Res 1987-014 - Laserfiche WebLink

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WHEREAS, Section 10(c) of the Act provides that no Taxing Uni t is required to pay a tax increment (as defined in the Act) into the Zone's Tax Increment Fund (as established in Ordinance No. 1983-80) beyond three (3 ) years from the date the Zone was created unless construction of improvements pursuant to the Project Plan adopted by the Board of Directors for the Zone has commenced; and WHEREAS, construction of improvements pursuant to the Project Plan has not commenced in the Zone; and WHEREAS, the Taxing Units desire that construction occur in the Zone and, to encourage such construction and development, desire to evidence their agreement to continue to deposit tax increments in the Tax Increment Fund. NOW THEREFORE, for and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: Notwithstanding anything to the contrary contained in the Act, including specifically Section 10 of the Act, each of the Taxing Units hereby agrees that it will continue to deposit all tax increments into the Tax Increment Fund for the Zone; provided, however, that if construction of improvements pursuant to the Project Plan for the Zone, as amended by any and all amendments to such Protect Plan, is not commenced by December 31, 1989, none of the Taxing Units shall be required to deposit the tax increments into the Tax Increment Fund after such date. (Page 2 of 3 Pages)