Ord 1985-051 - Laserfiche WebLink

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expenditures submitted by the Developer, and the fees of such auditors to review any report of reimbursable expenditures sub- mitted by the Developer shall be included as a Project Cost of the subject Facilities. The Developer agrees to maintain appro- priate books and records relating to the costs of the design and construction of the Project and to make such books and records available to the City during normal business hours at the Developer's offices. Section 3: Accrued Interest. The Developer shall be entitled to receive interest on all reimbursable expenditures associated with the Project and approved by the City from the date of expen- diture to the date of reimbursement, less a 45-day grace period that begins on the date of billing. Interest on the reimbursable expenditures incurred by the Developer shall accrue at the same rate of interest charged to the Developer by the entity providing it with financing to construct the Project, or at such lower rate as may hereafter be determined to be the maximum lawful rate pay- able by the City, it being the parties' intent to comply with the Constitution and laws of the State of Texas in all respects, in- cluding, in particular, the laws relating to usury. The Developer shall provide satisfactory documentation to the City indicating the rate or rates at which it has secured financing for the con- struction of the Project. Should the Developer discharge its indebtedness prior to termination of the Reinvestment Zone, in- terest on the reimbursable expenditures incurred by the Developer shall accrue at the base rate of InterFirst Bank Austin, N.A., a national banking association with offices in Travis County, Texas. Such rate shall be determined on an annual basis, that is, on January 1 of each year following the year of discharge of its in- debtedness by the Developer the base rate of InterFirst Bank Austin, N.A. shall be the rate of interest that accrues on the reimbursable expenditures for such year. Section 4: Tax Increment Fund. The tax increment base for the Reinvestment Zone is hereby agreed to be $2,428,600.00. All in- creases in the appraised value of property within the Reinvest- ment Zone over and above the tax increment base shall be for the benefit of the Project which is the subject of this contract within the Reinvestment Zone during the term of this Agreement, and all taxes levied by taxing units of the State against said increases in appraised values shall be deposited into the Tax Increment Fund and shall be expended as provided in this Agree- ment for repayment of this Project. Section 5: Payments to the City. In order to provide for proper administration of the Reinvestment Zone, the City shall -6-