entities for construction materials, equipment and furnishing for the Project. However, the parties hereby understand and agree that, for purposes of the EDRB financing agreed to and provided for in this Section 4.06, the EDRBs shall not be used for abatement of ad valorem taxes for the Project or the Project Site, except for and excluding public improvements thereon. Further, Developer hereby understands and agrees that: the EDRBs for each respective phase of the Project shall be redeemed and paid in full within twelve (12) months from the date of completion of the Improvements for such respective phase.
Economic Development Revenue Bonds. The City shall, subject to further proceedings required by law, including, but not limited to, the receipt by the Common Council of a recommendation by the EDC, use its best efforts to cause the issuance of one or more series of economic development revenue bonds pursuant to Indiana Code § 36-7-12 (collectively the “EDC Bonds”), in an aggregate principal amount of approximately Fifteen Million Three Hundred Ninety Thousand Dollars ($15,390,000), the exact amount to be determined on the basis of the financing structure selected by the Company, consisting of (i) Series A EDC Bonds (the “Series A EDC Bonds”) to which a portion of the City’s share of the Xxxxxxxx County Option Income Tax Revenues (the “XXXX Revenues”) will be pledged as a back-up to the Company’s repayment obligation of the loan of the net proceeds of such Series A EDC Bonds to the Company (the “Series A EDC Loan”) and (ii) Series B EDC Bonds (the “Series B EDC Bonds”) to which TIF Revenues (as defined in Section 4.04 hereof) will be pledged as the primary source of payment of the Company’s repayment obligation of the loan of the net proceeds of such Series B EDC Bonds in the form of a credit against the Company’s repayment obligation of the loan of the net proceeds of such Series B EDC Bonds (the “Series B EDC Loan”), provided, however, if at any time only while the Series A EDC Bonds, or any portion thereof, are outstanding, the amount of TIF Revenues available is insufficient to make any scheduled payment then due on the Company’s repayment obligation of the Series B EDC Loan, then a portion of the City’s share of the XXXX Revenues will be pledged as a backup credit to the TIF Revenues in an amount sufficient to fully credit such Series B EDC Loan payment. The Company understands and agrees that, after the Series A EDC Bonds are no longer outstanding, pursuant to the foregoing sentence, until the TIF Revenues are sufficient to fully pay the debt service on the Series B EDC Bonds, the Company shall make such payments as are necessary, when aggregated with available TIF Revenues, to fully pay any Series B EDC Loan payment when due. The Series A EDC Bonds shall mature over a period not to exceed twenty-five (25) years. The Series B EDC Bonds shall mature over a period not to exceed twenty-five (25) years. The net EDC Bond proceeds (after paying costs of issuance) shall be loaned: (i) to the Company or (ii), in order to accommodate the City’s debt limits, if applicable, to a community developme...
Economic Development Revenue Bonds. Subject to all Applicable Laws and Requirements, and subject further to compliance by Developer with all City requirements for the issuance of economic development revenue bonds in an amount not to exceed $17,500,000 (the “EDRBs”), the parties hereby agree that Developer may use EDRB financing to obtain an exemption on sales taxes levied by Kansas governmental entities for construction materials, equipment and furnishing for the Project. However, the parties hereby understand and agree that, for purposes of the EDRB financing agreed to and provided for in this Section 5.4, the EDRBs shall not be used for abatement of ad valorem taxes for the Project or the Project Site. Further, Developer hereby understands and agrees that the EDRBs shall be redeemed and paid in full within twelve (12) months from Substantial Completion of the Project.
Economic Development Revenue Bonds. Subject to all Applicable Laws and Requirements, and subject further to compliance by Developer with all City requirements for the issuance of EDRBs, the Parties hereby agree that Developer may use EDRB financing to obtain an exemption on sales taxes levied by Kansas governmental entities for construction materials, equipment, labor and furnishing for the Amended Project. However, the Parties hereby understand and agree that, for purposes of the EDRB financing provided for in this Article VII, the EDRBs shall not be used for abatement of ad valorem taxes for the Amended Project or the Districts, except for and excluding (a) Public Improvements on portions of the Districts, and (b) for the purposes of agreeing to PILOT payments for the Arena and Multi-Sport Complex as described in Section 7.04 below.
Economic Development Revenue Bonds. The trust indentures between the Industrial Development Board of the City of Memphis, County of Shelby, Tennessee (the "IDB") and First Tennessee Bank National Association (the "Trustee") and related leases between the IDB and Cleo shall have been xxxxded to apply to the "Project Site" rather than to the "Project," and the IDB, the Trustee and the Letter of Credit Bank (as defined in that certain Reimbursement Agreement) shall have consented to the transactions contemplated by this Agreement, and Seller shall have obtained proof of satisfaction of the mortgage in the original principal amount of $3,200,000 relating to the Bloomington, Indiana facility.
Economic Development Revenue Bonds. Subject to all Applicable Laws and Requirements and subject further to compliance by Developer with all City requirements for the issuance of EDRBs, the parties hereby agree that Developer may use EDRB financing to obtain an exemption on sales taxes for construction materials for the Project. However, the parties hereby understand and agree that EDRB financing shall not be used for abatement of ad valorem taxes for the Project or the Project Site. Further, Developer hereby understands and agrees that: the EDRBs for Phase 1 shall be redeemed and paid in full upon the earlier of (a) completion of the Improvements for Phase 1, or (b) December 31, 2014; and the EDRBs for Phase 2 shall be shall be redeemed and paid in full upon the earlier of (a) completion of the Improvements for Phase 2, or (b) , 20 . [Note: Language to be discussed and finalized with bond counsel]
Economic Development Revenue Bonds. The Redevelopment Commission and the Town shall each, subject to further proceedings required by law, cause the issuance of, in one or more series, economic development revenue bonds pursuant to Indiana Code 36-7-12 (the “Bonds”), in the principal amount not to exceed Six Million Dollars ($6,000,000), bearing interest at the rate or rates not to exceed eight percent (8.0%) per annum, and maturing over a term ending no later than 25 years from the date of issuance of the Bonds. The proceeds of the Bonds shall be used solely for (a) the payment of a portion of the costs of the Project as described in Exhibit B, (b) funding of capitalized interest, if necessary, (c) funding a debt service reserve for the Bonds, if necessary, and (d) the legal, financial advisory, and planning consultant expenses incurred by the Town Bodies and the Company in connection with the issuance of the Bonds. The Town shall pledge to the repayment of the Bonds the TIF Revenues (as defined below). The Company shall purchase the Bonds or provide for a third-party purchaser of the Bonds. The ability of the Company to access the proceeds of the Bonds shall be conditioned on the Company first providing evidence to the Redevelopment Commission that it has secured or is able to secure the financing necessary to complete the Project, in the minimum amount of Forty- Three Million Dollars ($43,000,000).
Economic Development Revenue Bonds. The parties hereby agree that Section 4.08 of the Development Agreement is deleted in its entirety and replaced with the following:
Economic Development Revenue Bonds. Subject to all Applicable Laws and Requirements and subject further to compliance by Developer with all City requirements for the issuance of EDRBs, the parties hereby agree that Developer may use EDRB financing to obtain an exemption on sales taxes for construction materials, equipment and furnishing for the portions of the Project constructed by Developer. However, the parties hereby understand and agree that EDRB financing shall not be used for abatement of ad valorem taxes for the Project or the Project Site. Further, Developer hereby understands and agrees that: the EDRBs for Phase 1 shall be redeemed and paid in full upon the earlier of (a) twelve (12) months from the date of completion of the Improvements for Phase 1, or (b) December 31, 2015; and the EDRBs for Phase 2 shall be shall be redeemed and paid in full upon the earlier of (x) twelve (12) months from the date of completion of the Improvements for Phase 2, or (y) December 31, 2021March 31, 2024. The parties further agree as follows:
Economic Development Revenue Bonds. Subject to all Applicable Laws and Requirements and subject further to compliance by Developer with all City requirements for the issuance of EDRBs, the parties hereby agree that Developer may use EDRB financing to obtain an exemption on sales taxes for construction materials, equipment and furnishing for the Project. However, the parties hereby understand and agree that EDRB financing shall not be used for abatement of ad valorem taxes for the Project or the Project Site. Further, Developer hereby understands and agrees that: the EDRBs for Phase 1 shall be redeemed and paid in full upon the earlier of (a) twelve (12) months from the date of completion of the Improvements for Phase 1, or (b) December 31, 2015; and the EDRBs for Phase 2 shall be shall be redeemed and paid in full upon the earlier of (x) twelve (12) months from the date of completion of the Improvements for Phase 2, or (y) December 31, 2021.
