Laserfiche WebLink
Fourth Amendment to Decatur Southeast Pla.Za TIF District Redevelopment Plan&Pro'ects <br /> L. Interest cost incurred by a redeveloper related to the construction,renovation or rehabilitation of <br /> a redevelopment project provided that: 1) such costs are to be paid directly from the special tax <br /> allocation fund established pursuant to this Act;2) such payments in any one yeat may not exceed <br /> 30% of the annual interest costs incurred by the redeveloper with regard to thq redevelopment <br /> project during that year;3)if there are not sufficient funds available in the special toallocation fund <br /> to make the payment pursuant to this paragraph then the amounts so due shad accrue and be <br /> payable when sufficient funds are available in the special tax allocation fund; 4) e total of such <br /> interest payments paid pursuant to this Act may not exceed 30%of the total(i)cost paid or incurred <br /> by the redeveloper for the redevelopment project plus (ii) redevelopment project costs excluding <br /> any property assembly costs and any relocation costs incurred by a municipality pursuant to this Act. <br /> Obligations: Bonds,loans,debentures,notes, special certificates or other evidence of indebtedness <br /> issued by the municipality to carry out a redevelopment project or to refund outstanding obligations. <br /> Decatur Southeast Plaza TIF District/Fourth Amendment Page 9 of 9 <br />