97-19 AUTHORIZING REDEVELOPMENT AGREEMENT Southeast Plaza

Home Browse Search

- r � � , � ' i � � �� ' redevelopment project costs incurred by Developer from Phase I of the project until such � time as a11 eligible project costs aze reimbursed, subject to a $3 million cap on eligible i redevelopment project costs including all interest attributable to Phase I(legal description - of Phase I is included as Eachibit 2). 3. One-hundred percent of the incremental increases placed in the Fund shall be used for reimbursement to Developer or payment of eligible redevelopment project costs incurred by Developer for Phase II of the project until such time as all eligible project costs are reimbursed or paid, subject to Developer's commencing construction of public infrastructure improvements for Phase II within 5 years of the effective date of this Agreement. The Developer shall be deemed to have commenced construction when it provides the City with information showing at least $400,000 in actual costs have been incurred within the Phase II, excluding costs associated with the purchase of said land. In the event Phase II has not commenced within this 5 yeaz period, no reimbursement for eligible costs associated with Phase II shall be allowed. A legal description of the property described as Phase II is attached as E�ibit 2. 4. City agrees that no real estate tu�increment generated by Developer's project shall be paid to other taxing districts as surplus funds or payments in lieu of ta�ces as defined under the Act unril all of Developer's eligible project costs are reimbursed. ARTICLE V PAYMENT OF ELIGIBLE PROJECT COSTS 1. Developer shall advance (and in certain cases, has already advanced) all funds and all costs necessary (I)to acquire the Properiy; (ii) to construct a11 Public and Private Infrastructure improvements; (iii)to establish a Ta�c Increment Financing District; (iv) to prepare annual reports relating to the Ta�c Increment Financing District for the City; and (v) any other cost relating to the creation of the Tax Increment Financing District or the development of the Southeast Plaza CommerciaUResidential Project. As a result the Developer will incur substantial Redevelopment Project Costs from this project. 2. Definition of Redevelopment Project Costs and Ta�c Increment (a) For purposes of this Agreement, "Redevelopment Project Costs" sha11 mean and include all costs defined as "redevelopment project costs" in section 11-74.4-3q of the Act(as now or hereafter provided) and which are eligible for reimbursement under the Act, including but not limited to: property assembly costs, site preparation costs, site improvement costs, costs of constructing public improvements, professional fees, interest costs, taxing district's costs, registration of obligations, and any other costs described in and authorized by the Act. 6