Examples of Qualifying Costs in a sentence
The City Fiscal Officer may require such evidence of the Qualifying Costs as is reasonably necessary for the City Fiscal Officer to determine the nature of the Designated Improvement or Public Infrastructure Improvement and confirm payment of the Qualifying Costs by the Company or its designee.
If the City Fiscal Officer disapproves any Qualifying Costs in a Cost Certificate, the City Fiscal Officer will provide, within thirty (30) days of receipt of the Cost Certificate, a written explanation of why those Qualifying Costs were not approved and provide the Company reasonable opportunity to correct any deficiencies.
Any interest on such Qualifying Costs that remains unpaid on the day following each Payment Date will itself accrue interest in the same manner as the Qualifying Costs.
The City hereby agrees to pay to the Company or its designee(s), in accordance with the terms of this Agreement, the costs of the Designated Improvements and Public Infrastructure Improvements incurred by the Company or its Affiliates and eligible for reimbursement as provided in this Agreement and the TIF Statutes (with the costs collectively referred to herein as the “Qualifying Costs”), plus interest on those Qualifying Costs at the annual rate of six percent (6%).
The City shall make each 40(B) TIF Payment to the Company or its designee(s) on or before each Payment Date until the earlier of: (i) December 31 of the year following the end of the 40(B) TIF Exemption Period, or (ii) the date on which the total 40(B) TIF Payments equal all Qualifying Costs for the Public Infrastructure Improvements, plus interest, incurred by the Company or its designee(s) through the end of the 40(B) TIF Exemption Period.