Laserfiche WebLink
<br />I <br /> <br />6. <br />City's Performance Criteria <br /> <br />6.1 The City is obligated to pay to Owner an amount not to exceed the Maximum <br />Reimbursement Amount from sources contemplated by this Agreement over a period not to <br />exceed the Term of Five Years, subject to the conditions precedent that Owner has timely and <br />fully complied with all applicable terms and conditions contained in this Agreement. Further, <br />City's obligation to pay Owner shall cease upon payment in full of the Maximum <br />Reimbursement Amount, or the expiration of this Agreement after the Term of Five Years, even <br />if the Maximum Reimbursement Amount has not been paid or termination of this Agreement by <br />City as provided herein, whichever occurs first. <br /> <br />Failure by City to timely and substantially comply with any performance requirement <br />shall be an Act of Default by City giving Owner the right to the contracted amount not already <br />provided to Owner by City in previous payments. <br /> <br />6.2 Ad Valorem Tax Increase Refund. <br /> <br />I <br /> <br />City shall pay to Owner 100% of the Ad Valorem Tax Revenues increase on the Project's <br />Assessed Taxable Value over and above the Increased Ad Valorem Tax Revenues annually until <br />(i) the Maximum Reimbursement Amount is paid to Owner by City from the sources <br />contemplated by this Agreement, (ii) until the expiration of this Agreement after the Term of five <br />years, even if the Maximum Reimbursement Amount has not been paid or (iii) termination of <br />this Agreement by City as provided herein, whichever occurs first, in accordance with the <br />following schedule. City, at its election, may fund any reimbursements provided for in this <br />Agreement by the issuance of bonds or a similar type mechanism; provided, however that the <br />issuance of such bonds shall not impede or delay any reimbursement payments due to Owner <br />pursuant to the terms of this Agreement. <br /> <br />Schedule A: 100% Ad Valorem Tax Increase Refund <br /> <br />Year(s) <br />of Term <br />5 <br /> <br /> <br />Ci 's Performance Re uirements <br />City shall refund to Owner 100% of th <br />ncreased Ad Valorem Tax Revenue <br />(i.e. taxes resulting from increases of the <br />roject's Assessed Taxable Value ove <br />nd above the year 2007 Ad Valorem <br />ax Base Line Year value) <br /> <br /> <br />Ci 's Time of Performance <br />early within sixty (60) days after receip <br />f the Ad Valorem Tax Revenues <br /> <br />I <br /> <br />5 <br />